Archive for the ‘Personal Tax’ Category
October 15th Deadline for Tax Filing
Deadline for Filing 2008 Tax Returns
The October 15th deadline is fast approaching for millions of taxpayers who requested a six-month extension to file their 2008 tax returns.
In most cases, Oct. 15, 2009, is the last day taxpayers may timely file their 2008 federal tax returns. The IRS expects to receive as many as 10 million tax returns from taxpayers who used Form 4868 to request a six-month extension to file their returns. Some taxpayers, for example, may have requested a filing extension to claim the first-time homebuyer credit for a home purchase that closed after the April 15 deadline.
Some taxpayers can wait until after Oct. 15 to file. This includes those serving in Iraq, Afghanistan or other combat zone localities and people affected by recent natural disasters.
Deadline for Voluntary Disclosures
It’s also the deadline for special voluntary disclosures by taxpayers with assets in previously undisclosed offshore financial accounts.
Oct. 15 is the deadline for special voluntary disclosures by taxpayers with assets in previously undisclosed offshore financial accounts.
Under the special provisions issued in March, taxpayers with these accounts originally had until Sept. 23, 2009, to come forward. Those taxpayers who do not voluntarily disclose their accounts by Oct. 15 face harsh civil penalties, where applicable, and possible criminal prosecution.
Tax professionals or individuals who want to initiate a voluntary disclosure should call their local IRS Criminal Investigation office. Individuals or their representatives may either contact the nearest Special Agent in Charge, IRS Criminal Investigation, stating their wish to make a voluntary disclosure, or provide a letter outlining information needed to assist the IRS in determining their acceptance into the voluntary disclosure program.
Deadline for eFile and Free File
The IRS encourages taxpayers to e-file. E-file with direct deposit results in a faster refund than by using a paper return. Electronic returns also have fewer errors than paper returns.
Oct. 15 is the last day to take advantage of e-file or the Free File program.
Two Free File tax preparation and e-filing programs are available. Traditional Free File is available for taxpayers with adjusted gross incomes of $56,000 or less. Free File Fillable Forms can be used by people who earned more. The Free File page on this web site has more details.
Fair Tax Book
Fair Tax: The Truth: Answering the Critics
This book published in 2008 is all about Fair Tax. In 2005, firebrand radio talk show host Neal Boortz and Georgia congressman John Linder created The FairTax Book, presenting the American public with a bold new plan designed to eliminate federal taxes and the IRS, jump-start the U.S. economy, bring back lost industries and jobs, and recapture billions of untaxed dollars hoarded by criminal and offshore businesses. Their book became an immediate #1 New York Times bestseller, propelling a powerful grassroots tax reform movement that’s spreading like wildfire across our nation.
Now, three years later, the authors are back to answer the outspoken and misinformed critics of their innovative proposal. Offering eye-opening new insights not covered in the original book, FairTax: The Truth debunks the negative myths and gross misrepresentations of this groundbreaking idea. The FairTax plan is simple, brilliant, and it will work—enabling you to keep all the money in your paycheck; eliminating the fraud, hassle, and waste of our current system; and revolutionizing the way America pays for itself.
About the Author
The host of radio’s The Neal Boortz Show, syndicated in nearly two hundred national markets, Neal Boortz is the author (with Congressman John Linder) of the New York Times bestsellers The FairTax Book and FairTax: The Truth, and author of The Terrible Truth About Liberals. He has been nominated twice for the National Association of Broadcasters’ Marconi Award and divides his time between Atlanta, Georgia, and Naples, Florida.
Taxes 2009 For Dummies
Your plain-English guide to filing your own returns accurately and on time
Are you dreading tax season? Never fear this bestselling guide takes you through the major tax forms line by line, explaining all the latest filing changes. Financial expert Eric Tyson and tax experts Margaret Munro and David Silverman answer all your tax-preparation questions, offer tax-planning advice, and show you how to legally reduce your taxes!
- Ready, set, file assemble the tools you need to prepare your own return, select your filing status, and determine exemptions
- Tackle the various forms from 1040EZ to Schedule E, understand how to fill out each form correctly and painlessly
- Comprehend all the tax law changes understand child tax benefits, improved Health Savings Accounts, Alternative Minimum Tax changes, small-business perks, mortgage forgiveness debt relief, and more
- Negotiate with the IRS decipher an assessment notice, survive an audit, fix common IRS mistakes, and locate missing refunds
- Clean up your own errors amend a return, abate penalties or interest, and make the right moves when you can’t pay your taxes
Praise for Taxes For Dummies
“The best of these books for tax novices.” – Worth magazine
“The most accessible and creative. It’s also the best organized.” – USA Today
“Will make tax preparation less traumatic.” – The Wall Street Journal
“Sound financial advice you can use throughout the year.” – The Seattle Times
Open the book and find:
- How to itemize your deductions
- Hints for keeping good records and staying organized
- Smart year-round personal finance and tax advice
- Questions to ask a tax advisor
- Ways to maximize tax software and e-filing options
- How to file if you’re self-employed
- Tax tips for military families
- Tips for reducing your taxes and avoiding penalties
Confessions of a Tax Collector
If you have ever wondered about the IRS collection process and how to handle a tax collector, then this book called Confessions of a Tax Collector: One Man’s Tour of Duty Inside the IRS is a great book for you. It provides a lot of insights into how tax collection works from someone working for the IRS.
