Thursday, April 11, 2013
The Internal Revenue Service says taxpayers who need more time to file don't need to panic.
Can't file your tax returns by the Monday, April 15 deadline? Extensions are available. Those who haven't finished completing their returns can get an automatic six-month extension. The fastest and easiest way to get the extra time, the IRS says, is through this Free File link — use the free service to electronically request an automatic tax-filing extension on Form 4868. Filing this form gives taxpayers until Oct. 15 to file a return and allows individuals to avoid a late-filing penalty. To get the extension, you must estimate your tax liability and also pay any amount due. Can't pay the full amount you owe the government? Click here to find out about setting up payments. You might also be interested in reading: Subscribe to Barrow …
Thursday, February 28, 2013
From shopping around for the highest refund to failing to tell your tax preparer about life changes that could affect your taxes, a CPA shares the most common tax mistakes.
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Thursday, February 28
Looking for tax professional in Barrow County? Click here to access the Barrow Patch Directory for businesses offering financial services. DailyFinance has asked Certified Public Accountant Gary Craig to outline some of the most common tax mistakes to help taxpayers avoid making them. Click here to read the full story, and here's an overview of the mistakes you could be making: You might also be interested in reading: Subscribe to Barrow Patch’s newsletters, follow us on Twitter and “like” us on Facebook.
Saturday, February 16, 2013
If you qualify for an exemption, that amount can be deducted from your gross income to calculate your taxable income.
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Saturday, February 16
According to a DailyFinance report, exemptions are some of the most uncomplicated parts of filing taxes. Exemptions work in a similar way as deductions by reducing the amount of income on which you are taxed. When filing your 2012 tax returns, for each exemption you take, you can deduct $3,800 from your gross income to determine at your taxable income. Taxpayers are allowed to take exemptions for themselves, their spouses and their dependents. Read more about exemptions and find out if you are eligible to take them. Check out an article on imaginative tax breaks that have been approved by the Internal Revenue Service, including deductions on the cost of oils for a professional bodybuilder, breast implants considered a stage prop and a …
Thursday, February 14, 2013
The Internal Revenue Service reports experiencing high traffic on its online “Where's My Refund?” tool.
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Thursday, February 14
Looking for tax professional in Barrow County? Click here to access the Barrow Patch Directory for businesses offering financial services. The deadline to file tax returns isn't until April but taxpayers appear to be filing early and are already asking, Where's my refund?" “Due to the large number of inquiries and to avoid service disruptions, the IRS strongly urges taxpayers to only check on their refunds once a day,” the IRS said, according to a report by Accounting Today. “IRS systems are only updated once a day, usually overnight, and the same information is available whether on the Internet, IRS2go smartphone app or on IRS toll-free lines. While 'Where's My Refund?' is updated nightly, your account will not change that frequently.” …
Friday, February 8, 2013
Here are some indications you should look to someone else to prepare your taxes for filing.
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Friday, February 8
According to a DailyFinance post, there are far too many tax preparers out there with good intentions who are too incompetent to do the job. Warnings signs include someone asking you to lie about your charitable donations, the preparer not asking for the proper financial records and someone not giving you their credentials. Read the full list of signs, with details, by clicking here. Looking for reputable tax professional in Barrow County? Click here to access the Barrow Patch Directory for businesses offering financial services. You might also be interested in reading: Subscribe to Barrow Patch’s newsletters, follow us on Twitter and “like” us on Facebook.
