The IRS, or Internal Revenue Service, is the agency in the federal government responsible for regulating and collecting taxes. Learn more here about your taxes and what the IRS does in these articles, columns, blog posts, videos and radio shows.
Using a Quitclaim Deed to Avoid Taxes
A quitclaim deed conveying the title of a home to a living trust can result in a stepped up basis when selling the home, but if it is unrecorded it likely will not be of any help. Q: In response to your recent article about a father who transferred title in his home to his [...]
The Final Estimated Tax Payment for 2012
January 15 is the due date for the final payment on estimated 2012 IRS, state, and city income taxes. (You may have already paid the state in December to snag that extra deduction last year). Generally, if you’re going to owe more than $1,000 to the IRS on April 15, you’re going to be on [...]
How Do I Check for an IRS Property Tax Lien?
To check for an IRS Property Tax Lien, you can use the Internet. Each state's method of filing IRS tax liens will differ slightly. Q: How can I check for an IRS property tax lien using the Internet? I am housebound and can't get to the county courthouse. A: While you might not be able [...]
Tax Consequences of Dipping into Your Retirement Accounts
When you’re sitting there, unemployed (or underemployed), trying to hold on to your house and keep food on the table somehow, you probably don’t really care that the money in your 401(k) was intended for your retirement. In fact, it’s likely you’re feeling a little desperate and want to do anything you can, no matter [...]
Selling a Rental Home: What Are the Tax Implications?
When selling a rental home, understand the tax implications of selling the rental home and the 1031 exchange rules if you buy a new home. Q: I was wondering if you would be so kind and clarify something for me. I have a rental home that I have rented out for the past 18 months. [...]
Track Down Your W-2s Before Filing Taxes
This article was written by guest blogger Eva Rosenberg. You’re working on filing taxes, and you’ve got a refund due to you. But you’re missing one or two key W-2s, and they just don’t seem to be coming. Are you feeling antsy? One of the most common—and frantic—questions asked of TaxMama at this time of [...]
Last-Minute Ideas for Saving Money on Your Taxes
How many times have you read articles about saving money on your taxes at the last minute? Are you bored out of your mind by repeatedly reading about the same things? Well, as it happens, the same things tend to work and make sense for saving money all year. Are there any new ideas I [...]
Documenting Your Donations for Tax Deductions
Looking over my projected tax return, it seems my husband and I cannot itemize our deductions. The interest rate on our mortgage is so low that we no longer have enough interest to take Schedule A over the standard deduction for married couples. I’m now looking for other options for my charitable tax deduction. Do [...]
Did You Miss A State Tax Credit?
Last month, while I was frantically trying to finish up a Pennsylvania client’s tax return, I discovered that we had missed a $500 to $650 state property tax credit for seniors. To snag that credit, it seemed that the return should have been filed by June 30. But, oh ho! The state had extended the [...]
Sales Tax – Are All Those Receipts Worth Saving?
This article was written by guest blogger Eva Rosenberg. Did you know that some states—including Alaska, Delaware, Montana, New Hampshire, and Oregon—have no state sales taxes at all? On the other hand, some states have a complex variety of local sales taxes with which you may want to be familiar. Deducting sales tax for a [...]