2010 February | 2009 Taxes

Monthly Archives: February 2010

Gotcha: The Alternative Minimum Tax

February 26, 2010 – 2:27 pm

The Alternative Minimum Tax was established in 1969 as an alternative tax system for individuals that were able to avoid paying taxes while still earning above average incomes. The system is not indexed to inflation and over time has been applied to more and more medium income households. Recent changes to the tax code have attempted to minimize this negative and unexpected event.

By Steve | Posted in Tax Law, Tax Preparation, tax forms, tax returns | Tagged 2009, alternative minimum tax, amt, indexed to inflation, state and local taxes, tax adjustments | Comments (0)

Are Social Security Benefits Taxable?

February 26, 2010 – 1:52 pm

Marital status and your annual income are the two deciding factors in determining how much of your Social Security Benefits are taxable. The really good news is that Social Security Benefits are not taxable if they are your only income for the tax year. And since your only income is not taxable, filing a return with the IRS is not necessary. Two great advantages.

By Steve | Posted in Retirement Savings, Tax Preparation, Uncategorized, tax credits, tax returns | Tagged non-taxable, social security, social security benefits, taxable | Comments (1)

Know Your Tax Record Basics

February 12, 2010 – 10:56 am

A significant number of citizens have grown responsible and started filing their tax returns. But what bothers most to these responsible citizens is keeping their tax record safe. The most pertinent question that they ask themselves is: “What is my tax record and how long do I have to keep them with me?”

By Steve | Posted in Tax Law, tax forms, tax returns | Tagged Keeping the Tax Returns, Maintaining Your Property Records, tax record, tax records, When you get a Divorce | Comments (2)

The Process of Minimizing Tax Returns

February 7, 2010 – 8:59 pm

Claiming an interest payment deduction would help you decrease your taxes. Those who are shouldering the burden of student loans would hardly want to add to the worries by requiring paying interest on the repayable amount to the government.