Last Minute Tax Filing Options
Anyone who can't file their return by midnight on April 15 can get an automatic four month extension. That gives you time to complete your return, but you still have to pay any taxes that would be due today or owe interest and penalties on top of the tax owed.
Two weeks to go until your federal and state income taxes are due. Although tax brackets went down this year, many Chicagoans still feel their taxes are too high. If you haven't filed, there are some ways you might be able to lower your tax bill.
For the basic stuff you need to create an easy filing system for your house files, check out office supply stores or warehouse stores like Sam's and Costco. To help make sense of your tax return, try online programs like Turbotax, and use programs like It's Deductible to determine the true value of…
Tax time means paperwork, which is especially tough for those taxpayers who either lost a job or took on a second job last year to make ends meet. Tax preparation services can help, but you'll pay hundreds of dollars to have your tax forms filled out. The good news is, if you earned less than…
Book Review: Homeowner Tax Breaks
Tax time is here again. For homeowners, there are many tax breaks just waiting to be picked. In "J.K. Lasser's Homeowner's Tax Breaks," Gerald Robinsion walks through scenarios that could result in a lower tax bill. As a tax attorney who used to work with the IRS, Robinson provides many real-life…
It's not even the end of the year, but fall is the perfect time to start thinking about your taxes. With plenty of time left to spare in the year, you can make sure you pay the right amount next April 15, or even maximize your deductions.
Frequently Asked Consumer Questions
Where can consumers find their free annual credit report? How can consumers cut telemarketer calls? What do consumers need to know about estate planning? Here is consumer advice to answer common questions.
Capital Gains Tax Cut Could Help Sellers
Today, you can keep up to $250,000 in profits tax-free when you sell your home, as long as you've lived in the home for two of the last five years. If you're married, you and your spouse can keep up to $500,000 in profits tax-free. But what happens if you have profits that exceed those astonishing…
, and if you haven't filed yet, you've still got about 12 hours to get your return i the mail. There are even faster ways to get your return to the IRS without going through the U.S. Postal Service. The IRS is pushing hard to get more Americans to file electronically.
Simplifying Tax Returns With Online Programs
Once you've got your deductions lined up, wouldn't it be nice to know where your W2 is? Especially now that it's tax time? A new online payroll service called Surepayroll allows you to access your pay information, 24/7 from any computer in the world with internet access. Other programs allow you to…
Income Tax Filing Help Comes From City
You may want some help in filing your income taxes electronically and not know where to go. The City of Chicago offered free income tax filing help to residents including filing for the earned income tax credit. Mayor Daley encouraged income tax filers to sign up for bank accounts so they could have…
In 1997, the laws that taxed the profits from the sale of your primary residence were changed. Out went the 24-month rollover replacement rule and the one-time exemption. However, many tax questions remained unanswered.
Buying A Home Increases Assets
and builds wealth. The federal government introduces programs from time to time to encourage home ownership, especially for minorities. Learn about the housing market including federal government programs that are aimed to boost home ownership levels.
Income Tax Scams To Watch Out For
When you're getting ready to file your income taxes you may hear about ways to cut your tax bill. Income tax scams abound so you need to be very careful when someone tells you they know a way that you can pay less in taxes. Among the tax scams is one where you can take deductions for a home based…
2001 Tax Rate Changes Explained
Two weeks ago, as part of The Economic Growth & Tax Relief Reconciliation Act of 2001, the new tax rates went into effect. With all the hullabaloo about how much money everyone was going to save, the effects on your paycheck won't be as dramatic as all the fireworks that came along with the…
Pay Off Mortgages Before Retirement
A homeowner wants to pay off his mortgage before retirement, but is unsure how to do that on his income. After age 59 1/2, he can withdraw money from a 401(k) plan without any withdrawal penalty. However, he may owe income taxes. He should look at options to gradually withdraw the money and let it…
Should You Close Before The End Of The Year?
One of the most important decision is whether or not you're going to close on your new home by December 31st, or wait until January 2nd. Although a mere two days apart, closing on New Year's Eve or the first business day of January could have an impact on your finances. How should you know when to…
