Tag Archives: internalrevenueservice

Helpful Tips that will Guide you with your Late Tax Returns

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Taking Control of Your Back Taxes If you haven’t paid your taxes yet. It’s still not too late to turn them in; however, there are several important steps to take to ensure that all goes well for you on your taxes.

1) Pull out and Examine your Last Tax Return

First, bring to your table a copy of your last tax return. Then, bring together W-2s and other documents that you need in order to file. If you need any tax documents to file, you can get the documents you need from the Internal Revenue Service and these documents are … Read more at 2009 Taxes

How To Take Advantage of Mortgage Tax Deductions

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Mortgage Tax Deductions

Often when considering purchasing a home, one of the things that intrigues potential homeowner’s is the right to be able to claim mortgage tax deductions. There are a number of deductions that are available including interest payments, points and some closing costs. What is not always evident however, is what must be done in order to claim these deductions and when they might be most beneficial.

Prepare for additional paperwork

One of the first things that a taxpayer will need to do to take advantage of mortgage tax deductions is to prepare to itemize deductions. The … Read more at 2009 Taxes

All You Need To Know About Dealing With Tax Liability

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Do not let tax liability force you to pay more than your fair share of taxes. The IRS has been providing special reliefs to people who have not been able to meet their tax obligations for the last few years.

The tax revenue authority body through its “Fresh Start” initiative is taking target at small business owners and the unemployed to meet revenue collection targets set previously.

According to Doug Shulman, IRS Commissioner, the agency has an obligation to work with struggling taxpayers in order to find a workable solution for both parties.

Every taxpayer should know that failing to … Read more at 2009 Taxes

How to Avoid an IRS Tax Audit

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Tax season is upon us, and people seem to react to tax season with mixed feelings. Of course, if you are expecting a refund this year, then you are probably excited to file your taxes. But be honest – there is that little voice in the back of your head worrying about being audited, right? After all, people rank the experience of an IRS audit right up there with a root canal. If you want to do your best to steer clear of the worst come tax time, here are some tips for how to avoid an IRS tax audit:… Read more at 2009 Taxes

Don’t Forget these Deductions for your Tax Return

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Hopefully you aren’t procrastinating so much that it makes a difference, but its important to note that the due date for filing your 2011 United States federal income tax return isn’t the traditional April 15th, rather its April 18, 2012. This is due to the celebration of Emancipation Day (the day that President Lincoln signed the Declaration of Emancipation) a day earlier than normal (since April 16th is a Saturday this year). As you gather together all of your financial information for fiscal year 2011, minimize your tax liability by keeping the following deductions in mind:

Child Care Deduction
One … Read more at 2009 Taxes

What is the Federal Residential Renewable Tax Energy Credit?

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If you have made renewable energy improvements to your home, or you are considering them, you should know about the Federal Residential Renewable Energy Tax Credit. The Federal Residential Renewable Energy Tax Credit is a program that gives a huge tax incentive to people who install solar-electric systems, solar water heaters, geo-thermal heat systems, fuel cells and/or wind turbines. If you have installed a renewable energy system, or you are planning to install one, the tax credit can help you recoup a large portion of your initial investment.

A Brief History

The Energy Policy Act of 2005 was the first … Read more at 2009 Taxes