Eight Reasons why you may want to file income tax
Even if you don’t have to file, here are eight reasons why you may want to file: 1. Federal Income Tax Withheld If you are not required to file, you should file to get money back if Federal Income Tax was withheld from your pay, you made estimated tax payments, or had a prior year overpayment applied to this year’s tax. 2. Making Work Pay Credit You may be able to take this credit...
February 19th, 2010 by The Tax Man
Five Tips to offset education costs
1. The American Opportunity Credit This credit can help parents and students pay part of the cost of the first four years of college. The American Recovery and Reinvestment Act modifies the existing Hope Credit for tax years 2009 and 2010, making it available to a broader range of taxpayers. Eligible taxpayers may qualify for the maximum annual credit of $2,500 per student. Generally, 40 percent...
February 15th, 2010 by The Tax Man
Seven Tips about Claiming the First-Time Homebuyer Credit
If you purchased a home in 2009 or early 2010, you may be eligible to claim the First-Time Homebuyer Credit, whether you are a first-time homebuyer or a long-time resident purchasing a new home. Here are seven things to know about claiming the credit: 1. You must buy – or enter into a binding contract to buy – a principal residence located in the United States on or before April 30,...
February 11th, 2010 by The Tax Man
Seven things to know about the Government Retiree Credit
Certain government retirees who receive a government pension or annuity payment in 2009 may be eligible for the Government Retiree Credit. The American Recovery and Reinvestment Act of 2009 provides this one-time credit of $250 for certain federal and state pensioners. Here are seven things to know about the Government Retiree Credit : You can take this credit if you receive a pension or annuity...
February 8th, 2010 by The Tax Man
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Ten Tax Topics for Taxpayers with Tots and Teens
Got Kids? They may have an impact on your tax situation. Listed below are the top 10 things the IRS wants you to consider if you have children. Image via Wikipedia Dependents In most cases, a child can be claimed as a dependent in the year they were born. For more information see IRS Publication 501, Exemptions, Standard Deduction, and Filing Information. Child Tax...
January 26th, 2010 by The Tax Man
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Ten Things You Should Know about the Making Work Pay Tax Credit
Here are 10 things to know about this tax credit to ensure you receive the entire amount for which you are eligible. Image via Wikipedia In 2009 and 2010, the Making Work Pay provision provides a refundable tax credit of up to $400 for individuals and up to $800 for married taxpayers filing joint returns. For taxpayers who receive a paycheck and are subject to withholding, the credit will...
January 25th, 2010 by The Tax Man
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Tax tips if you changed your marital status
If you were married or divorced recently, there are a couple of things you’ll want to do to ensure the name on your tax return matches the name registered with the Social Security Administration. Here are five items for recently married or divorced taxpayers. Following these steps will help avoid problems when you file your tax return. Image by stevie withers via Flickr 1. If you took...
January 8th, 2010 by The Tax Man
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10 tips that will help your tax filing process run smoother
While the tax filing deadline is more than three months away, it always seems to be here before you know it. Here are the Internal Revenue Service’s top 10 tips that will help your tax filing process run smoother than ever this year. 1. Start gathering your records Round up any documents or forms you’ll need when filing your taxes: receipts, canceled checks and other documents that support...
January 7th, 2010 by The Tax Man
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Buy your new car before 12/31
BTT reminds individual taxpayers who are considering buying a new car that they have until Dec. 31 to take advantage of a tax break that may not be around in 2010. Image via Wikipedia Taxpayers who buy a qualifying new motor vehicle this year after Feb. 16 can deduct the state or local sales or excise taxes they paid on the first $49,500 of the purchase price. Qualifying motor vehicles include...
December 28th, 2009 by The Tax Man
Internal Revenue Service is looking for taxpayers who are due refunds
The Internal Revenue Service is looking for taxpayers who are due to receive a combined $123.5 million in the form of 107,831 refund checks that were returned to the IRS by the U.S. Postal Service due to mailing address errors. “We are eager to get this money into the hands of taxpayers, so don’t delay if you think you are missing a refund,” said IRS Commissioner Doug Shulman. “The sooner...
November 5th, 2009 by The Tax Man
