I know that tax season 2012 is over by now. But this is something evergreen that will do you good for any tax year. Here is how you can maximize your tax refunds (legally, of course).
1. Contribute you your IRA
In today’s tough economy, every cent saved counts. Here are some quick tips that can save you money in taxes come tax season.
1. Write off losses incurred in sale of stocks
If you have lost money selling your stocks,…more
The Affordable Care Act 2010 makes it mandatory for all US citizens to purchase health insurance. The US Supreme Court has recently upheld most of the Affordable Care Act 2010 as a tax issue rather than an issue of interstate…more
In a year-long internal audit, IRS officers have discovered mismanagement and fraud within the ranks of the IRS that involves the issuance of Individual Taxpayer Identification Numbers (ITIN). In a shocking revelation by the…more
The Alaskan Air Taxi operators are crying foul over the audit notices of the IRS that have found hundreds of thousands of dollars in back taxes owed to the government. In light of these audits, Sen. Mark Begich (D-Alaska), wrote…more
Pop star Rihana is facing an audit from the IRS and is suing her accountants in response, blaming them for allegedly mismanaging her funds, failing to warn her about losses of some of her tours and not putting in place…more
Have you ever had to make amendments to your tax return after submission? This is a common practice among most taxpayers. But did you know there are times you do not even have to make an amendment even if there are errors in…more
The IRS has revised its regulations on tax filing for Americans working abroad. The situation with most Americans who earn their money in other countries is that they are largely unaware that they still have to submit their tax…more
Across the country more than 435,000 charity organizations have had their non-profit status revoked by the IRS for failing to file their tax returns for the last 3 consecutive years. This means the charity organizations now have…more
Certain non-profit organizations may be in jeopardy of losing their tax-exempt status under Section 501(c)4 of the tax code as the IRS takes a closer look at their activities. Well-known groups like Crossroads GPS, a…more
According to a shocking statistic revealed by the National Taxpayer Advocate, tax fraud has increased by a stunning 72% this year. The IRS revealed that there were approximately 2 million tax returns that were potentially…more
Every year the tax gap stands at about $385 billion. The tax gap is the name given to the difference in taxes owed by US citizens and the amount the IRS manages to collect every year. The IRS has embarked on various efforts to…more
The IRS initiatives to collect taxes from US citizens with offshore sources of income have resulted in about $5 billion in revenue collected. The Voluntary Offshore Disclosure Programs launched by the IRS over the last 3 years…more
Despite a cavernous tax gap, the IRS does seem to be particularly fond of whistleblowers who blow the cover of major tax cheats and tax evaders. Under the law, whistleblowers could be awarded up to 30% of the taxes that are…more
R&B star R. Kelly, whose full name is Robert S. Kelly, owes the IRS almost $5 million in taxes, the agency says. As a result, the IRS has filed various liens in April against the singer’s properties. According to the IRS Kelly…more
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