Monthly Archives: September 2011

How to Spot an IRS Impersonation Scheme

The IRS does not send taxpayers unsolicited e-mails about their tax accounts, tax situations, or personal tax issues. If you receive such an e-mail, most likely it's a scam. IRS impersonation schemes flourish during filing season. These schemes may take place via phone, fax, Internet sites, social networking sites, and particularly e-mail. Many impersonations are…
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Check Out Exemptions and Deductions for 2011

With the 2010 tax filing deadline behind us, it's time to plan for 2011. The standard and itemized deductions for 2011 are as follows: Standard Deduction for 2011: $5,800 for unmarried taxpayers or married taxpayers filing separately $11,600 for married taxpayers filing jointly $8,500 for taxpayers filing as head of household Personal Exemption for 2011:…
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Haven’t Filed an Income Tax Return? What to Do

Filing a past due return may not be as difficult as you think. Taxpayers should file all tax returns that are due, regardless of whether full payment can be made with the return. Depending on an individual's circumstances, a taxpayer filing late may qualify for a payment plan. It is important, however, to know that…
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Tax Tip: How to Avoid Penalties on Your Household Helpers

If you employ someone to work for you around your house, it is important to consider the tax implications of this arrangement. While many people disregard the need to pay taxes on household employees, they do so at the risk of stiff tax penalties. As you will see, these rules are quite complex, even for…
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