Intuit’s TurboTax is now offering free online tax filing for your simple federal tax return. Get free preparation, free printing, and free efiling if you are filing a 1040 EZ form this tax season.
By Steve
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Also posted in Tax Preparation, Uncategorized, turbotax
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Tagged 1040 ez, 1040 ez tax return, federal tax return, free efiling, free federal tax filing, free preparation, free printing, help and tax savings tips, intuit turbotax, online tax filing, start your return today, turbo tax 2009, turbotax, turbotax 2008, turbotax 2009
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With the recent Chile Earthquake on the minds of millions of Americans, the US House of Representatives is looking to add a Chile donation special tax deduction similar to the one in place for Haiti relief efforts. If the measure is approved, charitable donations sent to help Chile victims of the earthquake will be deductable on taxpayer’s 2009 tax returns although the donations are actually being made in 2010. Donations would need to be made before April 15th, the tax filing deadline.
The Child Tax Credit is an important and beneficial tax credit that you should file for whenever you are eligible. You can receive a tax credit for up to $1,000 for every child that qualifies. Children must be under the age of 17 in addition to other stipulations.
If you had all or part of a mortgage forgiven during the last three tax years, you may be able to avoid paying taxes on the forgiven mortgage debt. A law passed in 2007 called the Mortgage Forgiveness Debt Relief Act allows otherwise taxable mortgage forgiveness to be tax free up to $2 million dollars.
If you are eligible for these five tax credits, you should claim them this year on your tax return. These credits will reduce the tax your owe directly and some can be refunded to you if you owe no taxes at all.
By Steve
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Also posted in Tax Preparation, irs, tax return
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Tagged child and dependent tax credit, child tax credit, earned income tax credit, health coverage tax credit, retirement savings, savers credit, tax credits, turbo tax, your tax return
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There are a number of documentation requirements when you go to file your return for 2009 and you want to claim the First-Time Homebuyers Credit. This great credit of $8,000 helps with fixing up the new house or paying off some moving expenses. But claiming the credit requires a number of documents and filing a paper return with the IRS.
By Steve
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Also posted in Tax Preparation, property taxes, turbotax
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Tagged 1098, 2009, certificate of occupancy, documents, first-time home buyers, Hud-1, irs, long-term buyer, mortgage interest statements, paper return, retail sales contract, settlement statement, tax credit, tax return
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February 28, 2010 – 1:23 pm
The IRS has come out with a list of helpful tax tips about your lottery and gambling winnings. Although all gambling winnings are taxable, you can avoid paying taxes on your winnings if you can document gambling losses of the same amount.
By Steve
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Also posted in gambling, turbotax
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Tagged avoid paying taxes, casino, gambling, lottery, races, raffles, schedule A, tax tips, w-2g, winnings
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February 7, 2010 – 9:05 pm
Federal law states that a person, who has an earning from one or the other sources, is liable to pay income taxes to the government every year. But, what is most bothersome to an honest tax payer is the cumbersome task of preparing tax returns.
February 1, 2010 – 2:17 pm
It could be a nerve-racking experience to organize your taxes. That’s why many people prefer to have some assistance in their tax preparations.
January 21, 2010 – 6:12 pm
When the American Recovery and Reinvestment Act (ARRA) was passed in 2009,early in the Obama administration’s tenure, it expanded the popular Hope tax credit for students attending college. This tax credit was designed to help offset college tuition expenses as well as other college related expenses.
