My Two Dollars » taxes

The 13 Most Commonly Overlooked Tax Deductions

David — Fri, 03 Feb 2012 13:15:13 +0000

With tax time right around the corner, many people are starting to get all their filing information together, such as receipts, donation records, bank statements, and 1099 forms. And while it’s important to make sure you have all the relevant documents so you can file your taxes correctly, it’s just as important to be sure [...]

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Federal Government Spending – How Are Your Tax Dollars Spent?

David — Mon, 11 Jul 2011 13:16:36 +0000

Have you ever wondered exactly where all your tax dollars go and/or are spent? There are several websites which try their best to break down the facts for you, and I even mentioned one called Death and Taxes here on My Two Dollars back in 2006. (It is no longer a live site, however.) But [...]

Federal Government Spending – How Are Your Tax Dollars Spent? is an article from My Two Dollars

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How Long Do I Keep Tax Records – Beware an Audit Letter From the IRS

David — Mon, 18 Apr 2011 13:03:28 +0000

Well, it finally happened — I unexpectedly received a rather large envelope stuffed full of paperwork from the IRS. My heart sank as I figured I would be dealing with an audit or something like that. When I opened the envelope the first thing I saw was that I supposedly owed taxes on unreported income [...]

How Long Do I Keep Tax Records – Beware an Audit Letter From the IRS is an article from My Two Dollars

IRS Tax Return Audit Help – What to Do If You Get Audited

David — Fri, 11 Mar 2011 14:03:39 +0000

Even if you try to avoid tax audit red flags to avoid the attention of the IRS, the fact is that around 1% of all US taxpayers will be audited each year. While the IRS will usually only audit your tax return if they think they have found a glaring mistake and can collect money/penalties [...]

IRS Tax Return Audit Help – What to Do If You Get Audited is an article from My Two Dollars

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14 IRS Tax Audit Red Flags – Minimize Your Chances of Being Audited by the IRS

David — Fri, 28 Jan 2011 14:13:39 +0000

Nobody wants to be audited by the IRS, period. Although only about 1% of taxpayers actually get audited each year, many worry that this year may be the year that they get chosen for an in-person meeting with an IRS agent. Audits are not chosen at random willy-nilly, but rather by a computer-generated score given [...]

14 IRS Tax Audit Red Flags – Minimize Your Chances of Being Audited by the IRS is an article from My Two Dollars

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Beware of IRS Scam Emails for Tax Payments

David — Wed, 27 Oct 2010 17:30:45 +0000

The Internal Revenue Service will never contact you via email. Period. However, a very good scam artist will certainly try, and a good way for them to do so is to pretend to be the IRS in order to gain access to your banking information. In the past month, I have gotten three emails purporting [...]

Beware of IRS Scam Emails for Tax Payments is an article from My Two Dollars

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How Federal (IRS) Income/Salary Tax Brackets Really Work

David — Thu, 09 Sep 2010 14:00:13 +0000

Just because your income puts you in the X or Y % tax bracket, that doesn’t mean that is really what percentage of your income you pay in taxes. We actually have a progressive tax system in place in the US, where you are taxed at different levels as your income increases. I wrote about [...]

How Federal (IRS) Income/Salary Tax Brackets Really Work is an article from My Two Dollars

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How To Make Estimated Tax Payments – For the Self Employed

David — Fri, 16 Jul 2010 18:00:16 +0000

If you don’t have your taxes taken out of a paycheck, guess what – you have to pay estimated taxes to the IRS and your home state every quarter of the year. And even if you have taxes taken out of your paycheck, but you don’t have enough taken out to cover your paycheck or [...]

How To Make Estimated Tax Payments – For the Self Employed is an article from My Two Dollars

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2010 Federal Income Tax Brackets & IRS Tax Rates

David — Wed, 09 Jun 2010 14:00:42 +0000

Since we are half way through 2010, I figured now was a good time to check out what the 2010 Federal tax rates were so you still had 6 months to make any changes to your withholdings if necessary. Every year there are always small changes to the absurdly wordy tax code, and 2010 is [...]

2010 Federal Income Tax Brackets & IRS Tax Rates is an article from My Two Dollars

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Filing A Tax Extension: Don’t Pay Someone, Do It For Free.

David — Thu, 04 Mar 2010 21:52:19 +0000

You may start seeing services offering to help you extend the IRS tax date of April 15th, giving you more time to file your taxes. Some of these companies will actually charge you a fee… for something you can do on your own for free. For individual filers, if you are not able to file [...]

Filing A Tax Extension: Don’t Pay Someone, Do It For Free. is an article from My Two Dollars

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