Author's posts
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 …
Feb 08
Tax basis of assets inherited from estate of decedent, who died in 2010.
1. Congress in 2010 revived the estate tax retroactively for 2010 with a $5,000,000 exemption and a 35% rate. 2. For estates of $5,000,000 or less, Congress restored the use of a stepped-up basis (allowing heirs to use the basis at the date of death or the alternative valuation date six months later) to inherited …
Feb 08
Seniors who received $250 rebate for being in the doughnut hole must reduce their medical expenses by it.
The rebate should be treated as a reimbursement of medical expenses. Therefore it must reduce claimed medical expenses by $250.00 before application of the 7.5% of AGI offset.
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 …
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 …
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 …
Jan 20
What filing status should I use?
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 …
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
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 …
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