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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Tax Tips & News: Tax Preparation (3)
Are you Eligible for the Earned Income Tax Credit?
2 minutes read
With the unemployment rate soaring, more taxpayers than ever will qualify for the Earned Income Tax Credit. The Earned Income Tax Credit also known as EITC, is a refundable tax credit that was created to assist low to moderate income individuals and families. This year the EITC can mean up to $5,666 for some families, and that is only the federal credit. For those who live in New York there is an additional credit on the NYS income tax return as well. Take a look at the Federal income...
IRS is Putting Tax Refunds on Debit Cards
1 minute read
The IRS is sending out letters to hundreds of thousands of taxpayers about their new Debit Card program. The program is for low income taxpayers who do not have bank accounts.
New 1099 Reporting Requirement May Be Repealed
1 minute read
Due to newly enacted legislation companies that pay any individual or corporation for goods or services more than $600 will be required to issue a 1099 to report the transaction to the Internal Revenue Service beginning in 2012. This creates a financial burden on small businesses that may not have the means to track and report every transaction for the year.
First-Time Homebuyers Credit and how it may affect your current tax return.
4 minutes read
The First-Time Homebuyers Credit was a government initiative meant to increase the sale of homes in the United States. The credit has been offered for tax years 2008, 2009, and 2010. However there are some fundamental differences from year to year which may affect your current tax filing.
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.
IRS to Delay Filing for Some Taxpayers
2 minutes read
Most taxpayers will be able to submit their returns beginning January 14th when Electronic Filing begins. However, if you fall into any of these three categories your filing will be delayed and your tax return will not be accepted until Mid to Late February.
Getting Married Before the End of 2010?
2 minutes read
When planning a wedding, the last thing on your mind, is Income Taxes. However if you get married by the 31st of December you are treated as married for the entire year. Your filing status can have a large effect on your taxes so keep that in mind when planning.
Tax Issues Loom
2 minutes read
Taxpayers are waiting on pins and needles for the important decisions regarding income tax cuts or increases to be made by Congress. Will Bush’s tax cuts be extended or should taxpayers expect a surprise come tax time? Congress reconvenes on November 15th and hopefully we can get some answers quickly. Every year we wait for a patch to be issued that will apply inflation rates to the tax laws regarding Alternative Minimum Tax (AMT).