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Monthly Archives: July 2009
Seven Tax Facts About Selling Your Home
During summer months, some people sell their home. Many of those individuals will make a profit on the sale and still will not have to pay a single dime of additional income tax to the IRS. Here are seven … Continue reading
Posted in Individual, Taxation
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IRS Warns Taxpayers to Beware of First-Time Homebuyer Credit Fraud
The Internal Revenue Service announced its first successful prosecution related to fraud involving the first-time homebuyer credit and warned taxpayers to beware of this type of scheme. On Thursday July 23, 2009, a Jacksonville, Fla.-tax preparer, James Otto Price III, … Continue reading
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Six Things You Need to Know About Mortgage Workouts
There is tax relief for struggling homeowners. If your mortgage debt is partly or entirely forgiven at any time during 2007 through 2012, you may be able to claim special tax relief on your federal income tax return for that … Continue reading
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Five Tax Scams to Avoid this Summer
Every year, The IRS releases its list of the top 12 tax scams and schemes. These scams – known annually as the Dirty Dozen – are illegal and can lead to problems for taxpayers who risk significant penalties, interest and … Continue reading
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Energy Provisions of the American Recovery and Reinvestment Act of 2009
The American Recovery and Reinvestment Act of 2009 (ARRA) provides energy incentives for both individuals and businesses. Here are some of the key energy provisions in ARRA that may impact taxpayers: Residential Energy Property Credit (Section 1121): The new law … Continue reading
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EITC Eligibility Rules Outlined
The Earned Income Tax Credit (EITC) is a tax credit for people who work but do not earn high incomes. The EITC is a valuable tool helping eligible taxpayers to lower their taxes or to claim a refund. The IRS … Continue reading
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IRS Reminds Taxpayers to Take Advantage of Recovery Act Benefits
With 2009 now half over, the Internal Revenue Service reminds taxpayers to take advantage of the numerous tax breaks made available earlier this year in the American Recovery and Reinvestment Act (ARRA). The recovery law provides tax incentives for first-time … Continue reading
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Eight Cool Reasons to visit IRS.gov/Espanol this Summer
Tax information can be difficult to understand in any language but it can be even more difficult if it is not in your first language. To assist Spanish speaking taxpayers, the IRS provides a wide range of free products and … Continue reading
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Seven Tips for Students with a Summer Job
Many students get a summer job during their time off from school. Here are the top seven things the IRS wants everyone to know about income earned while working a summer job. 1. Taxpayers fill out a W-4 when starting … Continue reading
Posted in Individual, Taxation
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Economic Stimulus Payments: Especially for Military Combat Personnel
For federal tax purposes, the U.S. Armed Forces includes officers and enlisted personnel in all regular and reserve units controlled by the Secretaries of Defense, the Army, Navy and Air Force. The Coast Guard and National Guard are also included, … Continue reading
Posted in Individual, Taxation
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