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Tax forms from the IRS

IRS Revokes Nonprofit Tax Exempt Status

June 24, 2011 – 11:04 am

The Internal Revenue Service (IRS) has made changes to the nonprofit tax exempt status of agencies that are not for profit in the 445 area who have not filed required tax forms for three consecutive years now. This move has made it impossible for donors to claim deductions on their federal income taxes 2010 for donations given to these organizations.

About 275,000 local agencies all over the country have been affected by this IRS policy move, though according to the federal agency most of these agencies are not operating. A list of the affected agencies is available on the revoked … Read the rest

By Steve | Also posted in exemptions, tax credit, tax filing, Turbo Tax | Tagged Accounting, Income tax, internal revenue service, IRS tax forms, Tax, Tax exemption, United States, University of Michigan | Comments (1)

The IRS Provides Offshore Account Disclosure

June 23, 2011 – 2:02 pm

As we complete the strenuous task of paying our incomes taxes for 2010, we have to deal with the unleashed financial monster i.e. IRS tax audits.

Many taxpayers do everything possible to try the nearly impossible feat of evading the burden of taxes by using the measures as per the Internal Revenue Code to dodge their tax burden. Thus, they cause financial problems and auditing issues for the government, which in turn has doubled the auditing of tax returns for the richest USA citizens this tax season.

IRS professionals have definitely pulled up their socks with audits being … Read the rest

By Steve | Also posted in tax filing, tax payment plan, tax tips, Turbo Tax | Tagged Accounting, Audit, internal revenue service, Tax, Tax return (United States), Taxation, turbotax, United States | Comments Off

Why Retirement Savings Must Come Ahead of College Savings

June 21, 2011 – 1:48 pm

A good college education is more important in today’s job market than it has ever been. It is nearly impossible to make a comfortable living without at least a 2-year degree from a community college. Parents today understand that sending their kids to college is the best way to help them succeed in life. It can be tempting to throw all of your resources toward that college education, even if it means cutting into your retirement savings. While college is important, you should never sacrifice your future stability to pay for tuition and books.

Fewer Options for Retirement Funds … Read the rest

By Steve | Also posted in tax credit, tax filing, tax tips | Tagged College Level Examination Program, College tuition, Grant (money), Higher education, Retirement, Savings account, Scholarship, Tuition payments | Comments Off

Do Not Lose Money When Saving For Retirement Use a Roth IRA

May 1, 2011 – 9:12 pm

If you are saving for retirement by placing all your extra money into a savings account then you may be saving your money in the worst way possible. With a savings account there are minimal rules for the withdrawal of your money and no limits on how much you can place into the savings, but the amount of interest earned is practically non-existent. If your money is only placed into a savings account then over the years you are technically losing money.

This is due to inflation and in order to beat inflation a person saving for retirement must place … Read the rest

By Steve | Also posted in tax credit, tax filing | Tagged a, do, for, Individual Retirement Account, ira, lose, money, not, pension, Retirement, roth, roth ira, saving, Savings account, Tax, use, when | Comments (1)

Understanding the IRA Tax Rule

April 26, 2011 – 2:47 pm

Rules are one of the most important guide for everybody, so in order to avoid wrong decisions and moves, one must abide with rules. Rules are also present in investment and retirement plans like that of the IRA accounts or also called as Individual Retirement Account. This retirement plan can be used as a personal savings account, helping every contributing person to be secure when he or she retires. When one contributes, it means that he or she saves or sets aside some money out from his or her taxable income like his or her salary, bonus, tips, and alimony. … Read the rest

By Steve | Also posted in tax credit, tax filing, tax preparation | Tagged Adjusted Gross Income, Individual Retirement Account, ira, pension, Retirement, roth ira, rule, SIMPLE IRA, Tax, tax deduction, the, understanding | Comments (7)

Tax debt and the ways in which you can pay those off

April 22, 2011 – 11:47 am

One of the things that you should never miss paying off is your taxes. Tax debt is of quite a serious nature as this is the money that you owe to the government. If not paid, the government can even garnish your bank accounts. Thus, it is better to keep a watch on the money that you are required to pay to the Internal Revenue System or the IRS. However, if you face problems with your tax debts, you can consolidate debt and include your tax debts into it or else you can also negotiate with the IRS and talk … Read the rest