Tax Day, which is on April 17 this year, is looming closer, and for those of you who haven't filed, make sure you're not making careless mistakes when rushing to meet the deadline. Here are a couple of common errors taxpayers make when filing, according to the IRS: Social Security numbers. Many people input incorrect or missing Social Security numbers, so make sure you're entering in the same Read more

If you're trying to outsmart the IRS and do something that's not exactly legal, you may want to think twice lest you end up with penalties. Don't take the chance and always walk the straight and narrow, because it'll come back to bite you. The IRS lists some of the consequences that are in store for you if you are careless with your taxes: Filing late: If you don't file by the deadline, you Read more

If you used the Where's My Refund tool on the IRS website, you might get a message that says the IRS has no information regarding your return. Don't worry, your refund isn't lost in an abyss — the tool is just a bit wonky right now. The tool usually gives taxpayers an update on the status of their refund 72 hours after e-filing their return or three to four weeks after mailing their paper Read more

We're thrilled to present this smart Kiplinger story here on Savvy! The IRS audits only slightly more than 1% of all individual tax returns annually. The agency doesn't have enough personnel and resources to examine each and every tax return filed during a year. So the odds are pretty low that your return will be picked for review. And, of course, the only reason filers should worry about an Read more

Time passes by really quickly, and before you know it, Tax Day will be upon you. Don't let it creep up and surprise you — try to set aside some time now to get started on your taxes. This year, 2011 tax returns will be due on April 17 instead of April 15. Remember, the later date doesn't mean more leeway to procrastinate! Just to make sure you won't feel enormously rushed when April comes Read more

We're thrilled to present this smart LearnVest story here on Savvy! It’s the word that strikes fear into people everywhere: audit. And audits are up . . . well, at least for some prominent groups of people. In 2011, one in eight of the country’s millionaires were audited, a rate not seen since 2004. Similarly, audits were up for those making $200,000 a year or more — one in 25 of whom were Read more

You may love spoiling your significant other with gifts, but remember, Uncle Sam is watching. Of course, to be taxed on these gifts, you need to be spending quite a lot on your love. Here's what you'll need to know before filing a gift tax form, according to the IRS: When you gift away $13,000 in cash or gifts to someone you're not married to, you need to file the Form 709. You won't be taxed Read more

Even the tax preparer couldn't believe the Ward family was receiving a $54,000 refund and had to check it 10 to 15 times. The couple is receiving the huge sum of money because of the federal adoption tax credit, which came into effect this year. Since the Ward family adopted five new kids, they are able to cash in on a tax credit of up to $13,170 per child. Although this tax credit was available Read more

There is $1.1 billion waiting for the 1.1 million people who didn't file their tax returns in 2007, according to the IRS. Before you get too excited, keep in mind that you need to file it by tax day, which is on April 18 this year. By law, you're generally given a three-year window to file your tax return, and if you don't collect your tax refund, it goes straight to the US Treasury. The IRS also Read more