Even though the health care reform bill passed, increases in taxes aren’t over yet. The old 2001 Bush Tax Cuts are set to expire at the end of 2010, leaving us all with higher taxes in 2011. Since December 31, 2010 is the date that the Bush tax cuts expire, I’m sure there will be […]
If you’re planning to make a 2010 Roth conversion, you’re going to be given an interesting choice on your Roth conversion and when to pay tax: pay the taxes now or spread the Roth conversion taxes over two years. Roth Conversion When to Pay Tax? For 2010 Roth conversions, your options of when to pay […]
Suffice it to say, over the past two years the IRS has made it more of a priority to recoup the money it is owed by individuals and businesses who are not truthfully reporting their earnings. And who can blame them? With the United States debt growing to over $12.5 trillion dollars, it seems only […]
We all know that we must pay both income and social security taxes on employment income as well as any contract labor. But the IRS levies income taxes on some other sources of income too – some more surprising than others. If you received a windfall or other unexpected funds in 2010, chances are the […]
Are you in line to receive a tax refund? Were you hoping to have received more of your hard earned money back into your bank account? As of 2010, there is an automatic way to invest your tax refund into government U.S. Series I Savings Bonds. This is a great way to increase your refund […]
When filing tax returns, the second question everyone asks is “How long does it take to get my tax refund back?” Of course, the first question everyone asks is “How much is my refund?” Tax Refund Direct Deposit versus Mail If you want to get your refund faster, opt for the direct deposit route. Not […]
Looking for unemployed tax deductions? You’re in luck, there are several tax deductions related to unemployment, job searching, or moving for a new job that will give you tax relief at a time when you probably need it most. Unemployment reached 10% in the United States for 2009, sending over 16 million people home without […]
I love tax deductions. I know, a little over the top, but since I love taxes, it’s only natural that I love finding tax credits and tax deductions for people. With the tax deadline just around the corner, here’s a summary of all the tax deductions you’ll want to review to see if you are […]
Do you have any students in your family, or are you a student yourself? If so, then the American Opportunity Tax Credit may help you decrease your tax obligations. Like the old Hope Credit, you can claim this new tax credit for tuition and certain fees you pay for higher education either last year. But […]
I just finished an amended tax return for a client this week. She originally efiled her tax return for free with H&R Block. However, a few weeks later she received some 1099s reporting interest she had forgotten about. In addition, she didn’t know that she was eligible to claim the American Opportunity education tax credit […]
