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Posted
Feb 01 2008, 06:27 PM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
The scammers are out in full force this tax season, targeting taxpayers, accountants and anyone else who can answer a phone or open an e-mail. Kay Bell at Don't Mess With Taxes gives readers a rundown on some of the latest tactics being used to steal your identity. One is an e-mail purporting to be from the IRS, asking you to click on a link to a refund claim form, where you're instructed to provide personal financial information. A similar e-mail tells you that you're going to be audited. Unlike many phishing attempts, this one actually addresses you by your name, Kay says.
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Posted
Sep 08 2009, 08:28 AM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
This post comes from J.D. Roth at partner blog Get Rich Slowly.
Note: Although I try to keep GRS a politics-free zone, today's topic is inherently political. I've stayed as neutral as possible in the article, but I know that there'll be some political discussion in the comments. Please keep conversation civil, as always.
Because I was frustrated with my own ignorance about the U.S. federal budget and our tax system, I recently spent 12 hours researching a variety of tax topics. From my research came two articles: my recent short guide to the federal budget and today's post, which answers some of my personal questions about taxes.
In the earlier post, we tried to take a few small steps toward understanding the federal budget. We looked at where the U.S. government spends its money. But where does it actually find the cash to spend?
Of the $2.333 trillion in U.S. government receipts:
- $1050 billion (45.0%) comes from individual income taxes.
- $939 billion (40.2%) comes from social insurance/retirement receipts.
- $221 billion (9.5%) comes from corporate income taxes.
- $76 billion (3.3%) comes from excise taxes.
- $20 billion (0.9%) comes from estate and gift taxes.
- $28 billion (1.2%) comes from Federal Reserve deposits.
- $16 billion (0.7%) comes from other miscellaneous sources.
As you can see, nearly half of government receipts come from individual income taxes. Naturally, taxes are a hot-button issue. They have been since this nation was founded. (To be fair, though, the driving force then was "taxation without representation." Modern complaints are against taxes in principle, I think.)
During my research, several questions about taxes occurred to me. In today's article, I'll do my best to share the answers I found.
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Posted
Feb 10 2009, 05:44 AM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
This post comes from Jim at partner blog Bargaineering.com.
E-filing stands for electronic filing and is an option the IRS offers for those who want to skip paper tax returns and go electronic. There are many benefits to e-filing your taxes, but there are still a lot of people who don't e-file for reasons I'm not completely sure of.
I know that a lot of filers simply aren't familiar with the system and are used to filing a paper return; I completely understand their reservations. I didn't trust electronic bill pay for the longest time and I'm 28, not someone who had been mailing checks to pay bills for 20 years.
For those on the fence, wondering if you should e-file, here are 10 good reasons why you should:
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Posted
Feb 25 2008, 11:16 AM
by
Donna Freedman
Rating:
Money Blog: Smart Spending Blog - MSN Money
This post comes from Abby Freedman, a freelance writer and daughter of Smart Spending blogger Donna Freedman.
As an aspiring accountant, I am just odd enough to find income taxes fascinating.
Still, I understand there are saner individuals out there who prefer to duck and cover until this season is over.
Generally, they cope by forking over $100 to $200 to have simple returns completed -- and not necessarily by a CPA -- at a "tax-in-the-box" establishment.
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Posted
Jun 23 2008, 04:17 PM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
Irreverent, hilarious, provocative and profane -- all were qualities of the great George Carlin, who died Sunday from heart failure. But who knew that Carlin was also a good source of financial advice?
What else would you expect from the comedian who so well understood our fascination with materialism, as demonstrated by his "A Place for My Stuff"? ("Bouncing Back" at Bouncing Back from Bankruptcy, one of many Carlin fans who mourned his passing online, provides a link to the "stuff" routine. Considering it's Carlin, the language is only slightly off-color.)
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Posted
Jan 28 2008, 11:55 AM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
This post comes from Lisa Wade McCormick at partner blog ConsumerAffairs.com. Con artists in Missouri are exploiting consumers' hopes of receiving hundreds of dollars in tax rebates proposed as part of a federal economic stimulus package. The FBI today warned taxpayers that scam artists are contacting consumers at home and claiming to be with the Internal Revenue Service. The con artists tell consumers they need their Social Security and bank account numbers to send the rebate checks. This is a ploy to steal consumers' identity, FBI officials said.
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Posted
Jan 08 2009, 07:20 AM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
The tough economy has produced one blessing we can count. "It's helped the IRS find a heart," Kay Bell said in a post at Don't Mess With Taxes.
IRS Commissioner Doug Shulman announced that the Internal Revenue Service will work with people who can't pay what they owe because of job loss or some other financial catastrophe.
You'll still have to pay your taxes, but you may get more time to do it. "The IRS does feel your pain," Kay wrote.
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Posted
Feb 14 2008, 10:35 AM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
Lots of readers have told us they're confused about how the tax rebate will work, so we'll try to shed a little light on the matter.
The rebates -- tax blogger Kay Bell dubbed them "prebates" -- are an advance on a tax credit you would have gotten when you filed your 2008 tax return. You're just getting it a year early, says Bell, of Don't Mess With Taxes. The amount will be based on your 2007 tax return and range from $300 to $600 per adult, up to $1,200 for married couples who file jointly, and $300 per child under 17 years of age.
You're eligible if you have at least $3,000 in qualifying income. To see a government document for details about how much you can expect to get, click here.
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Posted
Jun 02 2008, 01:34 PM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
We're in the same boat as "PT" at Prime Time Money. Our tax-rebate check has yet to arrive. Just like PT, we thought our rebate would be direct-deposited into our checking account on May 9, based on our Social Security number and the IRS payment schedule. So, like PT, we dug a little deeper to find out where it could be.
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Posted
May 12 2008, 01:06 PM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
The government giveth, and the government taketh away, given the opportunity. You might want to keep that in mind when you're wondering why your economic-stimulus check is smaller than you thought it would be. Kay Bell, the author of our favorite tax blog, Don't Mess With Taxes, explains: "If you owe the IRS federal taxes from previous tax years or have ignored a variety of nonfederal debts you owe, Uncle Sam can take those uncollected amounts out of any federal money you might be due."
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