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Three Reasons to Prepare and File Your Taxes Using e-File
Last year, 2 out of 3 tax returns were filed electronically. Was yours? If not, here are three important reasons to e-file your return.
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Top 5 Facts about Dependents and Exemptions
When you prepare to file your tax return, there are two things that will factor into your tax situation: dependents and exemptions. Here are five important facts the IRS wants you to know about dependents and exemptions before you file your 2009 tax return.
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New Tax Guide Features Recovery Tax Breaks
Publication 17, Your Federal Income Tax, features details on taking advantage of new tax-saving opportunities, such as the making work pay credit for most workers, American opportunity credit for parents and college students, energy credits for homeowners going green, first-time homebuyer credit, sales or excise tax deduction for new car buyers.
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First-Time Homebuyer Credit Extended
First-Time Homebuyer Credit Extended to April 30, 2010 – A new law that went into effect Nov. 6 extends the first-time homebuyer credit five months and expands the eligibility requirements for purchasers.
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Tax Credits Help Homeowners Winterize their Homes, Save Energy
People can now weatherize their homes and be rewarded for their efforts. According to the Internal Revenue Service, homeowners making energy-saving improvements this fall can cut their winter heating bills and lower their 2009 tax bill as well.
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IRS Qualifies Haiti As A Disaster
The Internal Revenue Service today issued guidance that designates the earthquake in Haiti in January 2010 as a qualified disaster for federal tax purposes. The guidance allows recipients of qualified disaster relief payments to exclude those payments from income on their tax returns. Also, the guidance allows employer-sponsored private foundations to assist victims in areas [...]
New Homebuyer Credit Form 5405 Released
The IRS also reminded homebuyers that the new documentation requirements mean that taxpayers claiming the credit cannot file electronically and must file paper returns. Taxpayers can still file online for free to prepare their returns, but the returns…
2009 EIC Table
Here is 2009 Publication 596 – Earned Income Credit. The 2009 EIC Table begins on page 46 of the document. You can read it online here or optionally download it to your computer at the bottom of the page. Be sure to read through some of the new Earned Income Credit changes before going straight to the 2009 EIC chart. This is the 2010 EIC chart for filing your 2009 taxes.
Ten Tax Tips for Taxpayers with Children and Students
Do you have children? Having children or students enrolled in higher education will most likely change your tax situation. Below you will find 10 things you should consider before filing your taxes.
Overview of 2009 Tax Law Changes Which Benefit Nearly Everyone
In 2009, numerous new and expanded deductions and credits came into being for a broad cross-section of taxpayers: College tax benefits for parents and students; energy credits for homeowners who are going green; and even tax breaks for home buyers and car buyers.
File Taxes Online Free
The IRS estimates that 70 percent of all taxpayers (about 98 million taxpayers) will be eligible to file taxes online for free this year!
Only 4.8 million tax returns were filed through Free File last year, an increase of 24 percent over the previous year’s total of nearly 3.9 million returns, but still way below the number of people who are eligible to file taxes online for free!
A Qualifying Child For The EIC Is
A qualifying child for the EIC is a child who is your…
Son, daughter, stepchild, foster child, brother, sister, stepbrother, stepsister, or a descendant of any of them (for example, your grandchild, niece, or nephew)
AND…
2010 Standard Mileage Rates
A taxpayer may not use the business standard mileage rate for a vehicle after using any depreciation method under the Modified Accelerated Cost Recovery System (MACRS) or after claiming a Section 179 deduction for that vehicle. In addition, the business standard mileage rate cannot be used for any vehicle used for hire or for more than four vehicles used simultaneously.
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