Tag Archives: IRS

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IRS Warns of Phone Scams

How to protect your personal information

Fraudsters are attempting to use their engaging phone skills to trick you out of your…

By Sheiresa Ngo

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Flying the Friendly Skies: 6 Tax Tips Every Business Traveler Should Know

Don't miss these breaks that could mean more money in your pocket

Business travelers, don’t miss out on these tax breaks. They could put more money in…

By Marquita Miller

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The IRS wants $370,000 from Vanessa Williams

Report: Actress Vanessa Williams Owes IRS

Government is demanding almost $370,000 in back taxes

Actress Vanessa Williams owes the Internal Revenue Service almost $370,000.

By Cedric 'BIG CED' Thornton

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Tax Tip Sheet For Small Business Owners

What you need to know to keep your money

Check out these tax tips for entrepreneurs and get ahead of the game next year.

By Richard Spiropoulos

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FTC Refunds More than $16 Million to Tax Scam Victims

Those affected will get about 16% of the money they lost

If you have a high tax bill, know that you have options.

By Sheiresa Ngo

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Tax Breaks for Job Hunting Expenses

You might be able to get a deduction on some costs

The Internal Revenue Service has some pointers for job seekers.

By Sheiresa Ngo

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New Rule for Individual Taxypayer Identification Numbers

New guideline will take effect next year

Changes are coming for Individual Taxypayer Identification Numbers.

By Sheiresa Ngo

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Life-Savers: 5 Tax Facts for Home Sellers

Here are a few pointers from the IRS

If you’re selling your home, you’ll want to take heed to these tax facts from…

By Sheiresa Ngo

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Filing Funds: How Taxes Affect Nonprofit Crowdfunding Campaigns

Funds raised for social campaigns may not be subject to taxes

If you’re a nonprofit raising funds via crowdfunding, you’ll want to know this vital information…

By Carolyn M. Brown

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Tax Update for Nonprofits: IRS Introduces New 1023-EZ Form

Applying for 501(c)(3) tax-exempt status just got easier

The Internal Revenue Service recently unveiled an updated, shorter application to assist small charities with…

By Sheiresa Ngo

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IRS Adopts Taxpayer Bill of Rights

The Internal Revenue Service recently announced a user-friendly Taxpayer Bill of Rights. It will take…

By Sheiresa Ngo

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How to Get a Transcript or Copy of a Prior Tax Return

Tax season is over, but you still need to make sure your tax records are…

By Sheiresa Ngo

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IRS Involved in Bonus Scandal

It seems like working for the IRS might have some excellent perks

If you work there, you might not have to pay taxes. Even better—you could be…

By Sheiresa Ngo

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How to Apply a Tax Filing Extension

The extension only extends the due date for the paperwork--not for the money you owe.

Just in case you didn’t know—your taxes were due yesterday.  If you just didn’t get around to…

By Sheiresa Ngo

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Small Business Tax Tips for Last Minute Filers

Here’s how to minimize your tax woes and ease the stress

Here’s a few valuable tips to help business owners with tax planning, preparation and preventative…

By Carolyn M. Brown

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What to Do if You Can’t Pay Your Tax Bill

Don't ignore your tax bill

An installment agreement allows you to pay a debt over a period of time

By Sheiresa Ngo

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Tax Deadline Approaching! Here Are Some Last-Minute Tax Tips

Don't make these common errors on your forms

The Internal Revenue Service says it’s important to double-check your tax returns to make sure…

By Sheiresa Ngo

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How To Blow The Whistle On A Tax Cheat

Do you know anyone trying to get by on Uncle Sam?

If you know someone who is cheating the Internal Revenue Service, you could be in…

By Sheiresa Ngo

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tax tips

Are You Self-Employed? Here’s Are 5 Tax Tips You Need to Know

Here are five rules the IRS wants entrepreneurs to know

Filing taxes can get a little messy for self-employed individuals, particularly those who are artists

By Carolyn M. Brown

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Personal Finance Word of the Day: Tax Filing Extension

Your daily money bite

You can get an automatic six-month extension

By Sheiresa Ngo

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Didn’t File Your Taxes in 2010? You Can Now!