Imagine if Brad Meltzer or John Grisham’s first book had been a memoir about working for the Internal Revenue Service and you have an idea of just how thrilling Richard Yancey’s Confessions of a Tax Collector: One Man’s Tour of Duty Inside the IRS really is.
Serving as a revenue agent–or, more informally, a tax collector–of the IRS for two years, Yancey went through strange transformations–from a tall, pencil-thin theater major, in an unforgiving relationship with no steady income, to a mean, muscle-wielding, unyielding revenue officer at the top of his game. What happens in between this tax collecting, money-hungry metamorphosis makes this memorable memoir the stuff of great fiction.
The Americans who shirk tax laws and responsibilities are inevitably tracked, coded, analyzed, pursued, and in general, marked for tax collection by a legion of government workers take center stage.
“We have superior intelligence; we know more about our enemies’ lives than they know about themselves. We know where they are. We know what they do. We know what they have. We will execute what they fear,” Yancey writes. Just envision the line-up of misfits and average joes who populate the screen on Cops or America’s Funniest Home Videos and you’ll be close to imagining the range of people Yancey tangles with.
Vengeful middle managers, hard-working small business owners, mean-spirited tax protestors, hardened tax evaders–the list of characters goes on and on. Every one of the people tracked within the walls of Yancey’s local IRS office has the same, pitiful problem: the tax man cometh and the “beast needs to be fed.” Equal parts love story, business tale, high-speed chase, and self-evolution, Yancey’s Confessions of a Tax Collector packs plenty of human drama–all of it experienced and survived by one man. –E. Brooke Gilbert
From Publishers Weekly
After failing at a number of jobs, Yancey joined the IRS as a revenue officer in 1991 when he answered a want ad in the newspaper. As a revenue officer, Yancey was charged with collecting taxes from delinquent taxpayers. At the start of his career, Yancey was ambivalent about working for the IRS, but the longer he stayed with the organization the more seriously he took the job. A turning point came during a seizure (when the IRS seizes property from people who have been unable or unwilling to pay taxes), when Yancey stumbled across a band of tax protesters and took it as a personal challenge to root out as many protesters as possible-and in the course of doing so found himself living for his job.
Yancey’s account of his 12-year career starts out as a lighthearted look at his early days as an IRS trainee, but the tone is more somber and reflective as he becomes more enmeshed in his job, breaks up with his girlfriend, and finds himself isolated from nearly everyone outside of his workplace.
There is a happy ending to the story, however, as Yancey marries his supervisor, quits the service and fulfills his dream of writing a book. His description of what life is like inside the IRS is generally engaging and shows the fallibility of a system that comprises, after all, men and women who have their own strengths and weaknesses. Copyright © Reed Business Information, a division of Reed Elsevier Inc. All rights reserved.
Buy Confessions of a Tax Collector: One Man’s Tour of Duty Inside the IRS (P.S.)
IRS Email Tax Scams
The IRS has issued a warning about bogus IRS scam emails that are floating around the Internet. This is one of the latest identity theft scheme aimed to scare taxpayers into giving up personal information. The IRS urges the public to protect themselves from falling victims to identity theft thieves or to tax return preparers who urge them to claim tax credits on your tax return for which they are not really eligible.
Delete all Emails Claiming to be from the IRS
The IRS does not send out emails period! If you have received an email claiming to be from the Internal Revenue Service, no matter how official it looks, then it is a scam. The email may contain the IRS’ information such as address and even a logo but it is not from the IRS. There have been many IRS email scams especially around tax filing time. The bottom line is that you will never receive an official email from the IRS. The IRS will not discuss your tax situation via email and will not send you an email asking information so that they can give you proper tax credit, tax deductions or tax rebate.
The scam email you receive will not point you to the official, authentic IRS website. Instead, you will land on a scam website which you will be asked many questions such as your name, address, social security number, etc. The scammers might ask you to register for a stimulus credit. They might utilize information that can be found on CNN or other news channels. They might reference President Obama’s stimulus progams in order to convince you that their program or email is legitimate. They may say that they need your information to deposit money into your bank account.
If you receive this type of email, you should delete it or report it to the authority. However, the FBI says that it is very hard to track this type of scam. It is hard to monitor them because they usually come from outside of the US. They may be from Europe or other parts of the world and by the time they are reported and investigated, they are long gone.
What is Phishing?
Scammers often try to steal their victims’ identities by sending them phony e-mails (such as ones from the IRS) which claim to come from trusted sources, such as well-known financial institutions or government agencies (including the IRS), and ask them for detailed personal and financial information. This practice is known as “phishing.” The information requested is used by the scammers to gain access to the victims’ bank accounts, open new credit cards in their victims’ names and get cash advances, and more.
First-Time Homebuyer Tax Fraud
The IRS has begun to investigate tax returns that falsely claim the first-time homebuyer tax credit. The first-time homebuyer credit, originally passed in 2008 and modified in 2009, provides up to $8,000 for first-time homebuyers. The purchaser must qualify as a first-time homebuyer, which, for purposes of claiming this credit, is someone who has not owned a primary residence in the past three years. If the taxpayer is married, this requirement also applies to the taxpayer’s spouse. The home purchase must close before Dec. 1, 2009, to qualify. The credit may not be claimed on the purchaser’s tax return until after the taxpayer actually closes and has purchased the home. Different rules apply for homes bought in 2008.
People who don’t meet the requirements for claiming the credit shouldn’t claim it, even if their tax return preparer urges it. Taxpayers are responsible for the accuracy of their tax return, even when the return is prepared by someone other than the taxpayer.


