This chapter helps you determine which filing status to use. There are five filing statuses. * Single. * Married Filing Jointly. * Married Filing Separately. * Head of Household. * Qualifying Widow(er) With Dependent Child. If more than one filing status applies to you, choose the one that will give you the lowest tax. You …
Category: FAQ
Jan 19
How to Get Your Prior Year Tax Information from the IRS
How to Get Your Prior Year Tax Information from the IRS Taxpayers who need certain prior year tax return information can obtain it from the IRS. Here are nine things to know if you need federal tax return information from a previously filed tax return. 1. There are three options for obtaining free copies of …
Jan 15
What if I can’t pay?
Installment Agreement If you cannot pay the full amount due with your return, you can ask to make monthly installment payments for the full or a partial amount. However, you will be charged interest and may be charged a late payment penalty on the tax not paid by the date your return is due, even …
Jan 13
How long should I keep paper work and tax records?
You can toss some supporting documents, but you’ll need to hang onto others for years. By Kimberly Lankford I’m cleaning out my files now that it’s the beginning of the year. How long should I keep my stock records? What about other tax records? This is a great time of the year to get rid …
Jan 13
What education tax breaks are available?
Two Tax Credits to Help Pay Higher Education Costs IRS Tax Tip 2010-12 January 18, 2011 There are two federal tax credits available to help you offset the costs of higher education for yourself or your dependents. These are the American Opportunity Credit and the Lifetime Learning Credit. To qualify for either credit, you must …
Jan 13
What can I deduct for medical and dental expenses?
Medical and Dental Expenses If you itemize your deductions on Form 1040, Schedule A, you may be able to deduct expenses you paid in 2010 for medical care – including dental – for yourself, your spouse, and your dependents. Here are six things the IRS wants you to know about medical and dental expenses and …
Jan 13
How much can I deduct for non-cash contributions?
Valuation guide for items donated to The Salvation Army The following is a list of the average prices in The Salvation Army thrift stores for items in good condition. This list is available online at http://www.salvationarmysouth.org/valueguide.htm. This list is for your guidance only. LADIES’ CLOTHING low range high range blouse 2.50 12.00 bathrobes 2.50 12.00 …
Jan 13
What are the standard mileage rates for auto expenses for 2010?
Optional Standard Mileage Rates Updated for 2010 The IRS has updated the optional standard mileage rates for use by employees, self-employed individuals or other taxpayers in computing the deductible costs of operating a passenger automobile for business, charitable, medical, or moving expense purposes. The new rates apply to costs paid or incurred on or after …
Jan 13
Who must file a tax return?
You must file a federal income tax return if you are a citizen or resident of the United States or a resident of Puerto Rico and you meet the filing requirements for any of the following categories that apply to you. Individuals in general. (There are special rules for surviving spouses, executors, administrators, legal representatives, …
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