by Paul Kiel May 30, 10:16 a.m. EDT As the agency’s ability to audit the rich crumbles, its scrutiny of the poor has held steady in recent years. Meanwhile, a new study shows that audits of poor taxpayers make them far less likely to claim credits they might be entitled to. Every year, the IRS, starved of funds after years of budget cuts, loses hundreds […]
What are your chances of being audited by the IRS?
April 13, 2019 The Week Staff Here are three of the week’s top pieces of financial advice, gathered from around the web: 40 years’ worth of lattes Does buying a daily latte put your retirement nest egg at risk? asked Barry Ritholtz at Bloomberg. The answer is — probably not. But let’s say you consume five lattes a week, spending a total of $100 a month. If instead […]
5 Signs It’s Time to Apply for a New Credit Card
By: Christy Bieber Is your credit card no longer a good fit? These five signs suggest you need to consider finding a new credit issuer to do business with. Did you know many people stick with the same credit card for years without stopping to consider if the card is right for them? Applying for a new credit card doesn’t often make it onto your to-do […]
Divorcees can save on taxes — if they take this one step
Why single parents could be missing out on a tax-saving opportunity CNBC If you’re planning on shedding weight in 2019 — in the form of your soon-to-be ex — be sure you understand this tax-planning benefit. Why the “head of household” status is another battleground for divorcing couples. Darla Mercado | @darla_mercado Published 2:07 PM ET Mon, 26 Nov 2018 Updated 3:22 PM ET Mon, 26 Nov […]
9 awful things that could happen if you don’t pay your taxes
msn money ~ Maryalene LaPonsie You could get hit with penalties IRS penalties can include: Failure-to-file penalty: If you don’t file taxes, the IRS generally charges 5 percent of the amount owed for each month or part of a month that a return is late. Failure-to-pay penalty: If you file a return but don’t pay the taxes due, your penalty is generally 0.5 percent of your […]
Want a Tax Cut? Here’s How Much Typical Americans Saved in 2018
~ Dan Caplinger (TMFGalagan) Find out how middle-income taxpayers will benefit from tax reform — in most cases. Tax time is nearly upon us, and for once, taxpayers are actually looking forward to filing their 2018 returns. That’s because tax reform laws took effect for the 2018 tax year, and so people are naturally curious how much they’re going to save as a result of […]
IRS Forms 1099 Are Coming: Pay Attention To What You Receive
~ Robert W. Wood, Contributor Although most Forms 1099 arrive in January, some companies issue the forms throughout the year when they issue checks. Whenever the forms come, don’t ignore them. Each form includes your Social Security number. If you don’t include the reported item on your tax return, bells go off at the IRS. Read Full Story Here
IRS Watch
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