Tax Season Begins, but Some Must Wait to File Taxes
At the start of 2011, the IRS has announced that needs additional time to update tax processing systems, due to Congress’ late approval of an updated tax code. This means that an estimated 50 million taxpayers may have to wait until mid- to late-February in order to file taxes and receive a refund. Many taxpayers expecting a tax refund this year, will want to file their taxes early. Unfortunately, taxpayers who itemize their deductions on Form 1040 Schedule A – both electronic and papers versions — will need to wait. Taxpayers may have to wait if they itemize deductions including...
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Trying to save those last minute dollars on your tax return? With the end of the year rapidly approaching, most of you probably think there is little left you can do . Well guess what? You’re wrong! Here are a few last minute tips to help you save on tax day. Charity Thinking of giving money to a charity? By advancing next years charitable donations, or even increasing this year’s gifts, will save you a bundle on your tax return. 70 or older? Did you know that you can take up to $100,000 from your IRA without having to report that amount as gross income? Sweet! Credit card...
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