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What To Do If You Owe Taxes But Can’t Pay
By Ray Martin, CBS MoneyWatch (CBSMoneyWatch) So you’ve prepared your tax return and found that you owe. What should you do if you can’t pay? One thing you should do no matter what is to file your tax...
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Tax Prep: Don’t Miss These Juicy Credits and Deductions
By Jill Schlesinger, CBS MoneyWatch (CBSMoneyWatch) The IRS expects that 75 percent of all 2012 returns will be entitled to a refund, so if you haven’t started preparing your taxes yet, do it:...
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Where’s My Refund? IRS Tool Answers That Question
(CBS / AP) — The Internal Revenue Service has a message for taxpayers eager to learn the status of their tax refund: Please don’t check the IRS website every five minutes — once a day is enough. The...
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Plenty Of Changes For Tax Filers This Year
(CBS / AP) — Taxpayers preparing to file their 2012 returns can breathe a collective sigh of relief. The alternative minimum tax, or AMT, has been patched — permanently — and several tax credits and...
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What To Do With Your Tax Refund
By Ray Martin, CBS MoneyWatch (CBSMoneyWatch) Most tax filers are getting a refund after they file their 2012 return. With the average refund running about $3,000, a lot of people will be thinking...
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Avoid The Most Common Tax Mistakes
(CBSMoneyWatch) As the United States tax code clocks in at 18,500, pages, it’s easy to see how taxpayers can make a mistake or two when filing federal income tax forms. And with over 97,000 full-time...
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How Studying Your Taxes Can Help Your Career
By Laura Vanderkam, CBS MoneyWatch (CBSMoneyWatch) I spent a chunk of time earlier this week adding up my 1099s (statements of freelance income). I also added up all my business expenses to send those...
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What Triggers An IRS Tax Audit?
By Ray Martin, CBS MoneyWatch (CBSMoneyWatch) The IRS examined 1.1 percent of all individual tax returns in 2010 and 2011, so the chances that your tax return will be audited are only about 1 in 90....
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How (Not) To Get Audited
(CBSMoneyWatch) It’s time to talk taxes: 1099 forms have gone out and you should be organizing your paperwork and getting ready to pay the taxman. CBS News contributor and analyst Mellody Hobson has...
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A Look At The Craziest Tax Write-Offs
(CBSMoneyWatch) It’s hard to think there’s anything funny about taxes when you’re under a mountain of paperwork, but CBS News contributor and analyst Mellody Hobson has a little comic relief for...
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Protect Your Facebook And Twitter Accounts From The IRS
(CBS Charlotte) — The deadline for filing your taxes is less than a week away. If you’ve waited to the last minute, like many of us have, now is the time to get organized, and by organized I mean…make...
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How To Spend Your Tax Refund
(CBSMoneyWatch) The best part of paying your taxes is probably getting your refund check. According to the IRS, the average tax return last year was $2,899. According to a 2012 survey by TurboTax,...
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NC Senate To Take Up Tax Overhaul Plan Next Week
RALEIGH, N.C. (AP) — The North Carolina Senate plans to consider tax overhaul legislation next week with or without a final compromise in hand with fellow Republicans in the House. The Senate...
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New ‘Tax And Tag’ Together Program Begins Sept. 1
RALEIGH, N.C. (AP) — North Carolina motorists are going to have to pay their vehicle property tax and registration bill at the same time if they want to get their tags. The new combined tax and tag law...
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Governor Spending $230,000 On Mansion Bathrooms
RALEIGH, N.C. (AP) — Gov. Pat McCrory plans to spend up to $230,000 in taxpayer funds remodeling bathrooms in his private living quarters at North Carolina’s Executive Mansion even as he demands...
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New NC Tax Changes In 2014
RALEIGH, N.C. (AP) — Significant changes made to the tax laws approved this summer and taking effect starting Jan. 1, unless otherwise noted: INDIVIDUAL INCOME TAX: — Eliminates the current...
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Bill Allows Gay Couples To File Joint Tax Returns
COLUMBIA, S.C. (AP) — The top Democrat in the South Carolina House says same-sex couples who are legally married in other states should be able to jointly file their state income taxes. A bill filed...
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Tax Tips For Retirees
Retirement brings plenty of changes, and with those come changes to your tax situation. Here’s a rundown on the top five things you need to know when it comes to paying taxes in retirement. Remember...
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5 Tax-Deductible Items You May Have Missed
Who doesn’t want to save a little (or a lot of) extra money at tax time? Claiming all the deductions for which you are eligible can significantly reduce your tax bill. The problem is, it’s hard to...
