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Tag Archives: IRS

Consumer Alert: Watch out for Tax-Related ID Theft

See what steps you can take to protect yourself

You’ve filed your taxes, dropped the forms in the mail, and now you’re breathing a…

By Sheiresa Ngo

Posted: June 13, 2011 Tags: identity theft, Internal Revenue Service, IRS, OnGuardOnline.gov, social security number, stolen social security number, tax-related identity theft

How to Prepare For an Audit

Here's what to do when the tax man pays a visit

Here’s how to handle this unpleasant surprise—along with pointers on avoiding an audit in the…

By Leslie E. Royal

Posted: May 2, 2011 Tags: IRS, tax audit, tax planning, Taxes

3 Things to Do if You Can’t Pay a Large Tax Bill

Ignoring you tax bill won't help. Fortunately, you have options!

Ignoring you tax bill won’t help. Fortunately, you have options!

By Sheiresa Ngo

Posted: April 25, 2011 Tags: dealing with a large tax bill, How To, installment agreement, IRS, offer in compromise, Taxes

Find Out if You Even Have to File Ever wonder if you actually need to file a federal income tax return? Well, you may be onto something. Identifying whether or not you need to file will save both you and the government time and money. People can check the Individuals section of the IRS website or use their Interactive Tax Assistant tool to see if they qualify.

4/11: 11 Last Minute Tax Tips

With only a few days left to file, Black Enterprise gives you the 4-1-1 on filing your taxes

With only a few days left to file, Black Enterprise gives you the 4-1-1 on…

By Janel Martinez

Posted: April 11, 2011 Tags: 4/11, direct deposit, Internal Revenue Service, IRS, Jodie Reynolds, Taxes, Treasury Department

How to Avoid Tax Audit Triggers

Make sure the tax man has no reason to come knocking

By Sheiresa Ngo

Posted: April 5, 2011 Tags: audit, avoiding a tax audit, charitable contributions, earned income credit, home office, How To, Internal Revenue Service, IRS, paper audit, tax audit, tax season, Taxes

Spending less than you earn seems like a simple rule, but as straightforward as it may appear, every year many Americans become the casualty of their spendthrift ways. Making purchases you cannot afford or don’t need, in turn, leads to uncontrollable debt. Terry and Tyra Johnson of Yardley, Pennsylvania, have maintained a frugal lifestyle even though they make a combined six-figure salary. Here are four tips from the Johnsons that help them live below their means.

4 Ways to Live Within Your Means

Couple shares tips on how to avoid financial pitfalls

By Glenn Townes

Posted: March 30, 2011 Tags: IRS, Terry Johnson, Turbo Tax, Tyra Johnson

The tax deadline is fast approaching and many last-minute filers are still waiting for the final moment to prepare their federal tax documents—despite having the cut-off date extended this year to April 18 from the usual April 15 deadline. According to the Internal Revenue Service, up to 25% of filers submit their paperwork in the last two weeks before the deadline. Being that today is April 11, BlackEnterprise.com spoke to IRS Media Relations Specialist Jodie Reynolds to get the 4/11 about the benefits of filing electronically, in what case filing for an extension is a feasible option, and the importance of verifying information. So, for those who haven’t gotten around to compiling a year’s worth of paperwork or individuals just brave enough to chance the fast turnaround, here are 11 tips that will have you (and your finances) in order in the final days of this tax season.

10 Ways to Save Money on Your Tax Return

It's that time of year. Here's how to prepare and save!

It’s that time of year. Here’s how to prepare and save!

By John Simons

Posted: March 18, 2011 Tags: income tax, IRS, tax returns, tax strategies, Taxes

4 Tax Law Changes That Will Affect Your Small Business

Before filing for your biz this tax season, be sure to look out for these potential money savers

As tax time draws near, it’s imperative that entrepreneurs be aware of the impact of…

By Alan Hughes

Posted: February 23, 2011 Tags: Barack Obama, Bonus Depreciation, entrepreneurship, IRS, Job Creation Act of 2010, Richard Levychin, SECA, Self0Employment Contributions Act, Social Security, tax relief, Unemployment Insurance Reauthorization

Surprise! The IRS Counts Forgiven Debt As Taxable ‘Income’

Just because your lender cleared you of a debt doesn't mean Uncle Sam will when filing your tax return

Consumers are receiving so-called 1099-c “cancellation of debt” tax notices, informing them that the IRS…

By John Simons

Posted: February 17, 2011 Tags: credit and debt management, debt elimination, debt reduction, IRS, managing debt, Taxes

Hip-hop artist M.C. Hammer is infamous for his financial fall from grace in the '90s, and his troubles followed him into a new decade. In 2009, he owed more than $671,000 in state and federal taxes.

10 Black Celebrities Who Have Had Their Share of Tax Woes

The IRS halts for no man--or star. See how some famous folks have (mis)handled their finances

Here are 10 black celebrities who felt the wrath of the IRS

By Janell Hazelwood

Posted: December 10, 2010 Tags: celebrity, debt, Dionne Warwick, IRS, MC Hammer, money management, Nas, Sinbad, tax debt, Taxes, Toni Braxton