Tax Day? Who Cares?

Tax Day may not be so taxing for millions of Americans

By Andy Salsman
|  Thursday, Apr 15, 2010  |  Updated 10:17 AM EDT
View Comments (
)
|
Email
|
Print
Filing Last Minute? Don't Overlook Tax Breaks

AP

advertisement
Photos and Videos

Filing Last Minute? Don't Overlook Tax Breaks

It's easy to overlook some of this year's tax breaks, especially new ones. Kevin McCormally, Kiplinger's personal finance editorial director, sat down for a live interview with NBC4's Pat Lawson Muse and talked about what many taxpayers are missing out on.
More Photos and Videos

They say that nothing is certain but death and taxes, but even taxes aren’t certain for many Americans -- at least federal taxes.

In fact, almost half of all U.S. households won’t pay a dime in federal income taxes for 2009, according to the Tax Policy Center.

Tax analysts say a number of factors are behind the number. Many households’ incomes are simply too low. That’s especially the case this year, with unemployment sill hovering near 10 percent.

Other families have enough credits, deductions and exemptions to keep them from paying. Consulting firm Deloitte Tax said a family of four can make as much as $50,000 a year and owe no federal taxes, as long as that family includes two children under the age of 17.

Tax cuts also have kept many Americans from owing the federal government anything.

Even if you don’t owe any federal income taxes, you’re still required to file your return. You may also still owe your state (or the District) money.

Get the latest headlines sent to your inbox!
View Comments (
)
|
Email
|
Print
Leave Comments
Join the Ride to Conquer Cancer
Join the Ride To Conquer Cancer, Sept. 13... Read more
Follow Us
Sign up to receive news and updates that matter to you.
Send Us Your Story Tips
Check Out