Don’t Argue With The IRS
2 minutes read
If you are thinking about arguing with the IRS then you should think again. The Internal Revenue Service can penalize you if they believe your argument is frivolous.
Current Promotions
Tax Tips & News: Tax Tips (13)
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...
Going Green Can Save You Money On Energy Bills and Taxes
2 minutes read
Over the past several years that the residential energy credits have existed there have been significant changes. For starters the credit was eliminated for residential purposes other than solar for tax year 2008. However the credit came back in 2009 through the American Recovery and Reinvestment Act that extended it’s use into tax year 2010 as well.
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...
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.
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.
Payroll Tax Cut Will Increase Take Home Pay
1 minute read
For those who are employed or paid on W2 the new Payroll Tax Cut will increase take home pay for the coming year, 2011. This is because the social security tax is being reduced by 2 points.
Congress Finally Passed a Tax Deal
2 minutes read
Congress was finally able to come to an agreement regarding the tax cuts that were set to expire at the end of this year. They have passed a bill that will effect all income levels. The bill will basically keep the Bush era tax cuts and allow for a few other tax saving provisions. Lawmakers did not think it would be prudent to increase taxes in this economy and their plan is to give tax savings that will allow for economic growth.