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Preview: Tax Blog

Tax Blog

Tips and advice for filers from the Journal and other sources.

Last Build Date: Thu, 19 Apr 2007 05:12:49 +0000

Copyright: copyright © 2017 Dow Jones & Company, Inc.

Reprieves for Filers

Thu, 19 Apr 2007 05:12:08 +0000

Computer gremlins frustrated efforts by many taxpayers to file their returns electronically using TurboTax and other Intuit products before Tuesday’s deadline. But those taxpayers won’t be penalized. The Internal Revenue Service said anyone who tried to file electronically and couldn’t get through because of Intuit “server problems” has until the end of today. Intuit said […](image)

The ABCs of Dealing With the AMT

Wed, 18 Apr 2007 01:48:22 +0000

Ouch. As of this week’s filing deadline, some four million people wound up owing more in taxes — sometimes several thousand dollars more — for 2006 than they would have otherwise, thanks to the federal alternative minimum tax. Among them: Alex Hopwood, 38, a vice president of finance at American Express in New York, who […](image)

The Risks of Being Audited

Tue, 17 Apr 2007 04:28:50 +0000

With today’s deadline for filing 2006 tax returns, this is peak season for audit anxiety. The prospect of having to document all the claims on one’s tax return is dizzying at best — and terrifying at worst. Here is the lowdown on your risk of being audited, how the process works and what you should […](image)

Some Late Tax Tips

Mon, 16 Apr 2007 11:43:02 +0000

Tom Herman has some last minute pointers ahead of Tuesday’s deadline: Consider filing electronically. You’ll probably get a refund more quickly than filing the old-fashioned paper way. Through March 30, nearly 57 million returns were e-filed, up 6% from a year earlier. Don’t overlook a new, one-time phone-tax refund. That may sound obvious, but millions […](image)

Congress’s Taxing Hurdle

Sat, 14 Apr 2007 01:44:16 +0000

As many Americans race to finish their taxes, Congress returns from recess next week facing twin challenges: fixing the alternative minimum tax and raising money to pay for the fix. The alternative minimum tax originally was created to prevent the wealthy from using heavy deductions to legally avoid paying income tax. But because it is […](image)

The Perils of Extensions

Wed, 11 Apr 2007 23:22:12 +0000

My five-year-old niece was recently hospitalized for nearly a month, leaving my brother-in-law Brian and his wife Colleen struggling to cope with round-the-clock hospital shifts that left them physically and emotionally drained. During this time medical bills, financial statements and other tax-related documents were piling up on their counter, and Colleen was too exhausted to […](image)

Marriage Penalty Is Expected to Ensnare More Couples

Wed, 11 Apr 2007 03:52:01 +0000

The marriage penalty is far from disappearing despite efforts in Congress to ease the problem. Many two-income married couples still are paying more in taxes together than they would if each had remained single. According to accountants and congressional staffers, the so-called marriage penalty will ensnare many more couples this year unless Congress slows the […](image)

Cutting a Deal With the IRS Has Grown Taxing

Tue, 10 Apr 2007 03:39:55 +0000

Negotiating with the Internal Revenue Service to reduce your tax bill has never been easy, and lately it has gotten even harder. As the IRS increasingly focuses on collecting more of the taxes it is owed, options that allow taxpayers to write off or substantially pare their tax bills have become a harder row to […](image)

How to Avoid Getting Audited

Sat, 07 Apr 2007 00:50:36 +0000

Pressured by Congress to collect more money, the Internal Revenue Service has been busy boosting its audits, particularly among high-income earners. It’s forcing taxpayers to be increasingly vigilant in order to avoid waving red flags in front of the tax man. This year some new tax twists are giving the IRS fresh targets, and the […](image)

Arm-Wrestling and E-Filing

Fri, 06 Apr 2007 18:28:49 +0000

Negotiating with the IRS has never been easy, but lately it’s gotten even harder, writes Andrea Coombes at As the agency increasingly focuses on collection, tax practitioners say, options that allow taxpayers to write off or substantially pare their tax bill — such as under the IRS “offer in compromise” program or by agreeing […](image)