JK Harris | February 27, 2009
WASHINGTON –– In response to errors showing up on early tax filings, the Internal Revenue Service today urged taxpayers and tax preparers to make sure they properly determine eligibility for the recovery rebate credit before they file their 2008 federal tax returns.
Some individuals who did not get the economic stimulus payment, and a smaller number [...]
JK Harris | February 26, 2009
Should I file a Tax Return? You must file a tax return if your income is above a certain amount, which varies depending on your filing status, age and type of income you receive. If your income isn’t at the level where you are required to file a return but you qualify for a refundable [...]
JK Harris | February 25, 2009
The IRS sent taxpayers nearly 119 million economic stimulus payments last year. When filing a 2008 federal tax return, taxpayers will need to know the amount of their stimulus payment to properly determine if they are eligible for a recovery rebate credit.
Here are six tips for finding how much you received and correctly claiming the [...]
JK Harris | February 25, 2009
There are several tax credits and benefits available to qualifying taxpayers with disabilities as well as to the parents of disabled children. Listed below are several tax credits and other benefits available if you or someone else listed on your federal tax return is disabled.
The Earned Income Tax Credit
The EITC is available to disabled taxpayers [...]
JK Harris | February 25, 2009
Education tax credits can help offset the costs of higher education for yourself or a dependent. The Hope Credit and the Lifetime Learning Credit are two education credits available which may benefit you. Because they are credits rather than deductions, you may be able to subtract them in full, dollar for dollar, from your federal [...]
JK Harris | January 28, 2009
From the IRS newsroom:
WASHINGTON – The Internal Revenue Service is offering a daily series of Tax Tips for the 2009 federal tax filing season that began this month.
Tax Tips offer concise, useful information on topics affecting millions of taxpayers. More than 70 tips on federal taxes will be available with a new one for [...]
JK Harris | January 27, 2009
OK, you know who you are. You are the taxpayer who waits until the very last minute to file your tax return. Well, if this in fact you, here are some tips to make the process go a little smoother.
File your tax return electronically. This will be much quicker than using the paper forms and [...]
JK Harris | January 26, 2009
If you are going to owe the IRS this year, you may want to consider using the Electronic Federal Tax Payment System (EFTPS) to make that payment when you file your return. And best of all it’s a free service offered by the IRS.
Whether you are filing an individual or business return, you can use [...]
JK Harris | January 22, 2009
Whether the IRS can tax gifts depends on whether you are giving or receiving the gift. If you give any one person a gift or gifts that are valued at more than $12,000, you are required to report this to the IRS, and you may have to pay taxes on it. However, if you have [...]
JK Harris | January 20, 2009
If you are divorced and are paying or receiving alimony, there are some basic tips you should follow when filing your 2007 federal income tax return.
If you receive alimony payments from your ex-spouse, that money is taxable to you in the year you receive the payments. And since no taxes are withheld from alimony payments, [...]