The Sun's Financial Diary

The passage of the Tax Relief Act of 2010 last December removed a lot of uncertainties for taxpayers. The law, which extended Bush area tax cuts by two years and temporarily reduced payroll taxes by 2% for one year, also introduced some other changes in taxes for 2011. One of those changes is investment income taxes. [...]

The 2011 tax season has already arrived. For those who don’t have to delay filing their returns (see who must wait to file 2010 federal income taxes in my 2011 tax deadline post), the sooner to file, the earlier to get their refund. While there are plenty of paid tools available if you want to [...]

In late December 2010, the IRS issued official 2011 tax rate tables with updated Federal tax brackets after Congress passed Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010. The Tax Relief Act of 2010 extended Bush-era tax cut for all Americans for two more years regardless their incomes and reduced payroll taxes temporarily [...]

It’s that time of year again. No, not just the holiday season, but also the time when you realize that the year is ending and taxes are just around the corner. This year is particularly difficult because Congress still hasn’t decided what to do about the Bush-era tax cuts (the Senate will vote on Obama [...]

The 2010 tax season is officially over. What a relief! I have worked on the returned on and off the past couple of months until I mailed out the forms, together with payment checks, on April 14th. To me, it just means that, hopefully, I don’t have to think about it again until this time [...]

Each year thousands of individuals are left owing the IRS taxes they cannot pay when they complete their tax return. If you are facing severe financial hardship (e.g. prolonged unemployment, bankruptcy), you have a few feasible options: either you request an IRS Installment Agreement (IRS Payment Plan), pay your taxes with a credit card, or [...]

Yes, you can pay taxes with credit cards, but no, it may not be such a good idea to do so. The deadline to file 2009 taxes is only 19 days away. If you owe a large amount of taxes but have difficulties to arrange the money on April 15th, one way to pay the [...]

The Recession has hit many Americans hard. As we get into tax season, many people may not realize that events such as a job loss or new unexpected burdens may have tax implications that need to be addressed on your return. The good news is that the Internal Revenue Service recently announced that it is [...]