When the Obama Tax Cuts were passed late last year, we assumed that all the expiring tax cuts were extended. Well, that’s not exactly true. Here are a few popular tax deductions from 2009 that you cannot claim on your 2010 tax return: Expired Tax Deductions $2400 Exclusion on Unemployment: For 2010 all unemployment compensation [...]
Jill and I were discussing Lending Club tax reporting last weekend, and we thought it would be a helpful discussion for everyone, since many of you have taken advantage of Lending Club sign up bonuses. Is Lending Club taxable? How do you report interest earned on Lending Club loans on your taxes? What do you [...]
The IRS estimates there is a $300 billion a year tax gap, or the amount owed by individuals and businesses versus the amount that is being paid in taxes. In looking to close this tax gap, the government wants to better track business transactions for tax purposes. Buried deep in the health care reform bill [...]
W2 Forms provide employees with wage and salary information to file your taxes. You’ll need your 2010 w2 form before your can efile. What is a W2 Form? A W2 Form is a tax form your employer is required to provide to you to file your taxes. A W-2 Form reports your income from that [...]
If you choose to itemize your deductions, you must fill out the Schedule A and submit it with your Form 1040. How to Fill Out Schedule A Before you complete the Schedule A you should gather all documentation of your deductions – receipts, forms provided to you by financial or governmental institutions, etc. You must [...]
