You Can Purchase US Series I Bonds With Your 2010 Tax Refund March 14, 2011
The IRS issues a tax refund when the tax liability of the filer is less than the taxes withheld or paid during the tax year. Withholding calculators are available to assist taxpayers in determining the amount of taxes to withhold throughout the year. When the withholding amount matches the actual amount of taxes owed, more money remains in your paycheck instead of in the hands of the government. It would be the best situation for taxpayers, however, it is not a foolproof strategy. There may be times when a tax refund is still owed to the filer. The recipient then has the option to either spend or save their refund. Those interested in saving may want to consider purchasing US savings bonds. This year the IRS announced you could buy U.S. I Series Bonds for someone else other than yourself. Here we look at this option and how you can make it work for you.
Ways To Get Prior Tax or Past Tax Return Information From The IRS February 01, 2011
Do you need to find tax information from past years? If so, do you know how you can get it? First, you should determine what it is you need. Are you missing W-2 information, line item information or do you need a copy of your entire tax return? These are the items most often needed when resolving tax problems and here is information that can help you obtain the information you need.
Famous Rapper Nas Hit With 514k Federal Lien for IRS Taxes January 25, 2011
Nas, or Nasir Jones, the famous rapper, actor, and musician, who has 9 Grammy awards, is in a feud with the IRS very much like he was with Jay-Z at the beginning of the last decade.
Xzibit Up In Smoke With About $960k In Back Taxes December 30, 2010
Alvin Joiner, aka Xzibit, the famous rapper, actor, and TV host, has even more IRS unpaid taxes than what was previously reported in the past. Xzibit, besides having a few singles that made the Billboard charts, was an actor in movies such as “XXX:State of the Union,” “Gridiron Gang,” and “8 Mile” to name a few. He is also well known for starring in the show “Pimp my Ride.”
Other Tax Scams the IRS is Warning Taxpayers About December 22, 2010
Even though there is a general understanding of how taxes are used and an acceptance that a country needs to collect these revenues from its citizens to provide goods and services, nobody really wants to pay taxes. This feeling is actually quite natural because paying taxes is essentially giving away a percentage of your hard-earned income. However, taxes are not optional and there are laws put in place to govern exactly how much is collected and penalties for those who try to avoid paying. Despite these penalties, there are always tax scams that aim to hide some money from the tax collector. The IRS is well aware of these schemes and they produce a list of a dozen such tax crimes every year. A few of them are listed below.
