When the IRS processes your tax return, they determine who owes money to whom. If you have paid an amount higher than your tax liability, you may receive a tax refund. Assuming there are no reasons to withhold your refund, you now have several options in how you will handle this lump sum payment. Filers are urged to carefully ... Read More
Tax Tips
Federal Energy Tax Credits: IRS Tax Credits for Energy Efficiency
Did you make energy efficient home improvements in your home during 2010 or purchase an energy efficient vehicle? If you did, do you know that you may qualify for a credit on your 2010 income tax return. If you purchased and installed certain energy efficient items in your home last year or bought a hybrid vehicle you will want ... Read More
Child Care Tax Credit 2010: Qualifications for Dependent Care Credit
Did you pay someone to watch your child, spouse or other dependent during the 2010 tax year? If you did, you may be eligible for the Child and Dependent Care Tax Credit. Paying for child care or dependent care is costly so this is definitely one credit you won’t want to miss. Of course, in order to claim the credit you must meet ... Read More
Alternative Minimum Tax: What it is, Tips, History & Details
If you are confused about the Alternative Minimum tax, you are not alone. The Alternative Minimum Tax, also known as AMT, is a tax imposed by the government that has been enacted to help make sure that any tax payer who sees a benefit from certain tax advantages is not able to walk away owing the government little or no tax ... Read More
How to Get Free Tax Assistance for Elderly, Low Income & Military
Numerous income tax filers can receive assistance when it comes to preparation and filing of their tax returns this year. These services are most often free and include free filing as well. Here is a rundown of the different services that are offered in order to help you determine if you qualify. Volunteer Income Tax Assistance ... Read More
Tax Credits, Benefits and Deductions for Disabled Taxpayers
If you are a taxpayer and have a disability or have a child or other dependent with a disability you may qualify for numerous tax deductions and credits when you file your income tax return. Here is a look at the different benefits and what you need to know. Increased Standard Deduction: If you are blind or partially blind ... Read More
Taxable Income: Income That Has to Be Reported on Your Tax Return
Have you received income from a side job, part time job, internet business or consulting gig this year? Are you wondering whether or not the income you've earned outside of your job needs to be reported on your 2010 income taxes? Don't assume that just because you do not get a 1099 in the mail you do not have to report the ... Read More
Education Tax Credits: Credits to Offset the Cost of Higher Education
The costs of higher education can be staggering. Thankfully, there are two tax credits available to help families offset the cost of higher education for either your own educational needs or that of your dependents. Tax credits reduce the amount of income tax you are required to pay, which is typically better than a tax ... Read More
Apps to Help You With Your Taxes This Year
It's tax season once again and app users can find numerous apps to help with tax filing this year. Whether you use an iPhone, an Android or a Blackberry, you will find apps available for all devices. Here is a peek at what these apps can do for you. Snap Tax by TurboTax Available for both the iPhone and Android users this app ... Read More
How the IRS Free File System Works: Who Can Use & Where to Find
You may be surprised to learn that everyone can file their federal tax returns for free, using either a software program or online fillable forms offered through the IRS Free File program. Whether or not you are eligible for the software depends on your income level, but even if you don't qualify for the free software, you can ... Read More
TurboTax Review: TurboTax 2011 Edition for 2010 Taxes
Each year millions of taxpayers gather documents needed to file their annual tax return. Many of these taxpayers will hand these documents over to an accountant or other tax preparers to ensure their taxes are filed in time for the April deadline. This makes a lot of sense as many taxpayers are overwhelmed with the entire ... Read More
2010 Average Refund $3K: Tips For Spending Your Refund
American taxpayers received a staggering $328 billion from the IRS last year in the form of annual tax refunds. At first glance this appears to be a huge number, however when you break it down by individual, the average refund in 2010 was approximately $3,000. During a time when the economy is sluggish, taxpayers who qualify ... Read More
