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Tips for Tax Procrastinators

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April 17, 2012, the day to file your taxes, is just around the corner. If you have not started preparing your taxes, you are considered a tax procrastinator. Most tax procrastinators don’t become one intentionally. They simply put off doing their taxes until they realize there is no more time left to wait. These individuals are then scrambling at the last second to submit their information in order to avoid paying late fees and penalties.

Rather than stress out about your last minute task, you can rest assured that you are not alone, and you should use the following tips … Read more at 2011 Taxes.

The Supreme Court Decision On Healthcare Will Affect Taxes

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The nation waits for the Supreme Court to announce the ruling about health-care. Many wonder how their ruling will change taxes?

Not only does the Supreme Court decide about the Affordable Care Act, but also taxes. How will their judgement change taxes?

The law must include tax cuts and increases. Even if the individual mandate is eliminated, the taxes would go on. Unless the Supreme Court eliminates the entire healthcare bill.

The mandate tax will be the punishment people would owe for not buying insurance. The High Court must decide whether it is considered a penalty or a tax.… Read more at 2011 Taxes.

Should You Take Care of Your Own Taxes?

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One of the major downsides of being self-employed is the dreaded tax return and the question of whether you should do it yourself or pay an accountant to do them for you.

Your initial thoughts may be to file your own taxes to save paying someone to do them for you, but you should never underestimate the time and effort it takes to complete your tax returns and the consequences if you get it wrong.

To make matters worse the goalposts sometimes move and the rules can change depending on new tax laws or even if there is a change … Read more at 2011 Taxes.

New Jersey Residents Look For Lower Tax Assessments

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The Sfarras in Teaneck disputed the tax assessment on their home last year, which helped the value fall by almost 12%. This let them save almost a grand a year in property taxes. Dorthy Monooopli also did something similar, reducing the value on her home by 30k.

These are only a few of the people who are trying to get lower tax assessments due to the falling prices of real estate over the last few years. As the filing date for tax appeals gets closer, many people are trying to file the proper documents.

William Dressel, in charge of … Read more at 2011 Taxes.

Money Saving Tips For Taxes

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If you want money saving, one area you might be considering saving in is taxes. There are many potential reasons you could get a tax break. Therefore, before filing, make sure you look into them. Here are 4 categories that might qualify:

Job search

First of all, if you switched jobs, started a business, or conducted a job search, you could qualify. You can claim the job search expenses, such as making resume copies, placement agency costs and attending seminars for careers. If you had moving costs related to your new job, this could be tax deductible. The tax moves … Read more at 2011 Taxes.

Unusual Tax Deductions Can Be Risky

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Should you take a risk on tax deductions? My answer would be no. The turbo tax software site says the same thing. I am not one to take such risks. However, others have dared to boldly go where no tax payer has gone before.

One group of accountants in Minnesota decided to take a survey to compile a list of unique and strange tax deductions. It is a good thing their accountant talked them out of claiming such things or else they would get an angry letter from the IRS.

It is amazing what some people try … Read more at 2011 Taxes.