Procrastinators have a second chance

The IRS actually has good, not bad news for you

By Sheiresa Ngo

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3 Tax Audit Triggers To Avoid

Tax season is a stressful time of year. Being audited by the Internal Revenue Service…

By Sheiresa Ngo

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Tax Tip: Paying for Medical and Dental Expenses [Video]

Did you spend a large amount of your income on medical and dental expenses last…

By Sheiresa Ngo

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Tax-Time Identity Theft: The IRS Tells You What to Do [Video]

Here's an action plan if your personal information is at risk

If you believe that you’re the victim of one of the IRS “dirty dozen” tax…

By Sheiresa Ngo

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File Electronically 	Last year alone, 99 million people—70 percent of all individual taxpayers—used IRS e-file to electronically transmit their tax returns, according to the government agency. With electronic filing, you can literally submit your taxes up until the very last second without penalty. E-filing is an easy and cost-effective method to filing your taxes. Plus, it does the math for you. If you’re concerned about not knowing all the credits you qualify for, remember, most software programs have step-by-step instructions, which increases accuracy and the possibility of receiving a larger refund. Those with an adjusted gross income of $58,000 or less may be able to use the IRS’s Free File option, where taxpayers use online software donated by TurboTax and other tax agencies.

What to Do If Someone Else Gets Your Tax Forms

A plan for dealing with tax trouble

Tax season can be a stressful time of year. You certainly don’t want to…

By Sheiresa Ngo

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3. Do seek "trade credit" from vendors and suppliers. 

Too many entrepreneurs dream of going to a bank and getting a business loan or line of credit for their enterprise. But maybe you don’t need a traditional bank loan at all to launch or grow your business. 

If you can get your vendors and suppliers to agree to provide you with trade credit---i.e., the ability to pay for goods and services over time---you can creatively and more frugally run your operations.

4 Things You Should Know About Bartering

Learn the rules so you can stay out of trouble with the IRS

Bartering can help you save money. However, it's important to be aware of the tax…

By Sheiresa Ngo

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Charity Impersonation Listed as One of the IRS “Dirty Dozen” Tax Scams

Don't donate blindly

Each year, the IRS releases its list of “dirty dozen” tax scams to watch out…

By Sheiresa Ngo

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Inflated Refunds Listed as One of the IRS “Dirty Dozen” Tax Scams

Don’t trust a tax preparer who makes outrageous promises

Each year, the IRS releases its list of “dirty dozen” tax scams to watch out…

By Sheiresa Ngo

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A Brief History of Taxes [Infographic]

Fun tax facts

It’s almost that time again. Tax day is just around the corner. In honor of…

By Sheiresa Ngo

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Track Your Tax Refund [Video]

Find your money

If you’ve recently filed your tax forms, you’re probably wondering when you’ll receive your refund.…

By Sheiresa Ngo

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Personal Finance Word of the Day: Tax Avoidance Transaction

Your daily money bite

Tax season is upon us

By Sheiresa Ngo

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Phone Fraud Listed as One of the IRS “Dirty Dozen” Tax Scams

Is your phone ringing? It could be a scammer on the line

Have you ever been scammed?

By Sheiresa Ngo

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Personal Finance Word of the Day: Adjusted Basis

Your daily money bite

What’s the definition?

By Sheiresa Ngo

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Tax Season 2014: Watch Out for Tax-Related Identity Theft

Keep an eye out for tax-time thieves

Your identity could be stolen

By Sheiresa Ngo

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How to Choose the Right Tax Filing Status

Picking the correct status will keep cash in your pocket

This status normally applies if you are not married

By Sheiresa Ngo

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IRS Makes Changes to Their Service Options

The IRS gets less personal

Changes affect areas such as tax return preparation and tax refund status

By Sheiresa Ngo

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How President Obama Will Achieve His ‘Year of Action’

Will he accomplish what he set out to do this year?

To realize his broader agenda, he urges Congress to work with his administration “on proven…

By Derek T. Dingle

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tax tips

IRS Launching ‘Free File’ on January 17th

Free File Alliance and IRS team up to offer tax service free of charge

Choose from several free offerings from leading providers of tax software

By Sheiresa Ngo

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IRS Announces 2014 Standard Mileage Rates for Business, Medical and Moving

Updates for the new year

Updated rates are coming for the costs of operating an automobile for business, charitable, medical…

By Sheiresa Ngo

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Business Continuity Tips Discussed at Free Webinar Hosted by SBA and Agility Recovery

Hurricane Sandy Anniversary: A Primer on Catastrophe Tax Deduction

Know what you're entitled to in the event of a disaster

If another major disaster were to strike, help may be available

By Shandra Hill Smith

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tax tips

Tax-Filing and Payment Extensions Expire Soon

Hurry before it's too late.

