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.
Does paying property tax on a family member's property give the tax payer ownership? Generally, the payment of real estate taxes alone is not sufficient to give the tax payer ownership rights to a property. In addition to paying property taxes, you likely should have lived in the home and paid for its upkeep.
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.
It's not even the end of the year, but fall is the perfect time to start thinking about your taxes. With plenty of time left to spare in the year, you can make sure you pay the right amount next April 15, or even maximize your deductions.
It's tax day, and if you haven't filed yet, you've still got about 12 hours to get your return i the mail. There are even faster ways to get your return to the IRS without going through the U.S. Postal Service. The IRS is pushing hard to get more Americans to file electronically.
Avoid getting auditing by not making easy mistakes that can draw the IRS' attention, like math errors, forgetting about interest and dividends when calculating your income. not using the IRS' pre-printed label, forgetting to sign and date your check, using the wrong tax table, and missing the deadline to file an extension. Also, if you are self-employed or in other professions that tend to draw attention, make sure you keep all of your receipts.
Once you've got your deductions lined up, wouldn't it be nice to know where your W2 is? Especially now that it's tax time? A new online payroll service called Surepayroll allows you to access your pay information, 24/7 from any computer in the world with internet access. Other programs allow you to calculate the exact deduction value of your charitable donations and contributions.
You may want some help in filing your income taxes electronically and not know where to go. The City of Chicago offered free income tax filing help to residents including filing for the earned income tax credit. Mayor Daley encouraged income tax filers to sign up for bank accounts so they could have their income tax refunds direct deposited.
In 1997, the laws that taxed the profits from the sale of your primary residence were changed. Out went the 24-month rollover replacement rule and the one-time exemption. However, many tax questions remained unanswered.
