Category Archive: FAQ

Jul 06

Summer Day Camp Expenses May Qualify for a Tax Credit

Summer Day Camp Expenses May Qualify for a Tax Credit Along with the lazy, hazy days of summer come some extra expenses, including summer day camp. But, the IRS has some good news for parents: those added expenses may help you qualify for a tax credit. Many parents who work or are looking for work …

Continue reading »

Apr 12

Nine Facts on filing an Amended Return

Nine Facts on filing an Amended Return An amended tax return generally allows you to file again to correct your filing status, your income or to add deductions or credits you may have missed. Here are nine points the IRS wants you to know about amending your federal income tax return. 1. Use Form 1040X, …

Continue reading »

Mar 10

Get Credit for Making Your Home Energy Efficient or Buying Energy-Efficient Products

IRS Tax Tip 2011-49 Taxpayers who made some energy efficient improvements to their home or purchased energy-efficient products last year may qualify for a tax credit this year. The IRS wants you to know about these six energy-related tax credits created or expanded by the American Recovery and Reinvestment Act of 2009. 1. Residential Energy …

Continue reading »

Feb 24

Checking the Status of Your Refund

If you already filed your federal tax return and are due a refund, you have several options to check on your refund. Here are eight things the IRS wants you to know about checking the status of your refund: 1. Online Access to Refund Information Where’s My Refund? or ¿Dónde está mi reembolso? are interactive …

Continue reading »

Feb 22

Get Credit for Your Retirement Savings Contributions

IRS Tax Tip 2011-36 You may be eligible for a tax credit if you make eligible contributions to an employer-sponsored retirement plan or to an individual retirement arrangement. Here are six things the IRS wants you to know about the Savers Credit: 1. Income Limits The Savers Credit, formally known as the Retirement Savings Contributions …

Continue reading »

Feb 10

Ten Facts about the Child Tax Credit

Ten Facts about the Child Tax Credit The Child Tax Credit is an important tax credit that may be worth as much as $1,000 per qualifying child depending upon your income. Here are 10 important facts from the IRS about this credit and how it may benefit your family. 1. Amount – With the Child …

Continue reading »

Feb 09

Here is What to do If You Are Missing a W-2

Before you file your 2010 tax return, you should make sure you have all the needed documents including all your Forms W-2. You should receive a Form W-2, Wage and Tax Statement, from each of your employers. Employers have until January 31, 2011 to send you a 2010 Form W-2 earnings statement. If you haven’t …

Continue reading »

Feb 08

Tax Benefits for Disabled Taxpayers

IRS Tax Tip 2011-24, February 03, 2011 Taxpayers with disabilities and parents of children with disabilities may qualify for a number of IRS tax credits and benefits. Listed below are seven tax credits and other benefits which are available if you or someone else listed on your federal tax return is disabled. 1. Standard Deduction …

Continue reading »

Feb 07

Are Your Social Security Benefits Taxable?

Are Your Social Security Benefits Taxable? The Social Security benefits you received in 2010 may be taxable. You should receive a Form SSA1099 which will show the total amount of your benefits. The information provided on this statement along with the following seven facts from the IRS will help you determine whether or not your …

Continue reading »

Jan 24

How much can you deduct for donating your car to charity?

Tax Benefits of Donating a Vehicle By Kay Bell You’ve seen the ads: “Donate your car and get a tax break.” Technically, that’s true. But some people who give away an old auto might find their tax break smaller than they expected. And a few donors, thanks to the intricacies of vehicle gift guidelines, might …

Continue reading »

Older posts «