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. (more…)
Archive for February, 2010
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. (more…)
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: (more…)
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. (more…)
Gambling Winnings Are Always Taxable Income
by P. Lewis RobinsonFeb
19
Gambling winnings are fully taxable and must be reported on your tax return. Here are the top seven facts the Internal Revenue Service wants you 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. (more…)
Top Ten Facts about Taking Early Distributions from Retirement Plans
by P. Lewis RobinsonFeb
18
Some taxpayers may have needed to take an early distribution from their retirement plan last year. The IRS wants individuals who took an early distribution to know that there can be a tax impact to tapping your (more…)
Seven Facts About Social Security Benefits
by P. Lewis RobinsonFeb
17
If you received Social Security benefits in 2009, you need to know whether or not these benefits are taxable. Here are seven facts the Internal Revenue Service wants you to know about Social Security benefits so you can determine whether or not they are taxable to you.
1. How much – if any – of your Social Security benefits are taxable (more…)
Five Important Facts About Your Unemployment Benefits
by P. Lewis RobinsonFeb
11
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 facts the Internal Revenue Service wants you to know about your unemployment benefits. (more…)
Four Steps to Follow If You Are Missing a W-2
by P. Lewis RobinsonFeb
10
Getting ready to file your tax return? Make sure you have all your documents before you start. You should receive a Form W-2, Wage and Tax Statement from each of your employers. Employers have until February 1, 2010 to send you a 2009 Form W-2 earnings statement. If you haven’t received your W-2, follow these four steps: (more…)
Eight Facts about the New Vehicle Sales and Excise Tax Deduction
by P. Lewis RobinsonFeb
10
If you bought a new vehicle in 2009, you may be entitled to a special tax deduction for the sales and excise taxes on your purchase.
Here are eight important facts the Internal Revenue Service wants you to know about this deduction: (more…)
