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Washington, DC's Leading Local News: Weather, Traffic, Sports and more | Washington, DC | WUSA9.com
Nation World
Taxpayers to get extension after IRS website suffers issues on Tax Day
Money
5 common tax return mistakes to avoid
The Internal Revenue Service has plenty of ways to penalize you for mistakes on your tax return. Some of these potential penalties are so convoluted and complex that there may well be disagreement within the IRS on when they apply. However, most people accrue tax penalties for very simple mistakes. Here are some of the more common yet easily avoidable mistakes.
Money
Itemizing vs. standard deduction: What's better?
To itemize or not to itemize? That is the tax question. Whether tis' wiser to suffer the slings and arrows of standard deductions, or take advantage of a sea of deductions, and by itemizing, utilize them....
Money
Top tax-saving tips for freelancers
Are you tired of working for others? Being your own boss can be very rewarding both financially and spiritually, but there are challenges associated with freelance work. Taxes are one of the most difficult aspects because self-employment brings a special set of tests.
Money
The smartest way to spend your tax refund
For many people, tax refund day is like Christmas in the spring. As they prepare their tax returns over the next few weeks, millions of Americans will hold their breath in anticipation of how much their tax refund is going to be — and then run to the mailbox every day hoping to receive their "gift" from Uncle Sam.
Money
10 most tax-friendly states
Soon you will be filling out your federal tax forms, and unless you are lucky enough to live in seven states, you will be filling out state tax forms as well. Are you fortunate enough to live in one of these seven states, or are you on the other end of the spectrum, dealing with some of the highest state taxes in the nation?
Money
Married filing taxes jointly vs. married filing separately
Married couples have the choice of filing their taxes jointly or separately. What is the best option for you and your spouse? Generally, it is to file jointly – but there are several factors to consider before making your choice.
News
9 audit red flags that will get you audited by the IRS
What two words cause the most panic to Americans? There are probably a hundred funny responses running through your mind right now, but we were thinking of a less humorous response: "IRS audit."
Local News
How to recognize the signs of tax identity theft
Tax filing season is upon us. Soon you will be filing your paperwork and perhaps receiving a nice check — unless thieves file a return in your name first and falsely claim your refund.
Money
How to claim tax breaks for dependents
Did your kids get a taste of the real world and decide that living off Mom and Dad was not so bad after all? Cheer up… you may still be able to claim them as dependents on your taxes.
Money
10 tax savings for working from home
Taxpayers tend to shy away from taking the home office deduction, assuming that they will be targeted for increased scrutiny from the IRS. That is certainly possible, especially if your deductions are unusually large – but if you truly were entitled to the deduction, why wouldn't you take it?
Money
What to do if you get a dreaded IRS letter
Have you ever received one of those love letters from the IRS that says you owe them more money? Occasionally a client calls me in a panic when they receive one. Most of the letters I have seen are due to the client or the tax preparer forgetting to include the sale of a stock or mutual fund on their tax return. Unfortunately, the IRS letter often overstates the amount of tax owed.
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