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...

Many tax breaks are well known, such as the deduction for charitable contributions and the IRS mileage allowance for business use of your vehicle. Some breaks, however, are limited to certain taxpayer...

April 15th is fast approaching. If you¹re not ready to file and pay your taxes, Barbara Weltman can explain how to get an automatic extension for six months and how you can make those payments....

As Shakespeare said: “What’s past is prologue.“ Deductions, credits, and other tax positions you took on prior income tax returns can impact what you report this year. Here are some items that m...

So your tax bill is large and seems more than you’ll ever be able to pay. You’ve seen the commercials: Pay only pennies on the dollars of your tax liability. Are they true? It depends on whether y...

Congress finally passed a deal saving us from the “fiscal cliff” at the beginning of the year. But what does that mean for you and your taxes? Let Contributing Editor Barbara Weltman explain what ...

The National Taxpayer Advocate reported recently (www.taxpayeradvocate.irs.gov/2012-Annual-Report/Report-Infographics) that in the government’s fiscal year 2012 (ending September 30, 2012), there wa...

While the tax law requires you to have certain records and substantiation for income reported and deductions and credits claimed on your personal tax return, you don’t necessarily have to attach the...

By January 31, 2013 (or shortly thereafter), you should have received a Form W-2 from any employer you worked for in 2012, regardless of the amount you earned. If you didn’t receive it, what can you...

The IRS began to process personal income tax returns for most filers on January 30. If you were not in the initial onslaught of filers, here are some differences to note from last year: Tax forms Th...

As the new year starts, so does the tax filing season for 2012 income tax returns. Whether you plan to file early or anticipate obtaining a filing extension, there are certain actions you can do now t...

Understanding taxes is complicated, more so by the fact tax pros and the IRS often use abbreviations to denote various tax terms. To better utilize tax breaks and opportunities, it’s helpful to know...

Not every deductible item can be fully written off in the current year. Some items must be deducted over a period of time, such as points for obtaining a mortgage on investment property. Some items ha...

Getting a letter in the mail from the IRS can trigger feelings of panic and horror in taxpayers. But don’t let this happen to you. Instead, take the appropriate action to resolve the matter as promp...

With Labor Day upon us, now is the time that workers should be thinking about the tax-deductible expenses they incur for their job. Retaining appropriate receipts and other records can support write-o...

You’re well aware of income taxes and sales taxes. You see federal and, where applicable, state income taxes withheld from wages; you handle your income tax obligations on annual income tax returns....

With the fall term just around the corner, students and their families are getting ready for school. They are buying clothing, books, and computers. Payments are being made for tuition and fees. Can U...

The following tax rules expired at the end of 2011, but many likely will be extended for 2012. Keep you eyes on these items—some are personal, others are for business—so you can take advantage of ...

You don’t have to be rich and famous to have a foreign bank account. Many U.S. citizens and residents have them for various legitimate reasons: they inherited money abroad, they maintained accounts ...

If you have a health savings account (HSA), it is up to you to retain proof that withdrawals from the account were for qualified medical expenses. Keep the following records along with the copy of you...