Although many people consider the April 15 deadline for filing their personal tax return as non-negotiable, in reality getting an extension is an easy and painless process that is available to all American taxpayers. Almost anyone is allowed to file a Form 4868, which will grant them a four to six month extension of their tax filing deadline. However, it … more

Generally speaking, the Internal Revenue Service (IRS) does allow tax payers to deduct the costs associated with their tax preparation as a miscellaneous deduction on Schedule A (Itemized Deductions) of the form 1040. However, as is the case with most things related to tax deductions, this deduction does have specific limitations and restrictions. Further, there are new changes that have … more

Prior to 2008, the real estate market was essentially the prime driver of the United States economy after consumer spending. The housing bubble began to burst in 2008 and the subsequent collapse of the housing market continues to be a major problem into 2010 and is project to remain so through 2011 at the earliest. As a consequence, the United … more

When most people think of likely errors on their tax returns, the first thing that comes to mind is mathematical errors; incorrectly calculating or reporting the various amounts asked for on the return. Although it is true that mathematical errors are common, they have been declining as more and more people use some form of tax software to fill out … more

Most American tax payers know that their annual income tax return is due on April 15 each year. Every year this date is marked by traffic disruptions and lengthy lines at the post office as people filing at the very last minute try to get their tax returns postmarked by the deadline. These disruptions have decreased some in recent years … more

It should come as no surprise to anyone familiar with the American tax system that it can be a rather complicated matter to determine whether or not your child in college can be claimed as a dependent for purposes of your annual tax return. There are a series of factors that have to be taken into account to make this … more

On January 12, 2010, Haiti – already the poorest and least developed country in the Western Hemisphere – was hit by a massive 7.0 Mw earthquake. This resulted in one of the largest humanitarian disasters in recent history, with more than 225,000 people being killed, 300,000 be injured and more than a million people being left … more

The rise of the Internet has resulted in a boom of home businesses, usually based on some sort of Internet related activity. At the same time there has been a proliferation of outfits promoting what the Internal Revenue Service (IRS) defines as “abusive home-based business tax schemes” or schemes that sell the notion that by claiming a home-based business you … more

As is always the case with issues related to American taxes and the internal Revenue Service (IRS), the assorted opportunities for surviving spouses vary widely and can be extremely complicated. In general, most surviving spouses receive their benefits from the Social Security Administration or, in the case of military spouses, the Department of Veteran’s Affairs. The IRS does not have … more

The basic “long form” Form 1040 is the standard form used by American taxpayers to file their annual return. Although there are shorter, simpler forms such as the 1040A or the 1040EZ, people have to qualify to be able to file those whereas the basic Form 1040 can be used by anyone that has to file and annual tax … more