“The hardest thing in the world to understand is the income tax.” - Albert Einstein, physicist. Well! It may be connected to his theory of relativity but, being a physicist that he was, he didn't think of the U.S. tax system in reverse. It would have been a lot easier for him if he understood two things:

  1. The more you make, the less you pay - ever heard of loopholes?
  2. The less you make, the more you pay - never heard of loopholes?
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Filing tax returns, for some, is like going to the dentist. If you have flossed once a day and brushed twice a day regularly, then going to the dentist should be a breeze and not something to dread upon.

So keep records of all your income and expenses. Figuring out your tax returns should be a breeze as well.


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Al Capone was sent to jail by IRS.



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IRS Offers Tips To Avoid Confusion About RRC

Sat Feb 7, 2009, 12:22 am | 6 Comments

IRS, on January 30, 2009 posted an explanation on its website about how to avoid the confusion Recovery Rebate Credit (RRC). Many people have already filed their tax returns. According to IRS, about 15 percent have errors involving the recovery rebate credit. You may be eligible to receive the recovery rebate credit if: You did … Continue Reading »



Find a good tax preparer

Wed Feb 4, 2009, 11:28 am | Leave Comment

In a limited study of tax returns completed by unlicensed paid preparers, 17 out of 28 – or 61% – were prepared incorrectly, including one that showed the taxpayer owing $4,903 more than he really did, according to a study by the Treasury Inspector General for Tax Administration (TIGTA), which provides independent oversight of IRS … Continue Reading »



IRS wants to help us in our financial struggle

Thu Jan 22, 2009, 12:07 am | 1 Comment

On Jan. 6 2009, Internal Revenue Service – IRS – announced that it has taken new steps to help taxpayers struggling to pay their taxes during the deepening economic crisis. With greater flexibility, IRS employees can work with taxpayers and temporarily suspend collection activity, including garnishing wages and other enforcement steps. This is the second … Continue Reading »



Highlights of 2008 tax law changes

Thu Jan 22, 2009, 12:07 am | Leave Comment

These are among the changes taxpayers will find when they fill out their 2008 tax returns. AMT exemptions rise; several expiring deductions and credits get a new lease on life; a new standard property tax deduction and a special first-time home-buyer credit are available to some homeowners; and retirement savings incentives expand. Economic Stimulus Payments … Continue Reading »



Understand Basics Of Your Income Tax Return

Fri Jan 9, 2009, 12:48 am | 1 Comment

It’s that time of the year again when we have to file our income tax return. A surprising number of taxpayers remain vague about basic tax knowledge, preferring instead to transfer full ownership of their returns to a professional or computer system. This post is dedicated to folks who don’t do their income tax returns … Continue Reading »



Find Out What’s In The Bailout Bill For You

Tue Dec 2, 2008, 1:22 am | Leave Comment

Remember back in October, congress passed the bail-out bill of $700 billion. Inside the bill, there were some tax provisions that would affect us all, the average American taxpayers. “In all the publicity surrounding the bailout package, not much attention was paid to the tax policy items,” says Steve Forrest of Forrest Financial Services. “That’s … Continue Reading »



2009 Inflation Adjustments Expand Tax Brackets and Benefits

Wed Nov 19, 2008, 10:14 am | Leave Comment

If you are working and your employer offers health benefits including flexible health benefits account where a certain amount is deducted before taxes like 401(k), it is time to recalculate your estimated tax return. If you have to do some adjustments, now may be a good time. For 2009, personal exemptions and standard deductions will … Continue Reading »



2008 Inflation Adjustments Widen Tax Brackets

Wed Nov 19, 2008, 10:13 am | 2 Comments

For 2008, personal exemptions and standard deductions will rise, tax brackets will widen and workers will be able to save more for retirement, thanks to inflation adjustments announced today by the Internal Revenue Service. If you have to do some adjustments, this may be a good time to do them. By law, the dollar amounts … Continue Reading »



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