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Sep 27, 2012Schedule M of Form 1040
Attach the Schedule M form to your 2009 or 2010 tax return to claim the Making Work Pay credit You need to fill out Schedule M if you want to claim the Making Work Pay credit for 2009 or 2010. The Making Work Pay credit was a special provision of the American Recovery and Reinvestment […]
adminSep 20, 2012Deducting State Sales Tax
The state sales tax deduction was extended in 2010, but may not be available for 2012 One of the many deductions built into our tax code is the ability to deduct state and local income taxes. Some states, however, don’t have an income tax. They fill their coffers with a large sales tax instead. To […]
adminSep 19, 2012The Federal Tax Extension Deadline Is October 15
If you requested an extension on your 2011 income taxes, be sure to file your return before the October 15 deadline Six months seems like a long time. That’s the trap lots of people fall into when they request a tax extension in April and then promptly forget about taxes until the October deadline when […]
adminSep 17, 2012How to Pay Estimated Tax
The self-employed must make estimated tax payments to the IRS at least four times a year If you’re an employee who earns all of his income in wages or salary, and gets a paycheck with taxes withheld, you can stop reading right now. Tax payments are already made on your behalf and you don’t need […]
adminSep 5, 2012Are Campaign Donations Tax Deductible?
Political contributions may help get your candidate elected, but they won’t get you a tax deduction 2012 is an election year – in case all the negative ads spamming the airwaves haven’t already tipped you off. And election season, like almost everything else, raises some very important tax questions, not all of them about Mitt […]
adminAug 30, 2012Home Business Tax Deductions
Running a business from your home can net you several valuable tax deductions. The tax code makes several tax deductions available for people who run a home business. When taken advantage of, these deductions can significantly reduce the cost of running a business from your home. The one thing you have to be hyper conscious […]
adminMay 14, 2012Who Qualifies as a Dependent on Your Taxes?
Find out who you can claim as a qualifying child and as a qualifying relative For most taxpayers, claiming a dependent results in a fairly significant tax benefit, oftentimes a refund. But who exactly can you claim as a dependent? There are actually two different categories of dependent: qualifying child and qualifying relative. Both have […]
adminMar 29, 2012How to File City Taxes
Some cities bundle their income taxes with state tax returns, some require entirely separate forms, and some don’t charge an income tax at all. Everyone knows they have to file federal and – in most cases – state taxes when April rolls around. But what about city income taxes? Do you have to file those […]
adminMar 16, 2012Do You Have to Pay Taxes If You Are Unemployed?
The unemployed still have to pay taxes, even on unemployment benefits. Whether or not you have to file a tax return has nothing to do with your employment status. It depends entirely on how much income you received during the year. If your income falls above the income threshold for your filing status, you have […]
adminMar 12, 2012How to File a Tax Extension
File a tax extension and get an extra six months to complete your tax return The tax filing deadline is still over a month away, but no doubt many of you are already staring at the mound of tax documents and receipts strewn across your desk and realizing that you’re not going to be able […]
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