Taxes

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Taxation of Forgiven Debt: The 1099C & You (21 Mar 2006)
Is forgiven debt taxable, and if so, under what circumstances? The dangers of failing to account for forgiven debts on Form 1040. What to do if you get an IRS "Under-reporter" letter.

Some Folks Pay A Lot Less Tax Than Others On Very Same Income–Did You Pay Too Much Tax In 2004? (21 Mar 2006)
This article gives the reader a few practical and legitimate tax reduction strategies.

Getting A Second Extension to File 2004 Taxes (21 Mar 2006)
Millions of people file tax return extensions every year. The tax filing deadlines can rush up on your quickly. Fortunately, filing an extension isn't particularly difficult. For individuals, there are two available extensions.

Military Reservists, Enlistees May Get Deferral of Back Taxes (21 Mar 2006)
Reservists called to active duty and enlistees in the armed forces may qualify for a deferral of taxes owed if they can show that their ability to pay taxes was affected by their military service.

IRS Certifies 2006 Toyota Hybrid for Clean Fuel Deduction (21 Mar 2006)
The Internal Revenue Service has certified the 2006 Toyota Highlander Hybrid as being eligible for the clean-burning fuel deduction. This certification means that taxpayers who purchase one of these hybrid vehicles new during calendar year 2005 may claim a tax deduction of up to $2000.

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IRS Obtains More Than 100 Injunctions Against Tax Scheme Promoters (21 Mar 2006)
The IRS has obtained civil injunctions against more than 100 promoters of illegal tax avoidance schemes and fraudulent return preparers in an ongoing crackdown that began in 2001. Many of the injunctions, obtained in cooperation with the Department of Justice, also order the promoters to turn over client lists and to cease preparing federal income tax returns for others.

Your IRS Tax Appeal Rights (21 Mar 2006)
Are you in the middle of a disagreement with the IRS? One of the guaranteed rights for all taxpayers is the right to appeal. If you disagree with the IRS about the amount of your tax liability or about proposed collection actions, you have the right to ask the IRS Appeals Office to review your case.

Gambling Income and Expenses - Tax Requirements (21 Mar 2006)
Hit a big one? With more and more gambling establishments, keep in mind the IRS requires people to report all gambling winnings as income on their tax return.

Early Distributions From Retirement Plans (21 Mar 2006)
An early distribution from an Individual Retirement Arrangement IRA) or a qualified retirement plan need not be a "taxing" experience. Fortunately, there are exceptions to early distributions.

Marriage or Divorce — Check Your Social Security Number (21 Mar 2006)
Newlyweds and the recently divorced should make sure that names on their tax returns match those registered with the Social Security Administration (SSA). A mismatch between a name on the tax return and a Social Security number (SSN) could unexpectedly increase a tax bill or reduce the size of any refund.

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