Income tax is a personal tax levied on all income and wages. Different amounts and types of income are subject to difference kinds of regulations from the IRS. Learn more here about different situations involving income tax from the articles, blog posts, radio shows and videos.
Last Minute Tax Tips
Looking for last minute tax tips? For those of you who are still working on filing taxes, here are a few useful tax tips to keep in mind.
File Income Taxes Free
The state of Illinois has several places for those who qualify to file their taxes for free. If you make $35,000 a year or less, you can file your taxes for free through a variety of programs coordinated by the City of Chicago’s Tax Assistance Center and the Center for Economic Progress. Check out the locations throughout Chicago and the state where you can file your taxes for free.
Taxes On Sale Of Inherited Property
After selling an inherited property, the cash proceeds are divided up between family members. Tax would only be paid on the capital gains after the sale of the property and suggests that a little bit of planning may save everyone a lot of money when tax season comes around. How the taxes are calculated will depend on who owned the property, the value of the property, and how the proceeds were divided.
IRS Liens And Loan Prospects
Most lenders will run a lien check from the IRS. Lenders require the lien to be paid off prior to lending you any money. The IRS has first dibs, even before a mortgage lender, to any proceeds available when you sell your home.
Moving Helps Avoid Capital Gains Taxes
When you own two homes, and one is a renovation that you planned to flip, where should you live? It depends in part on the tax consequences of selling the homes. It may make sense to move from your current home into the renovated home so you will pay lower capital gains taxes on the home sale. You can live in the renovated home for a few years and then sell it as well for more profit and a better capital gains tax amount.
Last Minute Tax Filing Options
Anyone who can't file their return by midnight on April 15 can get an automatic four month extension. That gives you time to complete your return, but you still have to pay any taxes that would be due today or owe interest and penalties on top of the tax owed.
Lower Your Tax Bill
Two weeks to go until your federal and state income taxes are due. Although tax brackets went down this year, many Chicagoans still feel their taxes are too high. If you haven't filed, there are some ways you might be able to lower your tax bill.
Get Organized For Tax Time
Get organized for tax time. For the basic stuff you need to create an easy filing system for your house files, check out office supply stores or warehouse stores like Sam's and Costco. To help make sense of your tax return, try online programs like Turbotax, and use programs like It's Deductible to determine the true value of your donations
Get Your Taxes Done For Free
Tax time means paperwork, which is especially tough for those taxpayers who either lost a job or took on a second job last year to make ends meet. Tax preparation services can help, but you'll pay hundreds of dollars to have your tax forms filled out. The good news is, if you earned less than $35,000 last year, you can get your taxes done, for free, in Chicago.
IRS Refund Checks
The economy grew at a blistering 7.2 percent pace this quarter, fueled by the IRS refund checks that arrived in most Americans' mailboxes. Did you get yours? If not there's still time to claim that missing money.