tax forms | 2009 Taxes

Category Archives: tax forms

New Tax Benefits for the Unemployed

March 10, 2010 – 4:23 pm

If you were unemployed last year and are working on completing your tax return for 2009, there are a number of new tax benefits that can reduce the amount of tax you owe. The first place to look is at unemployment insurance which is normally taxable income. But during 2009, the first $2,400 of unemployment insurance is not taxable. So do not include this amount in your benefit when you complete your taxes.

By Steve | Also posted in Tax Law, Tax Preparation, tax deductions | Tagged 401k, expenses, IRA, job hunting, moving expenses, tax benefits, unemployed, unemployment insurance, your tax return for 2009 | Comments (0)

What is the Dependent Care Tax Credit?

March 9, 2010 – 5:20 pm

When you are a working taxpayer and have dependents that require care while you are working, you can take a tax credit called the Child and Dependent Care Tax Credit, to help offset the expenses. The dependent can be a child under the age of 13 or a spouse that requires care due to physical or mental limitations.

By Steve | Also posted in Tax Law, Tax Preparation, tax credits, tax deductions | Tagged child and dependent care, dependent, earned income, full time students, irs, irs publication 503, spouse, tax credit, tax credits | Comments (0)

Tax Assistance from the IRS

March 5, 2010 – 2:16 pm

The IRS is the sponsor of two volunteer programs to assist in the preparation of their taxes. The Volunteer Income Tax Assistance Program is for taxpayers that earn less than $49,000 a year. While the Tax Counseling for the Elderly Program is designed to help anyone over the age of 59. The programs provide volunteers who are specially trained to help these two groups. The volunteers want to make sure tax payers are filing their returns with the correct tax credits like the Earned Income Tax Credit and the Credit for the Elderly.

By Steve | Also posted in Tax Law, Tax Preparation, tax assistance, tax credits, tax returns | Tagged aarp, child tax credit, combat zone tax credit, credit for the elderly, earned income credit, military, tax assistance, tax credits, tax-aid, tax-aid centers, Volunteer Income Tax Assistance, volunteers | Comments (0)

Notify the IRS When You Move

March 2, 2010 – 11:26 pm

If you move addresses during the year and especially during the tax season, make sure to notify the IRS of your new address. Form 8822 is the IRS form for changing your address on file with the taxing authority. Completing this form and send it to the IRS is important. Other options are also available.

By Steve | Also posted in Tax Preparation, tax returns | Tagged 1040, form 8822, irs, post office, tax documents, tax season, usps, when you move | Comments (0)

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

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

Obtaining Past Copies of Your Return

January 21, 2010 – 5:49 pm

Obtaining past copies of your return from the IRS can be expensive and should be avoided if possible. There are two free options the IRS provides before you need to pay for an actual tax return that was filed this year or in a prior year.