2011

File Your Taxes Quickly

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2011 taxes are already in the books for most people. It is possible you simply forgot about taxes, were busy, or perhaps did not have the money to pay what you owed. If you have not filed yet, do not panic. If you have the capability, you want to go ahead and do your 2011 taxes as soon as possible.

If you are still not ready, contact the IRS and request an extension for taxes 2011. Depending on your circumstances, the IRS may not penalize you. If you are getting a refund, you should not be penalized at all … Read more at 2011 Taxes.

Rules for Charitable Contribution Deductions

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Charitable contributions made to qualified organizations through the year may help reduce your tax bill.  Many organizations give donors pertinent details about their tax-deductible donation including the amount that can actually be reported on your tax return.  The following tips may help ensure donation made will be beneficial on your taxes.

  • Make sure you report charitable contributions on the correct form. The IRS states that form 1040 must be used to itemize deductions using Schedule A.
  • Upon reporting the deduction, make sure it was made to a qualifying charitable organization.  Contributions reported shouldn’t be donations made to individual or political
… Read more at 2011 Taxes.