The IRS announced a four and half cent increase to the amount that commuters can deduct on their tax returns. This comes as a big surprise since it was recently reported that IRS officials would be hesitant to make the change during the middle of the year. However, it is likely no coincidence that this announcement comes on the same day that the Obama Administration decided to release thirty million gallons of oil reserves to try to push gas prices down during the summer. Read More.

Gas prices remain high and continue to pinch the pockets of many commuters. Yet, the IRS has not budged when it comes to increasing the standard mileage rate that many commuters rely on when it is time to claim deductions on their tax return. Currently, you can deduct 51 cents per mile for business travel, 19 cents per mile for moving or medical travel and 14 cents per mile for charitable deductions. Read More.

It’s getting down to the wire for those who haven’t filed their tax returns yet, so it’s not surprising that you’re wondering where your refund is. Nowadays it’s easy to keep track of your tax refund status simply by checking the IRS website. Read More.

Sounds like you’re one of the lucky ones – more than 1 million people are owed more than $1.1 billion in tax refunds from 2007. The IRS estimates more than half of the refunds are for at least $640. In California alone, 124,000 people are owed refunds. But the clock is ticking, so you’d better act fast if you want your share of the cash. You need to file a return for 2007 no later than April 18, or your luck will run out. Read More.

If you didn’t earn a lot of money last year, you may very well be eligible for the Earned Income Tax Credit. Although the EITC has existed for decades, it’s been improved and expanded over the years. The maximum benefit was increased under the American Recovery and Reinvestment Act of 2009 for the 2009 and 2010 tax years, and then extended through 2012. Read More.

Not exactly. But, taxpayers can get what is called a Refund Anticipation Loan commonly referred to as a RAL. They are short-term loans that allow taxpayers to borrow money against the future tax refund they will receive from the IRS after they file their tax return. Although at first blush RALs sound attractive, they can come at a high cost. Read More.

Congratulations on the new addition to your family! Having a little one brings lots of major changes to your life, including at tax filing time. To start with, make sure you have a Social Security number for your newborn, to ensure you can receive the tax breaks to which you’re entitled. Read More.