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“Innocent spouse” won’t be disqualified for failing to file within two years

By: File Your Taxes Online Tax Planning Views: 6634 | Comments: 1 | Votes: 0

The Internal Revenue Service is giving some relief to "innocent spouses" who otherwise may have been liable for a partner's tax debt. Effective immediately, the agency has eliminated a rule that disqualifies taxpayers from innocent-spouse status if they fail to file for relief within two years -- a provision that snagged people who otherwise qualified, including abused women. More

Why It's Worth Paying for a Tax Pro

By: File Your Taxes Online Tax Planning Views: 5261 | Comments: 0 | Votes: 0

To save money last year, Anthony Fasano tried preparing his new business's first tax return on his own. Then reality sank in. "I realized I really had no understanding of the tax laws from a business standpoint," says Mr. Fasano, founder of Powerful Purpose Associates, an executive-coaching company he runs out of his home in Ridgewood, N.J. "I was just winging it." Mr. Fasano. Hall. Ms. More

Hefty tax bill may hit those who lost home

By: File Your Taxes Online Tax Planning Views: 3952 | Comments: 0 | Votes: 0

San Diegans who have lost their homes through foreclosure or short-sales thought they had emerged from the dark times and could start rebuilding their lives. Then the state tax man came calling. With less than six weeks before taxes are due, an estimated 16,000 former homeowners statewide will owe $15 million in extra income taxes this year and $29 million through 2012. H.D. 1, 2009. More

Do you have any independent contractors working for you?

By: File Your Taxes Online Tax Planning Views: 8426 | Comments: 0 | Votes: 0

Do you have any independent contractors working for you? If so, please note that the IRS is increasing its focus on worker classification. The consequences of misclassifying workers are significant to the worker, the employer, and governmental agencies. The IRS will perform an examination of 2,000 random companies per year over the next three years. More