Friday, April 12, 2013
What should you do after your refund check comes? Attorney Leslie H. Tayne shares what's best to do with a lump sum.
It’s that time of year again: tax season. After the time consuming process, you anxiously wait for your tax return. Although you may be inclined to go out and spend the money on a weekend vacation or an item you’ve been dying to purchase, take a second to consider some of these options for spending your return. Pay down debt A tax return is one of the largest lump sums of money you may receive all year. Use it wisely and dedicate a portion (or all of it) to paying down debt. If you have credit card debt, make a lump sum payment towards the bill. If credit card debt isn’t your problem, consider making an extra (13th) payment on your mortgage to lessen the amount you have left. If you are burdened with student loan debt or a personal …
Sunday, January 27, 2013
Tax season begins Jan. 30 and the filing deadline is April 15.
The IRS has pushed the start of tax filing season back to Jan. 30. Federal income taxes represent only a portion of the tax liability Americans face. There's state income taxes, local property taxes and sales tax. Not to mention fees – like renewing your vehicle registration – that really are taxes. And of course, there are the taxes we pay before we receive our pay checks: Payroll taxes that support programs such as Social Security and Medicare. Earlier this year, most Americans were spared a federal income tax rate increase when President Obama and Congress struck a deal on the fiscal cliff. The tax rate on income earned above $450,000 did rise from 35 percent to 39.6 percent. Despite the deal, most every American saw payroll taxes rise…
Wednesday, January 23, 2013
The IRS has announced a delayed start to the 2012 tax filing season. Here's the date of when you can file, plus some locations in Crystal Lake and Cary to get help on your taxes.
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Wednesday, January 23
You'll have to wait if you are used to filing your annual tax return at the earliest possible date. The Internal Revenue Service has revised its opening date for tax season — pushing it back eight days to January 30, 2013. The tax filing deadline is Monday, April 15, 2013. The IRS will begin accepting tax returns on Jan. 30, 2013. Most taxpayers should be able to file on that date, though some revised forms may not be immediately available. You can blame the delay on the federal "fiscal cliff" crisis and the new tax bill Congress passed just after Dec. 31. You can find more information in this Forbes article. Electronic filing season was originally set to start on Jan. 22 this year. As a result of the delay, nobody will get a refund in …
Tuesday, April 17, 2012
April 17 marks Tax Day in the U.S.
Today is the day that our individual income taxes are due to the U.S. government. Unless you filed an extension, if your taxes are not postmarked by the end of the day, you could be imposed a penalty. So, let's talk taxes. Did you file early, wait until the last minute, or not do them at all?
Friday, September 30, 2011
Cary School District 26 discussed the abatement topic briefly at the regular board meeting on Sept. 26
Cary School District 26 has projected plans to abate bonds over the next four years to put money back into the taxpayers’ pocket. The district refinanced some bonds last for which we received revenue and that revenue is suppose to be spent over the next four years to reduce taxpayers tax bills, T. Ferrier, director of finance and operations said. "If you look at our debt and capital, you can see that million dollar use of fund balance, this is not a deficit, we’re not deficit spending," Ferrier said referring to the budget summary presented at Sept. 26 regular board meeting. "This is just our use of fund balances that we received last year to reduce taxpayers bills for FY 12," she said. Board member Chris Jenner would like to see all of …
Wednesday, December 29, 2010
Having a receipt is crucial to getting the deduction.
As 2010 draws to an end, many individuals and businesses are starting to think about taxes and tax deductions. Fiona Chen, a CPA and the owner of #1 Tax & Accounting Service in Algonquin, said that the most important thing to keep in mind is that "you must have a receipt." "It used to be that years ago, someone could claim $5 here and $5 there without a receipt, but that doesn't work anymore," Chen said. "The status of the organization is also very important." Chen explained that organizations must be recognized as a 501(c)3 organization in order for the IRS to recognize the deduction. She also said that it's important for all individuals or businesses who are interested in receiving tax deductions to familiarize themselves with IRS …