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Tax Tips & News: itemized deductions

7 Tax Tips: Standard Deduction Vs. Itemized Deduction

4 minutes read

To Itemize Or Not, That Is the Question

The answer to the question is clear: “whatever gets me back a bigger refund”. But how do you know when it is beneficial to itemize your deductions over taking the standard deduction? Each year, thousands of taxpayers miss out of millions of dollars in additional refunds because they make a mistake in this area–usually because they choose the standard deduction over itemizing. The two major reasons for making this mistake is 1) they are used to filing...

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Lessons Learned From Mitt Romney’s Tax Return

8 minutes read

Republican candidate Mitt Romney recently bowed to pressure last week and released his 2010 tax return.  What it showed is that Romney paid a little less than $3 million in taxes on $21.6 million of income.  This equates to an affective tax rate of less than 14%–far below what the average taxpayer pays.

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Tax Benefits Increase for 2012

4 minutes read

Even in the face of severe federal & state deficits, many tax benefits are due to raise for tax year 2012 (calendar year 2013).  By law, tax provisions are required to keep pace with inflation.  The new dollar amounts affecting most taxpayers are:

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Charitable Contributions May Be Tricky For Tax Year 2010

1 minute read

Taxpayers that make donations to charitable organizations can claim a deduction(s) for the donation(s) if the return is itemized for the tax year in which the donation(s) was made. Last year is an exception to this rule. After the devastation caused by the earthquake in Haiti there was a brief period between January 12th 2010 and March 1st 2010, that the Internal Revenue Service would allow donations made to charitable organizations assisting in Haiti’s aide to be deducted on the 2009 tax...

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Accepting All Tax Returns

1 minute read

Today is the day that the Internal Revenue Service will begin accepting all tax returns that have been delayed filing this year.

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Delayed Returns to be Accepted by IRS February 14th

1 minute read

Due to late changes in the law the IRS has delayed the processing of certain returns.  Though the return cannot be processed until the newly announced date of Monday February 14th, there is no reason to delay the preparation of your returns.

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Tax Filing Deadline Extended to April 18th

1 minute read

Due to District of Columbia holidays which are considered Federal holidays the filing deadline has been extended to Monday, April 18th 2011 and extensions will also be extended to Monday, October 17th 2011.

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Haiti Donations Could Lower 2009 Taxes

3 minutes read

By now, everybody is aware of the sheer devastation inflicted on the people of Haiti by a massive earthquake that struck 9 days ago. It has been estimated that in excess of 200,000 people have been killed or are still missing. The global outpouring of aide & donations are setting records daily. However, in an effort to reward those that have made donations to Haiti–as well as provide an incentive to those that have not–a bi-partisan bill is being introduced by the Leaders of the House Ways &...

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