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5 Tips For Doing Your Own Taxes
Tax laws can be complicated, which is why many people hire an accountant or tax professional. At the same time, tax professionals can be pricey, and tax season gives you a chance to get a closer look...
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Best E-Filing Programs For Tax Returns
Doing your taxes often feels like a daunting task, but it doesn’t have to be. E-filing not only streamlines the process, but it also means getting your refund faster. While e-filing may be easiest for...
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Should You E-File Or See A Tax Specialist For Your Returns?
Does the thought of tax time send shivers down your spine? Like it or not, your taxes have to be filed. The question that remains is, how will you get them done? Unless you’re the pen-and-paper type,...
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Newlywed? Whether To File Separately Or Jointly
You probably weren’t thinking about your tax burden when you said “I do,” but marriage does impact upon a couple’s income tax requirements, sometimes positively and sometimes not. Newlyweds are often...
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Five Tips for Getting the Most From Your 401(k) Plan
Whether you’re 25 or 55, you know you’ll want to retire one day – and to retire in comfort you must save. And there’s simply no better way to save than the 401(k) plan at work. It’s automatic and...
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Tax Advice: Common Small Business Tax Filing Mistakes
It’s easy to make a mistake, but saying your sorry is rarely enough to satisfy the IRS. Small businesses can innocently make tax mistakes that wind up racking up steep penalties, able to bruise or even...
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The “Dirty Dozen” Tax Scams Of 2014
(CBS MoneyWatch) The IRS has a warning for Americans — watch out for tax scams. Every year the agency releases a “Dirty Dozen” list of the worst tax scams out there. This year, identity theft and...
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Disappearing Deductions Cost Taxpayers
(CBS MoneyWatch) Changes to tax laws last year reinstated some income-based phase outs of some widely used personal exemptions and itemized deductions, leaving many taxpayers with higher tax bills....
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A Simplified Tax Option For Home Offices
(CBS MoneyWatch) This tax season holds good news for millions of self-employed people who work from home: Home office deductions, which used to require a litany of calculations and the completion of a...
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What’s On Your Tax Return?
BOSTON (CBS) – Review your tax situation now so you have some idea what tax bracket you will fall into this year and decide whether you want to do the long 1040 or the short 1040EZ. Do your taxes both...
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Should You Itemize Your Taxes This Year?
BOSTON (CBS) - Should you take the time to fill out the long 1040? It really depends. To find out whether you should itemize you will need to do some homework. About a third of taxpayers use the long...
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Buyer’s Guide: What To Look For In A New Digital Camera
The sheer amount of digital cameras available on the market can be overwhelming. From the camera’s zoom capabilities to video options, there are so many different bells and whistles from which to...
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Advice For Successfully Getting A Small Business Loan
Even during challenging times, a small business with a sound strategy can obtain a loan. If you’re looking to start or expand your business, here are strategies that may help you acquire the financing...
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Tax Education Credits And Deductions
BOSTON (CBS) – College is very expensive. Congress and the IRS have given us ways to offset education costs. 1. The American Opportunity Credit: This credit can help parents and students pay part of...
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Tax Audit Red Flags To Be Aware Of
BOSTON (CBS) - Most tax returns are handled by computers and there are formulas and averages for most of the categories. Most audits are simple paper audits where they send you a letter asking for...
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Invest That Tax Refund In Yourself
BOSTON (CBS) - What is your largest asset? It’s your ability to earn a living! Let’s say you earn an average of $50,000 a year over your working career and you start at age 20 and work until you are...
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What Tax Related Papers Can You Toss Out?
BOSTON (CBS) – Most of us fall into one of three categories; we keep too much of the paper that comes into our homes or there those that try to throw out everything. And of course those that fall in...
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Get Your Taxes In Order Now For Next Year
(CBS Boston) Get a jump-start on next year’s taxes by setting up a filing system now. You can use a folder system where you label the each folders according to your needs. A good filing system will...
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What Procrastinators Need To Know About Filing Their Taxes
(CBS MoneyWatch) - Life can get complicated this time of the year — between work and friends, spring break and spring cleaning and everything else, time goes by quickly. And for some of us, that means...
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7 Deductions That Lower Your Taxable Income
(CBS MoneyWatch) – Most folks looking for tax deductions focus on things like mortgage interest, real estate taxes and charitable donations. These are known as itemized deductions that are claimed on...
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Can’t Pay Your Taxes? Here’s What You Can Do
(CBS MoneyWatch) - In a turbulent economy with constantly changing rules it’s no surprise that the bill from Uncle Sam can sneak up on some of us. Whether you changed jobs, sold a house or became...
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