Hopefully this won’t come as breaking news, but it’s that time of year again. You know, the one that evokes one of life’s two certainties (Hint: it’s the one that happens once a year). Whether you’ve already filed your taxes, are racing to meet the April 18 deadline, or even anticipating a refund or dealing with a tax bill, our experts and reporters offer insight on tax-related questions you may have…but are too afraid to ask.
Tax Time Dos and Donts
IRS Audits: 4 Famous Red Flags
Needless to say, the IRS is vigilant in its quest to find inaccuracies on our tax returns. Here are some line items that tend to come under the microscope more than others.
Tax Debt: What To Do If You Can’t Pay Your Taxes
If you can afford to write a check and pay off your tax debt, that’s your best bet. But if you don’t have the cash available to do that, read on. There are other options.
[Tax Help: H&R Block at Home... Online Tax Prep Now 15% Off]
4 Reasons to Avoid Paying Taxes with a Credit Card
The IRS suggests that paying your taxes with a credit card is convenient and safe. That may be true, but it isn’t cheap.
Pay Your Taxes With Plastic? Beware.
A little-known fee makes paying your taxes with plastic really expensive. That’s because the IRS contracts with companies to handle credit card payments. And the government doesn’t pay those companies for the service; you do.
Taxes on Cancelled Debt
1099-A In the Mail? How to Avoid Taxes on Cancelled Debt
When you lose a home or investment property, or have an automobile repossessed, typically you’ll receive a 1099-A form. Because the dollar amounts involved in these transactions can be large—involving tens or even hundreds of thousands of dollars—this is one area where you truly can’t afford to get it wrong.
[Tax Help: TurboTax... Free to Prepare. Free to Print. Free to eFile.]
1099-C In the Mail? How to Avoid Taxes on Cancelled Debt
Creditors who forgive $600 or more are required to file Form 1099-C with the IRS. Nearly 2.7 million of these forms were processed by the IRS in 2009 and that number is expected to increase for the 2010 tax year.
Taxes and Your Home
Repay Your Home Tax Credit? That Depends.
If you received a federal tax credit to help buy your house, you may be wondering whether you have to repay it. The short answer: Maybe.
Why Do I Have to Impound My Taxes?
Lenders are increasingly asking that borrowers pay one-twelfth of their property taxes each month as part of an increased mortgage payment. Not sure what an impound account is? Keep reading.
Image: paul stumpr, via Flickr.com
Pages: 1 2
Pages: 1 2
Credit.com Credit.com offers straightforward tips and advice to help you make smarter financial decisions. Visit Credit.com to sign up for your FREE Credit Report Card and find out where you stand today! Have a question for our experts? Connect with us on Google+.
Follow Us
