Tips for Tax Procrastinators: File an extension

If you're behind on getting your taxes done, one of the best things you can do is file an extension. That will buy you some extra time to get everything filed. But don't use that as an excuse to keep procrastinating. Use it just to give you more time so you're not hurrying to finish your taxes (and therefore making mistakes or missing important items).

Remember this, though: filing an extension only gives you more time to file the papers, not more time to pay if you owe money. So if you have a pretty good idea that you'll owe money to the IRS or the state, you should send that money with the extension.

You can get a six month extension by filing Form 4868 by the tax deadline of April 15th.

Read more Tips for Tax Procrastinators

Tracy L. Coenen, CPA, MBA, CFE performs fraud examinations and financial investigations for her company Sequence Inc. Forensic Accounting, and is the author of Essentials of Corporate Fraud.

How to File Taxes with IRS Form 1099-MISC

If you receive tax form 1099-MISC for services you provide to a client as an independent contractor and the annual payments you receive total $400 or more, you'll need to file your taxes a little differently than a taxpayer who only receives regular employment income reported on a W-2.

Read More

Brought to you by TurboTax.com

Running for the (Tax) Shelter

Look to the home front to protect your assets. The only "surefire" tax shelters remaining are deductions such as your mortgage and donations to charity.

Read More

Brought to you by TurboTax.com

10 Things You Won't Believe Are Taxed

From Fantasy Football to cancelled debt, here are 10 things taxed by the IRS that might surprise you.

Read More

Brought to you by TurboTax.com

Is Interest on Credit Cards Tax Deductible?

The IRS allows you to deduct certain expenses from your total income to arrive at taxable income, which is the portion of your earnings that is subject to tax. Some of these expenses include your payments of interest on a mortgage and for business loans. However, when you use a credit card for personal purchases, the interest you pay is nondeductible personal interest.

Read More

Brought to you by TurboTax.com
Read Full Story