How to File the Federal Tax Extension Form

Filing a tax extension is simple.  If you need extra time to work through your tax documents and just don’t think you’ll be able to finish your taxes by the April 18th tax deadline, you can file for an extension.Once you file the tax extension form, you’ll have until October 17th 2016 to file your taxes (an extra 6 months).  This doesn’t mean that you get an extra 6 months to pay your taxes.  That’s why it’s so important to estimate you taxes owed and pay them before April 18, 2016.  Otherwis … [Read more...]

Job Hunting Expenses that are Tax Deductible

Job hunting isn’t most people’s idea of a pleasant experience, but there may be some redemption at tax time. There are certain job hunting expenses that are tax-deductible, and may give you a break on your income tax at the end of the year.Below are typical job hunting expenses that are tax-deductible. There are limitations on these deductions, that we'll get to near the end of the post.Basic Job Hunting ExpensesThe IRS allows you to deduct job hunting expenses if you itemize your ded … [Read more...]

6 Tax Tips for this Upcoming Tax Season

Benjamin Franklin famously said, “The only things certain in life are death and taxes” and come April 14th, hardworking citizens will be scrabbling to get theirs done in time. Tax season doesn’t have to totally stress you out every year. With proper planning and attention to details, you can have your taxes done long before the (in)famous deadline. Here are some tips on how to “keep calm and carry on,” so to speak, and save yourself some headache during this hectic time.1. It’s the 21st Century … [Read more...]

Why Is My Paycheck Lower?

Following intense negotiations between Republicans and Democrats over the so-called "fiscal cliff," an agreement was reached to increase payroll and income taxes to tackle the fiscal deficits. Having felt the sting of higher payroll taxes beginning on January 1, 2013, many Americans have been asking, "Why is my paycheck lower?"Payroll Tax Back to 6.2%The rise in the Social Security payroll tax from 4.2 percent to 6.2 percent of wages affects all workers, regardless of income level. This two … [Read more...]

When Are 2012 Taxes Due? Tax Deadline in 2013

Normally taxes are due on April 15 each year, but sometimes that date falls on a weekend or a holiday (which happened in 2012).  This year, however, taxes are due on April 15, 2013, which falls on a Monday.April 15, 2013 is also the deadline for making a tax extension, so if you need more time to complete your taxes this year, be sure to file an extension.   This year, the extension will allow you to wail until October 15, 2013 to file your taxes – but only if you file the extension form … [Read more...]

Filing Income Taxes for a Side Income

One of the often overlooked aspects of having a side income is the need to file income taxes. This is especially true if you’ve never had a side income. You may not even be sure that you need to file for a side income, but rest assured that you do.Virtually any income you earn is taxableThis is easy enough if the side income is paid to you through a W2 where the employer reports your income to the Internal Revenue Service (IRS) and also withholds income taxes for you. It can be less clear if … [Read more...]

What Happens If I Don’t File a Tax Return on Time?

The tax deadline always seems to sneak up on us every year.  If you’re like many Americans who wait until the last minute to file your taxes, you’ve probably wondered what would happen if you filed your taxes late or not at all.In section IRC 6651(a)(1), IRS is clear about assessing penalties if someone files their taxes after the deadline.  For those who don’t have time to read the tax code (who does right?), here’s a quick summary of what happens if you don’t file your taxes on time.Fili … [Read more...]

Tax Deadlines for Retirement Contributions

Since the 2012 tax deadline has been extended this year, we have a little more time to make those last minute IRA contributions.In case you didn’t know, you can actually make an IRA contribution for the previous tax year up to the date when taxes are due.  For the 2011 tax year, that means you can wait until Tuesday April 17th 2012 to make your IRA contribution.But if you plan on making a contribution for last year between January 01, 2012 and the April 17, 2012 tax deadline, make sure yo … [Read more...]

How to File the Federal Tax Extension Form

Filing a tax extension is simple.  If you need extra time to work through your tax documents and just don’t think you’ll be able to finish your taxes by the April 18th tax deadline, you can file for an extension.  Once you file the tax extension form, you’ll have until October 17th 2012 to file your taxes (an extra 6 months).  This doesn’t mean that you get an extra 6 months to pay your taxes.  That’s why it’s so important to estimate you taxes owed and pay them before April 17, 2012.  Otherwise, … [Read more...]

Where Is My Tax Refund?

If you’ve filed your taxes already and you’re expecting a tax return this year, you’re probably asking, “where is my refund?”  Unfortunately, the IRS doesn’t instantaneously wire your tax refund to you, even if you e-filed using the free 2012 Turbo Tax option.  The good news is that if you e-file, you can get your return in as little as 8 days – more on that in a second.For those of you who e-filed this year, you can check your refund status with this tool from the IRS.  It’s pretty quick and … [Read more...]