Things happen. Failing to submit a form, pay a tax, or do some other required action by a due date isn’t fatal in most cases. Recognizing your mistake and rectifying it as soon as possible is the be...
Missed the Tax Filing Deadline? If you didn’t file your 2011 income tax return by April 17, it’s too late to ask for a filing extension. However, you can minimize late-filing penalties by getting...
2011 Tax Returns Are Due Today Today, April 17, 2012, is the deadline for filing your 2011 federal income tax return. To avoid late filing penalties, you must submit your return by midnight—by mail...
Your 2011 income tax return is due on April 17, 2012. To avoid late-filing penalties, you must submit your return by this date—by mail or electronically.If you have not yet filed, don’t panic!...
If, for any reason, you cannot file your return on time, be sure to request a 6-month filing extension by the filing due date (e.g., April 17, 2012, for the 2011 return). To obtain the extension, esti...
The deadline for submitting your 2010 income tax return is October 17, 2011 (October 15 is on a Saturday this year). You can e-file your return through October 17. Free File and Free File Filla...
File your 2008 federal income tax return and pay any tax due if you obtained a filing extension. You can still file electronically through October 15. If you are self-employed, had a net operatin...
Things can change after you've filed your return. You discover that you failed to report certain income or claim a particular deduction or credit. You see a math error or didn't attach a W-2 form. You...
Maybe you've had a paper route, baby-sat, or worked at a fast-food restaurant while you were growing up and pursuing your education. Now you've landed a full-time job or are in the market for one. Wha...
The U.S. Administration for Families and Children reports that there were more than 51,000 adoptions through public agencies in its fiscal year 2005; there were thousands more children who were placed...
- For purposes of the 3.8% additional Medicare tax on net investment income in 2013, how does this relate to rental income?
- Can I make a direct transfer of my IRA to my church and qualify for tax-free treatment (up to $100,000)? I’m 72 years old.
- I sold my residence at a loss. How do I report this on my tax return?
- I traveled to Africa on a mission trip with my church. I paid for the airfare. Can I deduct it?
Frequent Flier Miles
Whether you travel on business or for pleasure, you can build up frequent flier miles that can be cashed in for fares or upgrades. You can also earn frequent flier miles by charging goods and services to special credit cards that award mileage. Fortunately, there may be no tax cost to you for using frequent flier miles.
You are not taxed on the value of frequent flier miles you earn on business travel and use for personal travel. For example, you earn enough points on your business travel throughout the year to receive free tickets for your summer vacation. You are not taxed on the frequent flier miles as they accrue, and you are not taxed when you use them for travel benefits-business or personal. The IRS, for the moment, has given up trying to tax this benefit because it is too difficult to assign a value to it. There is no dollar limit to the amount of this benefit that you can exclude from income.
For 2008 returns filed in 2009, the top 4 errors (in addition to incorrectly reporting the recovery rebate credit that only applied in 2008) that occurred most frequently were: calculating the tax, figuring the number and amount of exemptions, figuring the earned income tax credit, and reporting the standard deduction or itemized deductions.
Source: IRS Data Book 2009, Table 15
View all factoids
