The States are getting desperate.   New York & Connecticut (among others) are gearing up to enforce a tax law usually reserved for the rich and famous.  Athletes, for example, make millions upon millions of dollars and their travel schedules are well known. Therefore, when they travel to another state to play, that particular state… Continue reading

Tax time is one of the most stressful times of year for everyone. Besides worrying about possibly owing even more than you’ve already paid, there’s always the question of figuring out exactly how you’re going to get your taxes filed. Aside from a few whiz kids, I don’t know very many people who feel comfortable… Continue reading

The income tax refund checks will be in the mail, but with a two-and-a-half week delay. Gov. David Paterson has temporarily halted income tax refund checks, with the last batch going out March 12 and no more scheduled to be sent until April 1. “We paid all the way up until we hit $1.25 billion… Continue reading

The Internal Revenue Service is intensifying its scrutiny of wealthy Americans. The federal agency increased its audits of taxpayers who earned $1 million to $5 million by 33 percent last year compared with 2008, new I.R.S. figures show. The numbers, released late Thursday in the agency’s 2009 annual data book, also show that the I.R.S. increased… Continue reading

In an effort to shame those that owe the state taxes, New York has taken the extraordinary (and desperate) measure to name the 500 biggest tax delinquents (individuals & businesses) on their website www.nystax.gov. The move by the state Department of Taxation and Finance is part of a more aggressive effort to recoup some of… Continue reading

The IRS has reported that more than 1.4 million tax payers are due over $1.3 BILLION in unclaimed refunds because they have not filed a 2006 tax return.  These refunds are still available, but only if a 2006 tax return is filed before April 15th, 2010.  After that, the government gets to keep your refunds…. Continue reading

There are many ways to maximize your refund  in any given tax year.  However, as opposed to sifting through reams of tax laws to determine whether or not you qualify for certain tax credits, various deductions or if you should file additional tax schedules, one of the easiest & most frequently overlooked adjustments you can… Continue reading