Taxes

3 Ways to Avoid a Tax Audit
How does the IRS select returns for an audit? Stacy Johnson explains…

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Turn Your Tax Refund Into a 30% Credit
How to spend your tax refund, then get it all back plus 30%. Sound crazy? Watch this video…

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IRS To Delay Tax Refunds to Millions of Homeowners
IRS To Delay Tax Refunds to Millions of Homeowners
Own and home and pay interest on a mortgage? All taxpayers who want to deduct their mortgage-finance charges and related real estate costs must file a lengthy itemized return, rather than the simple 1040-EZ Form that can be completed by those who take the preset standard deduction. [...]

Rental Home Owners Face New Tax Reporting Burdens
If you own rental homes the federal government has made your world a bit more complicated in 2011. Buried in the Small Business Lending Fund Act that passed in 2010 there was a new provision for rental home owners. Now every time you work with a contractor that charges you over $600 you will have [...]

The Fight Against Real Estate Transfer Taxes
Legislatures in several states that historically have steered clear of real estate transfer taxes now are considering adding them to help deal with mounting deficits. Although proponents say real estate transfer taxes are necessary to help fund state services, opponents view them as an unwarranted tax on home sales. Some experts claim real estate transfer [...]

Homebuyer Tax Credit: 950,000 Taxpayers Must Repay
Nearly 1.8 million taxpayers claimed a total of almost $12.5 billion under the popular first-time homebuyer tax credit program, but more than 950,000 taxpayers will be required to repay the credits because their homes were purchased in 2008, according to a U.S. Treasury report released recently.
And many more may have to repay the credits “if [...]

Real Estate Taxes Are Rising
The property tax burden for residential property owners has not kept up with the present slide and erosion of market values. Everyday commercial businesses are failing and have little or no assets that make up the tangible personal property taxes and real property tax base. State and local tax collectors have lost revenue due to [...]

Your Income Tax Audit Odds
Your Income Tax Audit Odds
What are the odds that you will be audited by the IRS this yea? Stacy Johnson answers that question in this report:

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Homeowners: More Than Interest to Consider at Tax Time
Homeowners: More Than Interest to Consider at Tax Time
Interest rates gain the most attention from mortgage borrowers, but two other expenses, points and mortgage insurance premiums, are significant, as well. And both may come into play as you fill out your tax returns this year.
When you shop for a mortgage loan — which is something [...]
Homeowners: More Than Interest to Consider at Tax Time
Homeowners: More Than Interest to Consider at Tax Time
Interest rates gain the most attention from mortgage borrowers, but two other expenses, points and mortgage insurance premiums, are significant, as well. And both may come into play as you fill out your tax returns this year.
When you shop for a mortgage loan — which is something [...]

How to Claim the New Home Tax Credit
How to Claim the New Home Tax Credit
If you benefited from the U.S. Homebuyers Tax Credit in 2009, and now want to apply it to your tax forms prior to April 15, here’s a handy step-by-step guide in doing so — easily and accurately.
The primary takeaway from homebuyers who qualify for the tax credit is [...]

Taxes: Most Common Mistakes
Taxes: Most Common Mistakes
With tax time here again, here are some of the most common mistakes people make while doing their taxes. Avoid these to save yourself money, and a possible audit.

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Tax Guidance for Repeat Home Buyers
Tax Guidance for Repeat Home Buyers
If you've been holding off getting involved with the new $6,500 federal tax credit for repeat home buyers, there's no more excuse for inaction. You now have all the official IRS guidance you'll need to buy a house, qualify for the credit and pocket the $6,500.
That's because the Internal Revenue [...]

Taxes 2010: Do It Yourself, or Hire a Pro?
Taxes 2010: Do It Yourself, or Hire a Pro?
Is hiring a tax professional any better than doing your taxes yourself?

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Homebuyer Tax Credit Means No e-file
Homebuyer Tax Credit Means No e-file
Buyers who purchased a home after November 6th were unable to claim their tax refund for first time homebuyers because the Internal Revenue Service had yet to release a new form and instructions for doing so. However, the new form is available from the IRS website now, and you can [...]

The Extended Tax Credit: What it Means
The Extended Tax Credit: What it Means
Everyone knows by now that Congress and the President passed an extension to the first time home buyer tax credits that were due to expire at the end of November. Now the questions are rolling in as to how to best take advantage of the new credits.
The measure continues [...]

Taxes: Stimulus Payout Could Come Back to Haunt You
Taxes: Stimulus Payout Could Come Back to Haunt You
That little extra bit of money in the form of a larger paycheck tied to the Obama administration's stimulus plan could end up taking a bite out of your federal income tax refund or even leave you owing taxes, some observers say.
The stimulus plan lowered federal income [...]

Tax Credit Fraud Eyed by the IRS
Tax Credit Fraud Eyed by the IRS
The U.S. Internal Revenue Service is probing more than 100,000 doubtful claims of a tax credit meant for first-time home buyers.
The $8,000 tax credit for first-time home buyers under the American Recovery and Reinvestment Act was passed in February to help nudge the U.S. economy back to life.
Lawmakers have [...]