The IRS wants taxpayers who pay state or local real estate taxes but don’t qualify to itemize their tax deductions, to know that they may qualify for an increased standard deduction. This is the last year that the higher standard deduction for real estate taxes is available. Read the rest of this entry »
Top Ten Facts About the Child and Dependent Care Credit
by P. Lewis RobinsonMar
8
Did you pay someone to care for a child, spouse, or dependent last year? If so, you may be able to claim the Child and Dependent Care Credit on your federal income tax return. Below are the top 10 things the IRS wants you to know about claiming a credit for child and dependent care expenses.
1. The care must have been provided for one or more qualifying persons. A qualifying person is your dependent child age 12 or younger when the care was provided. Additionally, your spouse and certain other individuals who are physically or mentally incapable of self-care may also be qualifying persons. You must identify each qualifying person on your tax return. Read the rest of this entry »
Five Important Tax Credits
by P. Lewis RobinsonMar
7
You might be eligible for a valuable tax credit. A tax credit is a dollar-for-dollar reduction of taxes owed. Some credits are even refundable, which means you might receive a refund rather than owe any taxes at all. Here are five popular tax credits you should consider before filing your 2009 Federal Income Tax Return: Read the rest of this entry »
IRS Has $1.3 Billion for People Who Have Not Filed a 2006 Tax Return
by P. Lewis RobinsonMar
7
Washington — Unclaimed refunds totaling more than $1.3 billion are awaiting nearly 1.4 million people who did not file a federal income tax return for 2006, the Internal Revenue Service announced today. However, to collect the money, a return for 2006 must be filed with the IRS no later than Thursday, April 15, 2010. Read the rest of this entry »
Ten Facts about Claiming the Child Tax Credit
by P. Lewis RobinsonMar
5
The Child Tax Credit is a valuable credit that can significantly reduce your tax liability. Here are 10 important facts from the IRS about this credit and how it may benefit your family.
1. Amount - With the Child Tax Credit, you may be able to reduce your federal income tax by up to $1,000 for each qualifying child under the age of 17. Read the rest of this entry »
Four Places to Find Free Tax Help
by P. Lewis RobinsonMar
1
The IRS provides free publications and forms as well as other tax material and information to help taxpayers meet their tax obligations. Here are four great ways you can get the information you need to file your tax return. The best thing about these four options is that they won’t cost you a dime! Read the rest of this entry »
Seven Things You Should Know About Checking the Status of Your Refund
by P. Lewis RobinsonFeb
26
Are you expecting a tax refund from the Internal Revenue Service this year? If so, here are seven things you should know about checking the status of your refund once you have filed your federal tax return. Read the rest of this entry »
Four Facts Every Parent Should Know about Their Child’s Investment Income
by P. Lewis RobinsonFeb
25
The IRS wants parents to be aware of the tax rules that affect their children’s investment income. The following four facts will help parents determine whether their child’s investment income will be taxed at the parents’ rate or the child’s rate. Read the rest of this entry »
Six Facts on How to Get Credit for Retirement Savings Contributions
by P. Lewis RobinsonFeb
24
If you make eligible contributions to an employer-sponsored retirement plan or to an individual retirement arrangement, you may be eligible for a tax credit. Here are six things you need to know about the Retirement Savings Contributions Credit:
1. Income Limits The Savers Credit, formally known as the Retirement Savings Contributions Credit, applies to individuals with a filing status and income of: Read the rest of this entry »
10 Facts About Capital Gains and Losses
by P. Lewis RobinsonFeb
22
Have you heard of capital gains and losses? If not, you may want to read up on them because they might have an impact on your tax return. The IRS wants you to know these ten facts about gains and losses and how they could affect your tax situation.
- Almost everything you own and use for personal purposes, pleasure or investment is a capital asset. Read the rest of this entry »
