6 Hidden Tax Law Changes That May Impact Your 2011 Tax Return

by Rate Nerd on January 19, 2012

Changes impacting your taxes and this year’s refund from Uncle Sam

In the way of tax legislation, 2011 was a relatively quiet year. However, that doesn’t mean there aren’t tax law changes that will affect this year’s tax returns.

“The changes enacted at the end of 2010 will still impact this year’s and next year’s federal tax returns,” says TaxACT spokesperson, Jessi Dolmage. “With the debate over the federal budget and taxes unlikely to end any time soon, who knows if the soon-to-be expired tax breaks will be extended. So, take advantage of all your benefits while you still can.”

Three out of four taxpayers receive a federal refund, and last year’s average refund totaled $2,805. To help you maximize your refund, here are some tax law changes you should know about before [click to continue…]

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6 Key Tax Mistakes To Avoid

by Rate Nerd on January 12, 2012

Have you made these six tax mistakes? How to avoid them this year

Tax time is a stressful time, even for the most prepared filer. And for the many people who aren’t perfectly prepared when the season rolls around, each commercial, ad or sign that mentions tax preparation can be a painful reminder that the daunting task still lies ahead.

Mistake 1: Rushing to file by April 15

If you aren’t ready by the 15th, you don’t need to panic. Six month extensions are now an easy-to-use option. You no longer have to give a reason about why your taxes aren’t ready by the initial deadline – just fill out and file Form 4868, and you’ll give yourself some extra time to get it all complete.

Mistake 2: Being a perfectionist

Of course, you can’t and don’t want to lie on your tax return, but you don’t have to [click to continue…]

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Why Your Taxes May Rise: Tax Breaks Expiring in 2011 and 2012

Many Americans, and even tax professionals, aren’t aware that their tax bill could rise dramatically next year. If Congress continues to do nothing to provide a long-term permanent set of tax laws, many tax breaks will expire this year and next year. Major Individual Income Tax Benefits Expiring 12/31/2011: • Personal tax credits applied against [...]

Read the full article → November 11, 2011

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