Irs | 2008 Taxes

Tag Archives: irs

IRA Rollover Rules

April 6, 2010 – 9:20 am

When does an IRA rollover occur? This occurs upon cash withdrawal from a certain qualified retirement plan and upon contributing all or a part of it in a span of 60 days to a new qualified plan. In accordance with the Internal Revenue Service’s (IRS) policy, the rules of IRA rollover permits individuals to waive [...]

By Steve | Posted in Tax Preparation, irs, tax return | Also tagged ira, IRA rollover, IRA rollover rules, ira rules, less dabgerous, tax act, tax act 2008, tax act online, taxact, taxact 2009 | Comments Off

You Bought a House, Claim the First-Time Homebuyers Credit

March 3, 2010 – 10:27 pm

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 | Posted in Tax Preparation, property taxes, tax credit, turbotax | Also tagged 1098, 2009, certificate of occupancy, documents, first-time home buyers, Hud-1, long-term buyer, mortgage interest statements, paper return, retail sales contract, settlement statement, tax credit, tax return | Comments Off

Capital Gains and What to Report to the IRS

March 2, 2010 – 5:47 pm

Capital Gains and Losses are the result of holding capital assets for investment or for personal use. Capital Assets held for investment result in a capital gain or loss when sold compared to their basis, or what you purchase the asset for. Capital Assets held for personal use can only create a capital gain. All capital gains must be reported to the IRS.

By Steve | Posted in Tax Preparation, capital gain, turbotax | Also tagged 1040, capital gains, carried forward, investment, losses, publication 17, schedule d, Tax Preparation, tax rate | Comments Off

TaxAct is the Completely Free Federal Option

March 9, 2009 – 9:12 pm

If you are looking for the best and completely free option for filling your federal tax return this season, TaxAct is the solution for you. You can prepare, print, and eFile your return for no fee what-so-ever and only pay a small $13.95 free if your state requires an income tax return.

By Steve | Posted in Tax Preparation | Also tagged efile, federal tax return, Free Application for Federal Student Aid, online return, state tax return, taxact | Comments (5)

Income that is Not Taxable

March 5, 2009 – 6:59 pm

Almost all income earned by American citizens is taxable but there are some exceptions that the IRS makes based on taw law. Some forms of income that the IRS deems not to be nontaxable include adoption expense reimbursements, child support, gifts, worker’s compensation benefits, welfare benefits, and economic stimulus payments received during the last tax year.