Rapid Tax

A blog focused on providing informative tax and personal finance information.

Posts Tagged ‘taxes’

Double-check Checklist

Tuesday, February 2nd, 2010

Before you guffaw and navigate away, listen to this: the list below is created from the IRS’s list of most common (and sometimes, expensive) yearly filing mistakes. Our list is meant to be a simple catalog of things to double-check before you lick the stamp or mouse-over the “send” button on your tax filing.

If your eyes are straining from rolling too much, we suggest you simply bookmark this page for the final seconds prior to your sending off for your return. Why?

The IRS charges 6% interest and up to a 20% penalty for incorrect filings. A double-check can save you tons of time, and possibly, tons of money.

  • Did you include your W-2?

    • Obviously this won’t be a problem for e-filings, but for our snailmail brothers and sisters, it’s one of the most-repeated mistakes.
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Category: Uncategorized, taxes
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The CP-21B and Other Forms You Need for the First Time Home Buyer’s Tax Credit

Monday, December 28th, 2009

If you’re confused about the First Time Homebuyers’ Tax Credit, you’re not alone. Months after it was enacted, this tax credit is still causing taxpayers trouble. It’s not just the long delays—not just the constantly changing rules—not just the extra work on top of the already complex process of buying a new home. No, the big problem with the first time home buyer’s credit is all the new forms you have to deal with.

Here’s a quick list of the more common ones: where you get them, what you do with them, and what to watch out for.

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Category: Tax Credits
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The New Car Tax Deduction is a Great Deal for Car Buyers

Tuesday, December 15th, 2009

Planning on buying a new car? Now might be the best time. The American Reinvestment and Recovery Act, commonly known as the Federal Stimulus Bill, provides some enticing incentives for purchasers of new cars and several other types of motor vehicles. The incentive is in the form of a tax deduction on your 2009 tax return. The initial form of the legislation provided for a tax credit, but the final legislation that was passed made it into a tax deduction. Depending on your income level and the vehicle you are planning to buy, this benefit could yield a fair chunk of change in your pocket.
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Category: Tax Credits
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2008 Tax Return Conundrum: With Funding Dropping, How Will Feds Pick up the Slack?

Tuesday, August 18th, 2009

2008 tax return numbers just aren’t looking good for the government. Year over year revenue has dropped catastrophically, even as spending is up. So how are they making up the shortfall? There’s been some tentative talk of cost-cutting and income tax hikes, but there are some unusual plans that are also in the works:


Via Phillip on Flickr.
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Category: Tax News
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National Taxpayer Advocate’s Report to Congress: Once a Year, Taxpayers Talk Back — and Congress Listens

Thursday, July 2nd, 2009

It may feel like taxpayers always complain and Congress never listens, and perhaps most of the time that’s true. But once a year, Congress asks the National Taxpayers advocate to report on taxpayer concerns. And the latest report just came out. So what’s coming up next? Ten highlights:
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Category: Tax News
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