- Are You Leaving Tax Money On The Table?
- Each year the IRS reports about $1 billion in unclaimed refunds for individuals who did not file a tax return. The IRS estimates that approximately half of the unclaimed refunds are for amounts greater than $600. You may not have filed, thinking that because you don’t itemize and your employer is withholding tax that you don’t need to file. But there is a good chance you are leaving money on the table by not filing. Consider the following:
- Refund Statute Expiring
- If you have not yet filed your 2011 tax return and have a refund due from the IRS, the refund will be forfeited if you do not file for it by the April 15, 2015 deadline. On the other hand, if you owe and have not filed, you are still liable for the amount due.
- Can't Pay Your Taxes by the April Due Date?
- The vast majority of Americans get a tax refund from the IRS each spring, but what if you are one of those who end ends up owing?
- Writing Off Your Start-Up Expenses
- Business owners – especially those operating small businesses – may be helped by a tax law allowing them to deduct up to $5,000 of the start-up expenses in the first year of the business’s operation. This is in lieu of amortizing the expenses over 180 months (15 years).
- Tax Break for Sales of Inherited Homes
- People who inherit property are often concerned about the taxes they will owe on any gain from that property's sale. After all, the property may have been purchased years ago at a low cost by a deceased relative but may now have vastly appreciated in value. The usual question is: “Won't the taxes at sale be horrendous?”
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