Tips on Gambling Income
Gambling winnings are fully taxable and must be reported on your tax return. Here are seven tips to know about gambling winnings. Gambling income includes – but is not limited to – winnings from lotteries, raffles, horse and dog races and casinos, as well as the fair market value of prizes such as cars, houses, trips or other noncash prizes. Depending on the type and amount of your winnings,...
March 21st, 2010 by The Tax Man
Nine Tax Tips about Tax Penalties
The tax filing deadline is approaching. If you don’t file your return and pay your tax by the due date you may have to pay a penalty. Here are nine things to know about the two different penalties you may face if you do not pay or file on time. 1. If you do not file by the deadline, you might face a failure-to-file penalty. 2. If you do not pay by the due date, you could face a failure-to-pay...
March 17th, 2010 by The Tax Man
Tips for understanding the Standard deduction and Itemized Deduction
Most taxpayers have a choice of either taking a standard deduction or itemizing their deductions. If you have a choice, you can use the method that gives you the lowest tax. Whether to itemize deductions on your tax return depends on how much you spent on certain expenses last year. Money paid for medical care, mortgage interest, taxes, charitable contributions, casualty losses and miscellaneous...
March 10th, 2010 by The Tax Man
Eight Tips to Help You Choose a Tax Preparer
Use care and caution when choosing a tax preparer. Remember, you are legally responsible for what’s on your tax return even if it was prepared by an another individual or firm. Most tax return preparers are professional, honest and provide excellent service to their clients. However, unscrupulous tax return preparers do exist and can cause considerable financial and legal problems for their...
March 1st, 2010 by The Tax Man
Five Important Tips About Your Unemployment Benefits
Taxpayers who received unemployment benefits in 2009 are entitled to a special tax break when they file their 2009 federal tax returns. This tax break is part of the American Recovery and Reinvestment Act of 2009. Here are five important Tips about your unemployment benefits. 1. Unemployment compensation generally includes any amounts received under the unemployment compensation laws of the...
February 28th, 2010 by The Tax Man
Tips for Avoid delays in refund for Economic Recovery Payment
As a reminder for those individuals who received an economic recovery payment in 2009 be sure to include this amount when completing Schedule M, Making Work Pay and Government Retiree Credits. Many working taxpayers that received a $250 economic recovery payment from either the Social Security Administration, the Department of Veterans Affairs or the Railroad Retirement Board are having their...
February 18th, 2010 by The Tax Man
Here are the top five changes that may show up on your 2009 return.
1. The American Recovery and Reinvestment Act ARRA provides several tax provisions that affect tax year 2009 individual tax returns due April 15, 2010. The recovery law provides tax incentives for first-time homebuyers, people who purchased new cars, those that made their homes more energy efficient, parents and students paying for college, and people who received unemployment compensation. 2....
February 17th, 2010 by The Tax Man
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Scam E-mail Sends Malicious Software to Recipients’ Computers
In recent weeks, a phony e-mail claiming to come from the IRS has been circulating in large numbers. The subject line of the e-mail often states that the e-mail is a notice of underreported income. The e-mail may contain an attachment or a link to a bogus Web page directing taxpayers to their “tax statement.” In either case, when the recipient opens the attachment or clicks on the link,...
December 29th, 2009 by The Tax Man
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IRS Announces 2010 Standard Mileage Rates
The Internal Revenue Service today issued the 2010 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Image via Wikipedia Beginning on Jan. 1, 2010, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 50 cents per mile for business miles driven 16.5...
December 4th, 2009 by The Tax Man
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Tax rate brackets and various tax benefits will remain unchanged
Tax rate brackets and various tax benefits will remain unchanged or change only slightly in 2010 due to inflation, the Internal Revenue Service announced. Image via Wikipedia By law, the dollar amounts for a variety of tax provisions must be revised each year to keep pace with inflation. As a result, more than three dozen tax benefits are subject to inflation adjustments each year, but because...
November 28th, 2009 by The Tax Man
