Tag: United States

Strange Federal Tax Deductions

2011 Federal Tax Deductions

Everyone is looking for deductions for their 2011 federal tax situation.  We’ve all heard of the mortgage deduction, the medical deduction, and even deductions for owning an electric car–but are those all the deductions you can find?  It’s important to know all the deductions, so you can maximize your own personal benefits this tax season.  There are many “unique” deductions that are perfectly legitimate that most individuals probably are not even aware exist.  These deductions have been used in the past and are still on the books. Perhaps they might even help you this tax season. Take a look at this list of the top ten strange and weird deductions.

10 Strange But Legitimate Federal Tax Deductions
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Federal Tax Filing

2011 Federal Tax Filing

If you think 2011 federal tax filing is confusing, maybe this will help you. Below are some things that you will need to know for the tax season.

You should know that you may be able to file your federal tax return without any cost to you through the IRS Free File program. This program is designed to try to get taxpayers to file electronically. It is open to those that ma

LOS ANGELES, CA – NOVEMBER 10: California Gov. Arnold Schwarzenegger (C) greets job seeker U.S. Army veteran Rodney Buckingham (2ndR) at the Internal Revenue Service booth as he attends Honor A Hero, Hire A Vet job fair on November 10, 2010 in Los Angeles, California. Schwarzenegger launched the ‘Honor a Hero, Hire a Vet’ intiative in 2006, and there have been 47 job fairs since its inception. (Image credit: Getty Images via @daylife)

de $57,000 or less. There are about 15 preparation companies in the program, and all of them have different criteria for eligibility that are usually based on income, age, military status, or state residency. Once you have finished doing your taxes on the Free File program, you can e-file your tax return for free.

You should also know that members of the military, senior citizens, and low income taxpayers may be able to file their taxes for free. Volunteers will help them with assistance and help them file electronically.

One other thing you should know is that new IRS regulations are making all tax preparers have a tax identification number. Tax preparers must use that pin number when they sign taxpayers returns. It your tax preparer does not have one; you need to find another preparer.

Above all, if you are going to file your taxes make sure you have all the necessary documents you need to file correctly.

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Back Taxes – Getting Back Tax Money

Back Taxes

Getting professional help with your 2011 Federal Tax Filing would allow you to get your Back Taxes and obtain the money that belongs to you. If you have not been able to get your information ready in time, you probably missed out on the date that you were supposed to file your taxes. When this happens, you likely have money that is owed to you. However, not filing also means that you are not able to obtain this money because of the fact that you took too long to complete the filing process. If you find yourself in this position, you want to do what it takes to get the money that the government has been holding for you. Instead of allowing them to keep the money, you can have someone help you to get this money back into your pocket.

Doing 2011 Federal Tax Filing is not something that you should worry about when you have the assistance of a team that knows what they are doing. Through the use of these services, you would be able to get your taxes done quickly, this would allow you to get the money that belongs to you into your bank account as quickly as possible. It is very likely that you do not have a large amount of extra money, you should do what it takes to claim what is yours today.

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Rapper Ordered To File Back Taxes

File Back Taxes

“I was underground” was the excuse Grammy-winning singer and rapper Lauryn Hill gave to explain why she did not file back taxes between 2005 and 2007.  The IRS claims she owes three years in back taxes.  On her Tumblr account, Ms Hill said she had not filed because she wanted to protect her family.   Being “underground”, she surmised that filing her taxes would endanger herself and her family.  However, the government did not agree with her and said she is facing three counts of misdemeanor for not paying back taxes on her $1.6 million income.

Ms. Hill asserted in her Tumblr account that she had every desire to “rectify this situation.”  The 37-year-old resident of New Jersey said that she had left public life to get away from the “distortion and compromise.”  In the early part of her career, Ms. Hill gladly paid her taxes.  The former star of the Fugees posted that she did not abandon her fans on purpose.  She did what she felt was right for herself and her family.   She said she had the right to resist a system that was opposed to her personal survival.  Making her file back tax would have jeopardized that.

Lauryn Hill has been ordered to appear before the court on June 29th.  If convicted, Ms. Hill could serve a one year imprisonment and pay $300,000 dollars in fines because she did not rectify the situation.   The court rejected her reason as to why she did not pay back taxes.  Although this is not a great deal of money for the singer-actress, she feels she has a legitimate case against having to file back tax.

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Tax Carnival Ecstasy – April 5, 2012

Welcome to the April 5, 2012 edition of Tax Carnival Ecstasy. In this edition we start with Learning About Tax Liability by Bill Smith. We also have an article on starting a small business, Home Business, Yay or Nay? from the site 2010 Tax. Jeffery Weber looks at Using Credit Card Rewards to Reduce the Cost of Paying your Taxes. Finally, Edward Webber examines How Much Can a tax payer can Earn Without Paying Taxes 2012. Hope you enjoy the articles, bookmark, share, tweet, like on Facebook and come back real soon.

Amy Gardner presents Social Media Marketing Basics for Small Businesses posted at Small Business Credit Cards.

Jill Thompson presents What Debt Collectors Cannot Do To Collect Your Debts posted at How Does Rent To Own Work?.

Maria Clark presents Phrases to Avoid When Negotiating With Lenders posted at Credit Cards for Bad Credit Resource.

filing

Bill Smith presents Learn About Tax Liability posted at 2010Taxes, saying, “Tax liability can have you make wrong choices. However, the IRS has been helpful to some people in difficulties such as these.”

taxes

Bill Smith presents Home Business, Yay or Nay? posted at 2010 Tax, saying, “While the old American dream was once to land a steady job with good benefits and an early retirement, the updated version often entails becoming an…”

Jeffery Weber presents Using Rewards to Reduce the Cost of Paying Taxes with a Credit Card posted at Smart Balance Transfers, saying, “Paying taxes with a credit card is costly, but these costs can be mitigated with certain rewards credit cards.”

Edward Webber presents How Much Can You Earn Without Paying Taxes 2012? posted at TaxFix Feed Update, saying, “Each year the amount that you can earn tax free changes. This article will look at how much you can earn in 2012 without being taxed”

That concludes this edition. Submit your blog article to the next edition of tax carnival ecstasy using our carnival submission form. Past posts and future hosts can be found on our blog carnival index page.

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The Mega Millions Jackpot Has States Dreaming About Taxes From Possible Winners

As the Mega Millions jackpot grows to a record $540 million, those buying tickets are not the only ones with dreams about what a win could mean.  State governments facing hard times understand a local winner would bring a bonus tax to the home state.

The taxes on the lump-sum payment option to any single winner would bring several million dollars of revenue to the state.  That revenue in could restore the entire cuts being faced by social services programs, pay for several hundred low-income housing units and help to increase the number of state police.

The sale of ticket has grown to the point that the current jackpot is the highest in the history of the lottery in the US.  A lump sum payment for a winner would bring that person almost $400 million if they are the only winner.

States like Rhode Island, with a 5.99 % tax rate would gain over $23 million with the win.   Currently the state has a $7.9 million budget and is $22 million short.

Each state sets its own tax rate for the winnings on the lottery.  In New York, citizens pay 8.82 percent, but in California and several other states there are no state taxes.

Ohio would also collect $23 million in taxes, a fraction of the $56 billion 2 year budget, while Montana would collect $50 million for an in-state win.  The winnings could help with state buildings as well as infrastructure.

In February and March of this year, Rhode Island saw two Powerball wins, one of $336.4 million and the second of $ 60 million.  These two wins have brought $17 million that may replace a $20 million bond.

While states cannot depend on lottery winnings, any state where the tickets are sold would be happy to collect the windfall.

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