March 12, 2010 – 10:38 am
The 2009 College Tax Credit
Learn about the new 2009 College Tax Credit from the #1 name in tax preparation software and services, Turbo Tax. In this video find out everything you need to know about the American Opportunity Tax Credit. Like how the income allowed for a family to claim the credit has been raised substantially and how the year of the college student who can claim the credit has been expanded beyond just freshman and sophomores. Not only is the credit dollar-for-dollar against your taxes but $1,000 of the $2,500 credit is refundable beyond what you paid … Read more at 2009 Taxes
By Steve
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Posted in tax credits, tax forms, Tax Law, Tax Preparation, TurboTax
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Tagged American Opportunity Tax Credit, college tax credit, hope credit, refundable, tax preparation software, tax year, turbo tax
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New Tax Benefits for the Unemployed
If you were unemployed last year and are working on completing your tax return for 2009, there are a number of new tax benefits that can reduce the amount of tax you owe. The first place to look is at unemployment insurance which is normally taxable income. But during 2009, the first $2,400 of unemployment insurance is not taxable. So do not include this amount in your benefit when you complete your taxes.
There are a couple new wrinkles to IRA and 401K laws. You can avoid paying the 10% penalty on retirement … Read more at 2009 Taxes
By Steve
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Posted in tax deductions, tax forms, Tax Law, Tax Preparation
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Tagged 401k, expenses, IRA, job hunting, moving expenses, tax benefits, unemployed, unemployment insurance, your tax return for 2009
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What is the Dependent Care Tax Credit?
When you are a working taxpayer and have dependents that require care while you are working, you can take a tax credit called the Child and Dependent Care Tax Credit, to help offset the expenses. The dependent can be a child under the age of 13 or a spouse that requires care due to physical or mental limitations.
You can also claim the tax credit when you are looking for work. This is considered the same as working for this tax credit. Full time students are considered to have earned income while they … Read more at 2009 Taxes
By Steve
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Posted in tax credits, tax deductions, tax forms, Tax Law, Tax Preparation
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Tagged child and dependent care, dependent, earned income, full time students, irs, irs publication 503, spouse, tax credit, tax credits
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Sometimes Overlooked Tax Deductions
Every year many mistakes are made by US taxpayers as they file their income taxes for the year. Many of the mistakes are related to address, names, and social security numbers. But some of the mistakes are related to tax deductions. If you miss a tax deduction that you are eligible for, you could be missing out on a decent sized amount of money.
State sales tax is a deduction that is sometimes missed. For states that do not have a state income tax, deducting the sales tax is the best selection of the two options … Read more at 2009 Taxes
By Steve
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Posted in tax assistance, tax credits, tax deductions, Tax Preparation, tax returns
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Tagged cash contributions, dividends, donations, file their income taxes, investments, local sales tax, state income tax, state sales tax, tax deductions, Tax Preparation, taxpayers
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Tax Assistance from the IRS
The IRS is the sponsor of two volunteer programs to assist in the preparation of their taxes. The Volunteer Income Tax Assistance Program is for taxpayers that earn less than $49,000 a year. While the Tax Counseling for the Elderly Program is designed to help anyone over the age of 59. The programs provide volunteers who are specially trained to help these two groups. The volunteers want to make sure tax payers are filing their returns with the correct tax credits like the Earned Income Tax Credit and the Credit for the Elderly.
In partnership … Read more at 2009 Taxes
By Steve
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Posted in tax assistance, tax credits, tax forms, Tax Law, Tax Preparation, tax returns
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Tagged aarp, child tax credit, combat zone tax credit, credit for the elderly, earned income credit, military, tax assistance, tax credits, tax-aid, tax-aid centers, Volunteer Income Tax Assistance, volunteers
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Notify the IRS When You Move
If you move addresses during the year and especially during the tax season, make sure to notify the IRS of your new address. Form 8822 is the IRS form for changing your address on file with the taxing authority. Completing this form and send it to the IRS is important. Other options are also available.
When you file your tax return, you can change your mailing address on the mailing label that comes with your tax forms. This will notify the IRS of your new address quickly. You can also write your new … Read more at 2009 Taxes
