tax

Updates on 2010 Government Tax Credits – Home Buyer Credit Filing Extension, $250 SSI and Medicare Gap Payments, Teacher Credits and Unemployment Insurance

5 comments

I have posted updates to a number of articles covering the spectrum of government stimulus funded tax credits and deductions. Here is a summary of the updates with a link to the detailed articles for more detailed information, qualification criteria and latest status. If you haven’t already, join 6000 plus subscribers to get the latest [...]

Read the full article →

Tax Credits and Deductions for Teachers ($250), Unemployed, Home Owners ($500/$1000) and College Tuition in 2010 Jobs and Closing Tax Loopholes Act

5 comments

The recently introduced American Jobs and Closing Tax Loopholes Act (Bill: HR 4213) includes important tax cuts to put more money back into the pockets of American families and workers. This new bill extends critical tax cuts through the end of 2010 so families and workers can receive the full benefits of these tax cuts [...]

Read the full article →

American Jobs and Closing Tax Loopholes Act of 2010 (HR 4213) Update – New Tax Breaks, Unemployment Insurance and Home Buyer Credit Extension

22 comments

[Update July 2010] – This bill – HR4213 – was passed by Congress and is expected to signed into law by the President. The bill, also known as the American Jobs and Closing Loopholes Act of 2010 originally contained a provision to extend unemployment benefits, as well as a number of expiring tax provisions, which [...]

Read the full article →

IRS Audit Triggers and Red Flags for Tax Returns Including How to Avoid Getting Audited

4 comments

Marketwatch brings us an interesting article on the chances and factors of an IRS audit. Most tax payers, including myself, share the same dread of getting audited by the IRS, but in reality the chances of facing an IRS audit aren’t all that high. In fiscal year 2008, the IRS audited 1% of the more [...]

Read the full article →

Good Debt vs. Bad Debt – Taking Charge of Your Finances

7 comments

You may have heard the terms good debt and bad debt before, but it is not as simple as labeling credit card debt as bad, and a home loan as good because a home loan can in fact be considered bad debt too. It is important to understand the differences between and the definitions of [...]

Read the full article →

How to Reduce Your Tax Bill Liability By Lowering Your Taxable Income and Claiming More Deductions

7 comments

I recently filed my taxes and much to my disappointment I ended up owing taxes. While paying taxes is not itself a bad thing, after all I did not give an interest free loan to Uncle Sam, what really hurts is that if I had undertaken a few actions earlier in the year I could [...]

Read the full article →

Claiming the Small Business Health Care Tax Credit plus Employer Fines, 2010 Tax Credits and Employee Subsidies

2 comments

[Update Dec 2010] The IRS has released final guidance for small employers eligible to claim the new small business health care tax credit for the 2010 tax year.  The IRS have also provide a one-page form and instructions  for small employers to use for claiming the credit for the 2010 tax year. New Form 8941, [...]

Read the full article →

2012 Unemployment Benefits Insurance Extension to 2013

69 comments

[Updated March - 2012 Unemployment Benefits Approved by Congress] Congress has passed legislation, signed by the President, that extends unemployment benefits into 2013. This is part of legislation that extended the payroll tax credit and doctor medicare reimbursements through December 2012. However the unemployment benefits extension has been changed to a tiered structure based on [...]

Read the full article →

Claiming The $8,000 First-Time Homebuyer Tax Credit Extension Approved and Expanded with $6,500 For Existing Home Owners

53 comments

[April 2011] See an update to this post here and claiming it in your 2010-2011 tax returns ____________ [Update July 2010] Approved! First-time home buyers now have until Sept. 30 2010 to close on their home purchases and qualify for the $8,000/$6500 tax credit under a new extension bill passed by Congress and signed into [...]

Read the full article →

New Car (up to $49,500) Sales Tax Deduction in 2009 Obama Economic Stimulus Package. Will it be Extended into 2010?

11 comments

[Update on possible 2010 Extension] There has been a concerted push by various groups and congress members to get this tax deduction extended into 2010. They cite the success of this and the cash for clunkers programs in stabilizing the US auto-market. However there are concerns that extending this deduction will add to the growing [...]

Read the full article →

← Previous Entries

Next Entries →