Hundreds of scams are going on right now, right at this very moment that you are reading this. Favorite among these scams is the impersonation of the IRS; the favorite victim, YOU – the ordinary citizen. Most of these scams occur right after the filing season, but it does occur before and during, in short, [...]

New Jersey Governor Chris Christie has approved the state budget for 2010 which effectively suspends the popular Homestead Property Tax Rebates. The budget, signed into law on June 29, however, appropriates funding for the Senior and Disabled Citizens’ Freeze and for the homestead property tax credit program.
The budget also includes the following tax measures:
Reduction of [...]

In connection with the HIRE Act enacted on March 19, 2010, the Internal Revenue Service has released a revised form to help employers hiring workers who were previously unemployed or only working part time claim their tax breaks. The form and instructions can be found at www.irs.gov/pub/irs-pdf/f8846.pdf . The exemption applies to the employer’s share [...]

The Internal Revenue Service has recently proposed to require businesses with more than $10 million in assets to disclose with their tax returns certain details about each uncertain tax position, defined as a position for which the taxpayer or a related entity has recorded a reserve in its financial statements under FASB Interpretation no. 48 [...]

If you are making contributions to a savings plan, whether employer-sponsored or to an individual retirement arrangement, you maybe eligible to a tax credit. This tax credit is designed for low-to-moderate income earners saving for their retirement. Depending on your income and filing status, you could get up to 50% of your savings for your [...]

After filing income tax returns, taxpayers eagerly await their refunds. The waiting could be excruciating, and sometimes, maddening. However, the Internal Revenue Service has made it easy for you to check the status of your refund. You will need your social security number, filing status, and the exact amount of refund you are expecting, and then, head [...]

Like any other income, a child’s investment income is also subject to taxation. However, it may be subject to either the parent’s rate or the child’s. Under certain conditions, parents maybe able to avoid having to file tax returns by including the child’s income on the parent’s tax return.
The first thing a parent must do [...]

Tax on your capital gains are usually lower than those applied to your other income, but for 2209, the maximum tax levied on capital gains is 15% while those in the lower income individuals may get 0% tax on all or some of their capital gain incomes. To find out more on capital gains and [...]

Tapping your retirement fund early may have some impact on your income tax return. If you receive payment before you are 59 ½ years old is generally considered by the IRS as early or premature distributions, and therefore subject to an additional 10% tax. However, there are exemptions to early distribution tax, like if you [...]

The Internal Revenue Service has recently posted a revised tax form that allows employers to claim the newly enacted special payroll tax exemption that applies to newly hired workers.
The Hiring Incentives to Restore Employment (HIRE) Act signed by President Obama recently allows for a 6.2-percent payroll tax incentive, in effect exempting employers from their share of Social [...]