If you are among the more than 12 million taxpayers who requested a six-month extension…

By Sheiresa Ngo

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IRS Says Same-Sex Couples Can File Joint Returns

Treasury Department to treat legally married gay and lesbian couples the same as other spouses no matter where they reside

The new IRS ruling creates some complications for the 24 states that do not recognize…

By Carolyn M. Brown

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tax tips

Lawmakers Criticize IRS for Targeting Small Business Owners

Agency wants to take a second look at last year's tax returns to uncover underreported income

IRS officials say the letters do not constitute an audit and that they are simply…

By Carolyn M. Brown

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I.R.S. Scandal Hearings Kick Off in Congress

Some Republicans looking for ways to tie scandal to Obama's White House

Republicans are out for blood over reports that tax officials targeted tea party groups.

By Aaron Morrison

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Acting Director of IRS Resigns

A head has rolled at the IRS over the Tea Party scandal

In wake of ‘scandal’ surrounding Tea Party, IRS Commissioner resigns

By Makkada B. Selah

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Why Wasn’t GOP Angry When IRS Audited NAACP in 2004?

The NAACP was audited in 2004 under George W. Bush

Former NAACP president Julian Bond says the GOP has a double standard

By Makkada B. Selah

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Pres. Obama Chides IRS for Targeting Tea Party

GOP lawmakers calling for IRS Commissioner's head to roll

IRS allegedly gave conservative groups more scrutiny in 2012

By Makkada B. Selah

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Business Tax Index 2013: Best to Worst State Tax Systems for Entrepreneurship and Small Business

Your Guide to the 1099-MISC Tax Form

The 1099-MISC is a staple of small business and entrepreneurs

A guide to the 1099-MISC form and how to use it this tax season

By C. Daniel Baker

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Katt Williams Pays $284k Tax Lien

Williams owed from 2007 income taxes

The comedian makes good on an almost $300k debt to the IRS for 2007 taxes

By Makkada B. Selah

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Home Office Tax Deductions Just Got A Lot Easier

The IRS has simplified the home-office tax deduction process

Simpler tax forms should lead to less money left on the table

By C. Daniel Baker

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Court Approves Sales Tax on Online Sellers

The IRS Delays Tax Season for 120 Million Households

Changes from the Fiscal Cliff deal forces changes in tax forms.

Delay affects 80% of Americans who’ll have to wait until later to begin filing

By C. Daniel Baker

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Lil Wayne Pays IRS $7.7 Million for Tax Lien

The IRS placed liens on the rapper's Miami Beach estate

Don’t mess with the IRS.

By Makkada B. Selah

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How to Avoid Wesley Snipes’ Tax Fate

The IRS has programs available to help people avoid the same situation

The IRS don’t play games. Here’s how to play by the rules.

By Ashley R. Harris

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Tax Policy Changes to Affect Most Americans [Report]

Annual tax planning will see significant changes if Congress doesn't take action

Annual tax planning will see significant changes if Congress doesn’t take action

By Ashley R. Harris

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Overall Satisfaction among Small Business Banking Customers Drops

IRS2Go 2.0 Places Tax Help at Your Fingertips

The Internal Revenue Service app now offers a YouTube feature, news feed and tax transcript service for Android and iPhone (iOS) users

The latest version of the Internal Revenue Service’s tax app IRS2Go 2.0 is available…

By Sheiresa Ngo

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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

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Photo: Quantrell Colbert

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

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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

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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

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How to Avoid Tax Audit Triggers

Make sure the tax man has no reason to come knocking

Make sure the tax man has no reason to come knocking

By Sheiresa Ngo

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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

Couple shares tips on how to avoid financial pitfalls

By Glenn Townes

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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

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Get what you deserve this tax season (Image: Thinkstock)

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

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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

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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

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Investment Clubhouse: Dos & Don’ts For Starting a Club

Advice, resources and information for investment clubs and their members

If part of your wealth creation strategy includes forming an investment club, here are a…

By Renita Burns

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Tax Insider: College Tax Breaks

Expert advice that individuals and businesses can use to stay abreast of tax news and rules.

