Most parents spend a lifetime protecting their children. But some expose their children to potentially serious risk in misguided efforts to save a few dollars.
“A friend of mine plays the New York State lottery faithfully and has won large amounts of money on several occasions. However, when it’s time to collect […]

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Questionable income tax refund anticipation loans give taxpayers the option to pay a ridiculously high interest rate to borrow their own money.

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Did you hear the one about the 85-year-old who was asked what plans he’d made for continuing his family business? He began by saying: “If I die …”
Optimism is one thing. But so is reality. At some point, death or disability affects every business. That’s why it’s important for business owners to think about the […]

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Will the Government or a Credit Card Issuer Give Me a Break?
Mistakes happen. Just hope they don’t involve your credit card issuer. Almost any business or agency, including the IRS, is more forgiving.
That’s good for Anatoliy Aronsky, who forgot to include his W-2 forms when he filed his 2007 federal tax return. But it’s not […]

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Some retailers are already trying to entice consumers to spend their tax rebates.

Supervalu, parent company of Albertsons, Jewel-Osco, Shop ‘n Save and other grocery chains, will add 10 percent to rebates cashed in its stores through July 31.
Sears will give consumers an extra 10 percent if they use the entire rebate to purchase a gift […]

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Lisa Finkelstein is a generous donor and a confused taxpayer. She doesn’t understand the IRS rules on deductions for cars and trucks donated to charity. “In one of your recent columns, you discussed tax deductions for vehicles consumers give to charities,” the New York woman explained. “You said, in part, ‘if you donate a car […]

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It’s April 17th. Do you know where your income tax forms are? If you’re one of the lucky ones, the forms are in the hands of state and federal tax officials and your refunds are in your bank account.
But the IRS estimates about 25 percent of all taxpayers missed the April 15th filing deadline. If […]

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Will the IRS Call or Email Me About It?
A

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How Much Will I Get?
The federal government will start distributing those highly publicized tax rebates next month. More than 130 million households will receive as much as a $1,200 in an effort to stimulate the nation’s sluggish economy.
Most consumers have heard about the 2008 economic stimulus payments. But many have questions about their eligibility, the […]

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What IRS Rules Do I Need to Know?
For the estimated 35 percent of American taxpayers who itemize their federal tax deductions, charitable donations are an important component. They?re one of the few deductions unaffected by the dreaded Alternative Minimum Tax, which disallows many common tax deductions and credits and negates their tax benefits.
But even if […]

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