How long to keep tax returns? That was a popular question right after the tax deadline recently passed. However, the answer isn’t as straight forward as everyone would like it to be.
According to the IRS, here are the guidelines on how long to keep tax records:
Keep Tax Returns Forever

If you filed a fraudulent return, [...]

Third quarter estimated tax payments are due on September 15.

How to Make Payments. To make your payment, you can use the paper Form 1040-ES or you can use the IRS EFTPS electronic payment system.
Who Needs to Make Payments. For guidelines on who needs to pay estimated tax payments, see the estimated tax payment details.
Payment [...]

What are the Cash for Clunkers tax rules? Do you have to pay federal income tax on the Cash for Clunkers program?
There seems to be a lot of confusion around the tax rules for the Cash for Clunkers program which ended this week. One of the tax rules currently being debated is whether or [...]

State sales tax holidays are here! If you’re lucky, your state will encourage you to shop on specific days this summer and fall to avoid paying sales tax. Sales tax holidays vary by state. Here is an overview of the dates and savings for each state:
Alabama

Date: August 7-9
Savings: 4%

Connecticut

Date: August 16-22
Savings: 6%

Georgia

Date: July 30 – [...]

The 2009 tax brackets are out. Don’t forget tax rates are marginal, so you’ll pay taxes at each rate until you reach your taxable income level.
For example, a single filer who has $25,000 of taxable income will pay 10% on the first $8,350 ($835) and 15% on the remaining $16,650 ($2,497.50). The total tax [...]