If you or someone in your household is taking college courses, you know how expensive…

By Sheiresa Ngo

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Uncle Sam To Phase Out Paper Checks

If you receive unemployment, social security or other benefits, your check won�t be in the mail

If you’re looking for your unemployment or social security check, don’t bother waiting by the…

By Sheiresa Ngo

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Cutting Edge: Beware of Selling Your Investment

Be sure that you understand the capital gains tax before you cash out

It was the final semester of my senior year in college and I was in…

By Renita Burns

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A Profile In Courage

What you can learn from one woman�s legal victory over the IRS

An audit notice from the Internal Revenue Service can send shivers down the spine of…

By Renita Burns

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Overlooked Tax Breaks

Don�t miss out on tax credits you might be eligible for.

Though you have three years to file an amended return if you missed out on…

By Tamara E. Holmes

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To Save and Protect

Answers to the 10 most commonly asked questions about taxes and estate planning

Tax planning and estate planning are important—especially for women. Since 80% of married women will…

By BLACK ENTERPRISE Editors

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Ask Your Advocate: How To Get Your Unclaimed Tax Refund

How do I find unclaimed money?

I’ve moved a lot over the last five years and I sometimes don’t fill out…

By Sheiresa Ngo

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Poll: More Consumers Going the DIY Route for Taxes

E-filing can save filers money on preparation fees

It’s tax-filing season, and whether taxes are done in January or at midnight on April…

By Marcia Wade Talbert

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Poll: Paying the Tax Man

Share your thoughts on tax day

Who will prepare your taxes this year?

By BlackEnterprise.com

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The Cutting Edge: Why The IRS Might Pick On You

How the IRS chooses which tax returns to audit

Ever wonder how the IRS chooses to audit someone? Well, wonder no more.

By Renita Burns

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Adding Up the Numbers

Study reveals that African Americans have long been underrepresented in the tax profession; however, there is plenty of opportunity to get involved

Glenn R. Carrington, national tax director for client services at Ernst & Young L.L.P., is…

By Brittany Hutson

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The Top 10 Tax Issues to Consider When Your Job Status Changes

If the economy has forced you into self-employment, sole proprietorship, or freelance consulting, heres a guide to help you manage your new tax obligations

Many workers have been pushed into self-employment and freelance work this year. A leap into…

By Vicki Lee Parker

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What To Do Today to Prepare For This Year’s Taxes

Don�t let Uncle Sam catch you off guard

It’s not tax season yet, but by the time you finish feasting on turkey and…

By Renita Burns

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Manage Your Tax Obligations

Seven things to consider when your job status changes

Thousands of laid-off workers have been pushed into self-employment and freelance work this year. A…

By Vicki Lee Parker

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Tax Collectors Mine Social Networks

Google, Facebook, and MySpace yield results in search for cheaters

Uncle Sam is tracking down tax deadbeats through social networks and making them pay up.

By Renita Burns

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A Call to Serve

Four steps to starting a no-nonsense nonprofit

Terri J. Brown, 33, came out of a troubled past involving drugs and truancy and…

By Tamara E. Holmes

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Dealing With a Large Tax Bill

Having trouble paying the IRS? Consider these options

After De’Lante A. Rawls, 34, left his job as an insurance agent in 2002 to…

By Tamara E. Holmes

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The Cutting Edge: Tax Tips for First-Time Filers

Don�t let ignorance cost you money, time

If this is your first time filing as an independent, or you’ve just started taking…

By Renita Burns

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The Cutting Edge: Tax Tips for Small Businesses: Part 1

Avoiding an audit is especially vital in difficult economic climate

“Small business owners and entrepreneurs really get focused on products and services, and don’t spend…

By Renita Burns

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The Cutting Edge: Don’t Get Taken By Your Tax Preparer

Diligence could save you trouble and money

We’re in the heat of tax season and if you haven’t filed yet, a bigger…

By renita burns

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It’s Not Too Late to Cut Taxes for 2007

Here are six things you can still do to save

The IRS filing deadline for your income tax return is days away, so you may…

By Donald Jay Korn

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