In one of the great ironies, the great economist Milton Friedman–known for his pro-market, limited government views–helped to invent government withholding of income tax. It happened early in his career, when he was working for the U.S. government during World War II. Of course, the IRS opposed the idea at the time as impractical. Friedman … Read more How Milton Friedman Helped Invent Income Tax Withholding
In many cases, using a paid tax preparer will get you a larger refund than if you did your own taxes, but a Government Accountability Office survey suggests you might not be entitled to that money in the first place. With an estimated 56% of the 145 million U.S. tax returns filed in 2011 through … Read more Want your taxes done right? Do it yourself
If you need a little more time to get last year’s financial affairs in order, you’ll need to file for an extension. For an automatic six-month extension, use IRS Form 4868, which will require you to estimate your tax liability, based on the data available to you. (You won’t have to make a payment immediately, … Read more How do I file for an income tax extension?