Virtually every private employer in the United States will get a tax cut today. It will not affect workers’ paychecks. But the expiration of a 35-year-old temporary unemployment tax - about $14 a year per worker - will mean real money for some big companies at a time when President Obama is pushing Congress to raise taxes on some businesses by closing loopholes. More
TAX SOFTWARE: IN THIS CORNER…
Unless you’re a tax professional yourself, you probably need help preparing your return. More
than half of all U.S. taxpayers use a paid preparer to complete their returns; of the rest, many
use tax preparation software. Both have advantages, but software can come up short in a few
key areas. More
Independent Contractor vs. Employers who misclassify workers as independent contractors can end up with substantial tax bills as well as penalties for failing to pay employment taxes and failing to file required tax forms. Workers can avoid higher tax bills and lost benefits if they know their proper status. The address of the official IRS governmental Web site is www.irs.gov. More
The Internal Revenue Service is working on new rules that could require paid tax preparers to be licensed to improve tax compliance and reduce fraud, IRS Commissioner Doug Shulman said Thursday. Eighty percent of taxpayers get help with their returns, either from paid preparers or computer programs, Mr. Shulman told a congressional subcommittee. Mr. Mr. and Liberty Tax Service. Rep. More
WASHINGTON – Anybody who's been sitting on the sidelines hesitant to jump into real estate until conditions settle down should know these dates: April 9, 2008, through June 30, 2009. They mark the eligibility time span to qualify for the home purchase tax credit created by the massive housing bill approved by Congress. Eligibility rules: Do you own a home now? You are eligible. More
IR-2010-1, The Internal Revenue Service kicked off the 2010 tax filing season today by issuing the results of a landmark six-month study that proposes new registration, testing and continuing education of tax return preparers. As part of the outreach effort, the IRS is providing tips to taxpayers to ensure they are working with a reputable tax return preparer. Mr. More
Taxes are on the agenda in Washington Congress is back in session following its August recess, and taxes are on the fall agenda. A variety of energy tax provisions. Either outright repeal of the alternative minimum tax or a temporary fix to keep the tax from affecting an estimated 23 million taxpayers in 2007. Extension of the tax cuts created in 2001, 2002, and 2003 tax legislation. More
To File or Not To File
You must file a tax return if your income is above a certain level. The amount varies depending on filing status, age and the type of income you receive. For example, a married couple both under age 65 generally is not required to file until their joint income reaches $17,900. Federal Income Tax Withheld. 2. Recovery Rebate Credit. 3. 4. 5. 6. More
Education Credits
The American Recovery and Reinvestment Act of 2009 introduced significant changes to education credits. American Opportunity Credit (AOC) – This credit modifies the existing Hope Credit for tax years 2009 and 2010, making the Hope Credit available to a broader range of taxpayers, including many with higher incomes and those who owe no tax. More
Donating property to charity can be a good way for you to help the less fortunate while you cut your own tax bill. Be aware of the advantages and disadvantages of donating property to charity. Here are some suggestions if you're planning to donate property. If the property has declined in value since you bought it, sell the property and donate the cash to charity. Steven C. More
