Tag Archive: IRS

Apr 01

Doling out money: IRS has $760 million for people who have not filed a 2010 tax return

Refunds totaling almost $760 million may be waiting for an estimated 918,600 taxpayers who did not file a federal income tax return for 2010, the Internal Revenue Service announced today. However, to collect the money, a return for 2010 must be filed with the IRS no later than Tuesday, April 15, 2014. The IRS estimates …

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Permanent link to this article: http://www.easttexasreview.com/doling-out-money-irs-has-760-million-for-people-who-have-not-filed-a-2010-tax-return/

Mar 16

Do not forfeit past tax refunds

Does this sound familiar? A few years back your yearly earnings were pretty low so you figured you wouldn’t owe any income tax. Thus, when April 15 rolled around the following year you didn’t bother filing a tax return, knowing you wouldn’t be penalized. Big mistake. Even if your income fell below the threshold at …

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Permanent link to this article: http://www.easttexasreview.com/do-not-forfeit-past-tax-refunds/

Mar 04

Self-employed:Don’t forget tax-filing tips

Calculating income taxes is a royal pain, even when your situation is uncomplicated enough that you can file a 1040EZ Form. And if you’re self-employed, be prepared for extra layers of complexity.Not only must you file an annual return with numerous additional forms and schedules, you’re also responsible for paying quarterly estimated taxes, which can …

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Permanent link to this article: http://www.easttexasreview.com/self-employeddont-forget-tax-filing-tips/

Jan 12

Retirement plan limits unchanged

Anyone who’s bought groceries, filled their gas tank or paid insurance premiums recently would probably be surprised to learn that, according to Department of Labor’s Consumer Price Index for Urban Consumers (CPI-U), the rate of inflation is relatively flat – only 1.2 percent from September 2012 to September 2013. That’s bad news for people who …

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Permanent link to this article: http://www.easttexasreview.com/retirement-plan-limits-unchanged/

Nov 23

Understanding the ‘Kiddie Tax’

For something whose nickname sounds so innocent, the “kiddie tax” certainly can wreak havoc on unprepared taxpayers’ yearly returns. Congress first introduced the kiddie tax as part of the Tax Reform Act of 1986 to discourage wealthy parents from sheltering their investment income in accounts under their children’s names, thereby avoiding paying taxes on the …

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Permanent link to this article: http://www.easttexasreview.com/understanding-the-kiddie-tax-2/

Oct 09

Lower income? Don’t pass up the saver’s credit

In 2002, Congress passed legislation to create an income tax credit designed to encourage lower- and middle-income people to save money for retirement. The saver’s credit, worth up to $1,000 a year for individuals ($2,000 for couples filing jointly), rewards people for contributing to an IRA or 401(k) plan. benefit from the saver’s credit are …

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Permanent link to this article: http://www.easttexasreview.com/lower-income-dont-pass-up-the-savers-credit/

Jul 24

Lone Star State: Tax breaks for job hunters

Summertime is the season that often leads to major life decisions, such as buying a home, moving or a job change. If you are looking for a new job that is in the same line of work, you may be able to deduct some of your job hunting expenses on your federal income tax return. …

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Permanent link to this article: http://www.easttexasreview.com/lone-star-state-tax-breaks-for-job-hunters/

May 06

Escape tax surprises

Many taxpayers have more taxes withheld from their pay than necessary. You should try to have your income tax withholding match your actual tax liability, especially if you normally get a large refund and you would like more money in your paycheck. If not enough tax is withheld, you will owe tax at the end …

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Permanent link to this article: http://www.easttexasreview.com/escape-tax-surprises/

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