taxes due: Last-Minute Tax-Filing Tips: 6 Mistakes to Avoid
- 04/13/11 04:16 AM
We're less than five days out from the official conclusion of tax season. Many people remain unaware that the deadline has been moved to April 18 this year, rather than the usual April 15. Equifax Personal Finance Blog tax expert Eva Rosenberg, aka "Tax Mama" shares some little known facts for last minute filers rounding the corner toward the deadline, such as: 1. Filing an extension is no longer the time consuming hassle it once was - Six-month extensions are now automatic. Eva tells those pressed for time to "simply take a deep breath, relax, and file Form 4868." 2. The … (2 comments)
taxes due: Self-Employed? Here's What You Need To Know About Estimated Payments
- 05/26/10 06:13 AM
On our Equifax Personal Finance Blog, TaxMama Eva Rosenberg answered tax questions for those who are self-employed: When you run your own shop or are self-employed, there’s so much paperwork you barely have time to run the business! Unfortunately, estimated tax payments (ES payments) are one more administrative burden and financial responsibility for you to shoulder. Here are some questions my clients frequently ask me about making estimated tax payments. 1. Who must make estimated tax payments? 2. When are estimated tax payments due? Find the answers to these questions and see several other frequently asked questions by visiting … (0 comments)
taxes due: How To File Your Taxes (VIDEO)
- 03/11/10 03:34 AM
Should you be filing your taxes on your own? If you have a simple tax return it should be very easy to file your taxes online and receive a fast refund. Use a CPA if you have a more complicated tax return to file your taxes and use as a tax resource all year long. Make filing your taxes easier by saving your receipts and staying organized throughout the year. This ExpertRealEstateTips video will walk you through some common questions about how to file your taxes. Tax season is upon us, do you use a CPA or go it … (2 comments)
taxes due: Don't Miss First Time Home Buyers Tax Credit!
- 04/14/09 10:32 AM
FIRST-TIME HOME BUYERS, PAY ATTENTION! If you buy a new home in 2009, and close on or before December 1, 2009, you may qualify for an $8,000 tax credit. The National Association of Home Builders has created a number of resources to help Americans understand current conditions in the housing market and the advantages of homeownership. Visit www.FederalHousingTaxCredit.com, for detailed information about the tax credit. The tax credit is available to all first-time home buyers, but you don't have to wait for new construction to be built. According to the NAHB, there is 12.2 month inventory of new homes on … (2 comments)
taxes due: File For An Extenstion If You're Filing Taxes Late
- 04/09/09 07:57 AM
The 2009 tax countdown continues: There's just one week left to file your federal and state income taxes. I remember spending countless years at WGN-TV, filing story after story about people who were finding new ways to procrastinate doing their taxes. The year that efile was introduced, I remember filing a story about how you could be watching Seinfeld (yes, it was that long ago), and file your taxes during a commercial break. What the IRS was trying to say was, "Yes, it's that easy to file your taxes." But for some folks, all the receipts, bills, and sticky bits of … (1 comments)
taxes due: Real Estate Taxes: Can You Deduct Them?
- 11/06/08 10:33 AM
Summary: The U.S. Internal Revenue Service allows tax payers to deduct some real estate taxes when they file. Can an owner of multiple properties deduct the property taxes from a recently inherited property? A Think Glink reader asks about deducting the property taxes from a property he inherited with his brother from their mother. Sam and Ilyce say it's pretty unlikely that the real estate or property taxes may be deducted because the property is neither a primary residence nor an investment property. Q: I own two homes and share ownership with my brother of a third family house and property … (1 comments)
taxes due: Quit Claim Deed Tax Basis
- 08/28/08 07:41 AM
Summary: A Think Glink reader wants to know what taxes the beneficiaries of a quit claim deed will owe. The reader says his mother signed a quit claim deed to give her home to her adult children and now she's in an assisted living facility. The adult children want to sell the home that's been quit claimed to them but they are unsure about the tax basis of the property. Ilyce advises that the tax basis for a home transferred using a quit claim deed is the same as that of the original owner. Q: I read your answer to someone … (1 comments)
taxes due: 1031 Exchange
- 08/07/08 03:41 AM
Summary: When a real estate investor wants to defer taxes on a sale, he might opt for a 1031 exchange. In a 1031 exchange, the investor purchases a similar investment property to replace the original property, and is able to defer any taxes owed. The proceeds from the sale of the original property are held by a 1031 exchange company. 1031 exchange companies are not regulated and some have stolen real estate investors' funds. You can use a 1031 exchange for other kinds of investments including artwork, antique cars and valuable baseball cards. How can you find a reputable 1031 exchange … (0 comments)
We're less than five days out from the official conclusion of tax season. Many people remain unaware that the deadline has been moved to April 18 this year, rather than the usual April 15.
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