tax – 2009 Taxes - Free Tax Filing Options

Tag Archives: tax

What is the Federal Residential Renewable Tax Energy Credit?

March 9, 2012 – 10:34 pm

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

By Steve | Posted in Stimulus Bill, tax assistance, tax credits, tax deductions, TurboTax | Also tagged American Recovery and Reinvestment Act of 2009, Business, Earned income tax credit, Energy Policy Act of 2005, Energy Star, internalrevenueservice, irs, Photovoltaic system, renewable energy, Solar water heating, tax credit, TurboTax | Comments (0)

Six Tips On A Tax Credit For Retirement Savings

March 6, 2012 – 4:32 pm

Need advice on tax credit, retirement savings? Here are six tips to help.

Your age and your income may make you eligible for tax credits if you make the right kind of payments to a retirement plan, either through your employer or a private scheme.

Six things you need to know about savers credit:

1. The Savers Credit, also called the Retirement Savings Contribution Credit, is for people with the following 2011 income:
Single people, married couples claiming separately, or widows and widowers, up to $28,250
Breadwinner up to $42,375
Married couples claiming together $56,500

2. To be able to … Read more at 2009 Taxes

By Steve | Posted in Retirement Savings, tax credits, tax deductions, Tax Preparation, TurboTax | Also tagged Individual Retirement Account, internalrevenueservice, Marriage, Pension, retirement, Retirement Savings Contribution Credit, tax credit | Comments (9)

Succeeding With Your Taxes

February 21, 2012 – 5:31 pm

Tax season is never fun. Man individual, especially if they are self-employed, dread the April deadline. Fortunately, it is possible for almost everyone to at least reduce their tax burden. It simply takes a keen mind and the ability to wade through quite a bit of paperwork. If you do not feel like you fall into such a category, you may want to make sure that you can find someone that will be able to help you. If you are familiar with the system, you should take the time to gather all the necessary data before filing. If not, you … Read more at 2009 Taxes

By Steve | Posted in tax credits, tax deductions, tax returns, TurboTax | Also tagged Accounting, Business, Certified Public Accountant, internalrevenueservice, Professional, Tax Preparation, tax return | Comments (2)

The Benefits of Using Online Tax Software

February 11, 2012 – 4:41 pm

It’s the start of a new year, and that means it’s time to do last year’s taxes. Are you going to do them yourself, or will you hire a tax professional to do them for you? If you’d prefer to prepare your own tax return, you might want to use an online program to help you. There are lots of different programs available, such as TurboTax and H&R Block. All will help you complete your federal and state tax returns from the comfort of your own home. There are many benefits to using online tax software, and here’s a … Read more at 2009 Taxes

By Steve | Posted in Tax Law, Tax Preparation, TurboTax | Also tagged Computer program, H&R Block, internalrevenueservice, Tax advisor, Tax compliance software, Tax return (Canada), TurboTax | Comments (11)

Requirements for Alimony to be Deductible

February 9, 2012 – 11:16 am

Individuals that pay alimony (also known as “spousal support” or “spousal maintenance”) to a former spouse can deduct these payments on their personal federal income tax returns. In turn, the alimony recipient is required to claim the payments as income.

Before a payor takes an alimony deduction they should make sure that their payments meet the IRS qualifications for alimony. Ideally, this was addressed and discussed in detail with their divorce attorney to ensure that the alimony was structured in a way that would allow a deduction. If you are not sure whether your payments are deductible you should consult … Read more at 2009 Taxes

By Steve | Posted in tax credits, tax deductions, Tax Law, TurboTax, Uncategorized | Also tagged alimony, Deductible, internalrevenueservice, irs, Payment, requirements, Scott Morgan, Tax deduction, TurboTax, United States | Comments (0)

Tax Breaks for Homeowners: Are You Missing Out?

February 3, 2012 – 12:21 pm

There are many tax breaks that get overlooked, but homeowners often overlook the most obvious deductions. The truth is, as a homeowner, you stand to save hundreds if not thousands off your taxes. However, it all boils down to knowing what you qualify for. The following are just some of the tax breaks homeowners may be missing out on.

Mortgage Interest

The interest you pay on your mortgage should be one the first tax breaks you take advantage of. Those filing single can deduct mortgage interest on homes up to $500,000 ($1 million for married couples). This will require a … Read more at 2009 Taxes