Individual | Best Tax Tips

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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Internal Revenue Service building on Constitut...

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

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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

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Have you paid you're income tax this month ?

Tax-saving Moves for the Rest of 2009

April 15 is still several months away, but it’s not too soon to give your 2009 tax situation some extra attention. Here are some pointers that could lighten your federal income-tax burden. Image by Walt Jabsco via Flickr Buy a car. State and local sales or excise taxes paid on the purchase of a new vehicle are potentially tax deductible. Tax credits are available for purchases of new energy-efficient...

October 12th, 2009 by The Tax Man

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Municipal bond issued in 1929 by town Kraków (...

New Municipal Bond Benefit

Municipal bonds offer investors three significant tax advantages. Municipal bond interest is exempt from regular federal income taxes. Image via Wikipedia Because it is exempt, the interest does not have any effect on adjusted gross income (AGI). Keeping AGI as low as possible is often a tax planning goal. Many states do not tax their residents on the interest they receive from in-state...

October 8th, 2009 by The Tax Man

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Cost Basis Complications

You can sell investments held in tax-deferred retirement accounts without worrying about income taxes. But that’s not the case with investments you own outside of tax-deferred accounts. To figure your capital gain or loss on the sale of mutual fund, stock, real estate, and other investments, you have to compare the amount you realize on the sale to your “adjusted basis” in the investment. Understanding...

October 5th, 2009 by The Tax Man

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