The IRS issued a News Release (IR-2013-43) that gives a three-month tax filing and payment extension to Boston area taxpayers and others affected by the bombs at the Boston Marathon on Monday, April 15th. The new deadline is July 15, 2013.
Let me start by saying we here at Ed Slott and Company were horrified and deeply saddened by the deadly bombings at the Boston Marathon on Monday. Our hearts go out to the victims and their families, and we salute the first responders and brave citizens who so courageously rushed to the aide of so many who were in need, no doubt saving countless lives.
With just 5 days left in the 2013 tax season, you might be scrambling to prepare your tax returns at the last minute, but as you go to reach for that 1040, here’s the question… which one? Yes, believe it or not, there are actually many different 1040 options available to you. Which one you should use depends on a number of factors, such as your filing status, your residency/citizenship status, the credits and deductions you’re eligible to claim and even how much taxable income you have!
We are now less than 2 weeks away from the big April 15th tax filing deadline. Regrettably, but not surprisingly, many people are just now getting around to gathering up their tax information or filing their returns. With crunch time upon us, the questions have been pouring in, so with that in mind, here are the answers to 5 of the most common questions we have been hearing over the past few weeks.
IRS has announced that an estimated 984,400 taxpayers who did not file a 2009 income tax return are owed over $917 million in refunds. In order to collect your refund, you must file your 2009 federal income tax return by April 15, 2013. The average refund owed is over $500. Find out more about how to claim this refund below.
IRS has announced that they are now processing all 2012 tax returns. Tax season is in full swing. What IRS forms might you need to file your tax return if you have any retirement plan transactions?
For all Americans, it’s now 2012 tax season. As we gather our information and records to prepare our federal income taxes for 2012, here are some important dates that affect retirement plans.
So far this year, we've received a lot of questions on the new 3.8% health care surtax, so we decided to take a few of the most frequently asked questions and answer them here, so that everyone can benefit from them.
There isn't much you can do now, in 2013, to lower your tax liability for 2012. One possible way, however, can not only help you save money on your 2012 taxes, but can also help you plan for retirement. I'm talking, of course, about a deductible IRA contribution. 2012 IRA contributions can be made up until April 15, 2013 and, if you meet certain criteria, you can take a deduction for that contribution, thus reducing your 2012 tax liability. If you haven't made an IRA contribution for 2012 and are wondering if you can make a deductible IRA contribution now to help reduce your 2012 tax bill, follow the questions below to find your answer.
The IRS just released the updated version of Publication 970, Tax Benefits for Education (For use in preparing 2012 Returns). It discusses a relatively unknown savings account called a Coverdell Education Savings Account (known as a CESA or ESA). An ESA is set up to pay the qualified education expenses of a child or student, known as a designated beneficiary.
