Here is an interesting article that claims you can use the like-kind exchange rules to push the tax into the next tax year, without having to truly reinvest the funds. It means you can't touch them, and there are a lot of i's to dot and t's to cross to make sure you toe the line, but it could be worth a shot if you are dealing with a large gain and want to defer the taxes one year.
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We've all seen the commercials, and with the hard economic times I'm hearing from more and more people wondering if these deals are legitimate. Well here is an insightful article that brings some reality to the situation, even if it isn't what most people want to hear. If you want to settle for less than your are owed, consider this advice they give:
The two fundamental rules IRS operates by for offers in compromise are:
The two fundamental rules IRS operates by for offers in compromise are:
a) If you have enough assets to pay the taxes, your offer will not get approved.
b) If you earn enough money to pay your tax debt over 5-10 years, your offer will be rejected.
Let's be honest, the IRS has the power to collect, so why would they settle for less if they didn't have to? For most people the best bet is an installment agreement. You end up paying the whole amount, but over time. The IRS stops harassing you because you are back in compliance. This doesn't mean everyone will qualify for an OIC, but the truth is that few do.
Another word of advice, don't ignore the tax notices. The sooner you reply the more the IRS is willing to talk and be reasonable.
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The IRS has offered more clarity about who is required to report the employer provided health insurance costs on employee W-2's. In 2011 it is optional for all employers, but in 2012 larger employers (250 or more employees) will have to begin reporting the value of health benefits provided. This does not mean that the benefits will be taxed, but is just additional information that is being provided to the IRS.
More info
More info
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Those living in counties declared a disaster area by FEMA (see link) will have penalties and interest waived for late filing and payment due to the storm systems and tornadoes that rolled through April 16th. More info here.
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If the recent tornadoes and storms caused you to file or pay late on your April 15th NC tax return, you can find relief by filing form 5500 with your return. More info is found on their website here:
Link
Link
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If you recently received a notice for NC DOR for tax year 2008, it may have been sent in error.
More Details
More Details
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If you enjoy the rewards of a credit card, but don't want the temptation of falling into consumer debt (or are trying to rebuild your credit), you may want to consider the Perkstreet Financial checking account. It pays 1-2% in rewards when you use your debit card (but ring it up as a credit card). The payment will immediately come out of your account, so no temptation to overspend, but you get a small cash back reward as well. Just another option that some might like.
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