Category: Tax Tips
Giant Little-Known Social Security Loophole Could Be Shut Down
Those of us who were forced to start collecting Social Security benefits at 62- the earliest year – still have an opportunity to bump up our benefits to a much higher level. There is a little known loophole in the Social Security regulations that permit people to pay back their benefits and start all over [...]
“Tax Lady,” Sued by Calif Atty Gen For “Heartless Scheme” to Swindle Thousands of Taxpayers
Roni Deutch, television’s “Tax Lady,” was sued Monday for perpetrating a“heartless scheme” that swindled thousands of people across the nation into paying huge fees to stop the IRS from collecting back taxes, Kathy Kristoff reports in her Devil in the Details column.
“Tax Lady Roni Deutch…promises to significantly reduce [client's] IRS tax debts, but instead preys on their vulnerability, taking large up-front payments but providing little or no help in lowering their tax bills,” said California Attorney General Jerry Brown when announcing the suit.
ID Thefts: Tips To Protect You From The IRS
Top 10 Things Every Taxpayer Should Know about Identity Theft Taxpayers need to be careful to protect their personal information. Identity thieves use many methods to steal personal information and then they use the information to file a tax return and get a refund. Here are 10 things the IRS wants you to know about [...]
IRS Tax Tip: Deduct Job Search Expenses
Did you know that you may be able to deduct some of your job search expenses on your tax return? Many taxpayers spend time during the summer months updating their résumé and attending career fairs. If you are searching for a job this summer, you may be able to deduct some of your expenses on [...]
First-Time Homebuyer Credit Purchases Extended To Sept. 30 For Closings
The deadline for the completion of qualifying First-Time Homebuyer Credit purchases has been extended. Taxpayers who entered into a binding contract before the end of April now have until September 30, 2010 to close on the home. The Homebuyer Assistance and Improvement Act of 2010, enacted on July 2, 2010, extended the closing deadline from [...]
BOOK REVIEW: Dave Lieber’s Watchdog Nation
Book reviewer Maggie Dwyer writes that since she has turned to the award-winning book, Dave Lieber’s Watchdog Nation: Bite Back When Businesses and Scammers Do You Wrong, ”I have changed my phone company, my electric company, and my Internet service. In those few acts alone, I’ve paid for the book several times over.” In this review, she gives many examples about how this book has changed her life and those of her friends for the better. She’s a true citizen of Watchdog Nation!
IRS Free Help Available For Those With Little Income
The Internal Revenue Service announced the opening of the 2011 Low Income Taxpayer Clinic (LITC) grant application process. Applications must be submitted no later than July 16, 2010. The LITC grant program is a federal program administered by the Office of the Taxpayer Advocate at the IRS, led by National Taxpayer Advocate Nina E. Olson. [...]
ETF Tax Traps: Watch Out For Currencies And Commodity Exchange Traded Funds
Exchange Traded Funds (ETF) can be great investment vehicles, letting you tailor your investment with more precision – and frequently with less expense – that mutual funds. Many can also reduce your tax bill. However, these financial instruments which represent a basket of assets that trade like stocks, can take a bite out of you [...]
Personal Finance Advisor: 2010 Is A Good Year To Hire One
If there is ever a year to hire a personal financial counselor it is 2010. This is the year that Congress is letting everyone – no matter how high your income – to transfer your IRA into a Roth IRA, which has many advantages and some disadvantages. This is the year that you will want [...]
Income Tax Money Due: Don’t Use Plastic
The tax deadline is less than a few hours away and consumers are bombarded with messages encouraging them to pay their taxes with a credit card. While this may sound appealing to consumers who may be struggling to find ways to pay their taxes in this turbulent economy, it should be avoided at all costs. [...]
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