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Monthly Archives: February 2012
Mortgage Debt Forgiveness: 10 Key Points
Canceled debt is normally taxable to you, but there are exceptions. One of those exceptions is available to homeowners whose mortgage debt is partly or entirely forgiven during tax years 2007 through 2012. The IRS would like you to know … Continue reading
Six Tips on a Tax Credit for Retirement Savings
If you make eligible contributions to an employer-sponsored retirement plan or to an individual retirement arrangement, you may be eligible for a tax credit, depending on your age and income. Here are six things the IRS wants you to know … Continue reading
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Tagged IRS, Retirement, Retirement Savings Contributions Credit, Savers Credit
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Ten Things to Know About Capital Gains and Losses
Did you know that almost everything you own and use for personal or investment purposes is a capital asset? Capital assets include a home, household furnishings and stocks and bonds held in a personal account. When you sell a capital … Continue reading
Early Distribution from Retirement Plans May Have a Tax Impact
Taxpayers may sometimes find themselves in situations when they need to withdraw money from their retirement plan early. What they may not realize is that that transaction may mean a tax impact when they file their return. Here are 10 … Continue reading
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Dirty Dozen Tax Scams
The Internal Revenue Service has issued its annual “Dirty Dozen” tax scams list, reminding taxpayers to use caution during tax season to protect themselves against a wide range of schemes ranging from identity theft to return preparer fraud. The Dirty … Continue reading
Ten Things to Know about Free IRS Volunteer Tax Help
Millions of taxpayers qualify for free tax preparation assistance from IRS-sponsored community-based, volunteer programs. Here are 10 things the IRS wants you to know about these volunteer programs. 1. The IRS sponsors both the Volunteer Income Tax Assistance (VITA) and … Continue reading
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Eight Things to Know about Medical and Dental Expenses and Your Taxes
If you, your spouse or dependents had significant medical or dental costs in 2011, you may be able to deduct those expenses when you file your tax return. Here are eight things the IRS wants you to know about medical … Continue reading
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The Child Tax Credit: 11 Key Points
The Child Tax Credit is available to eligible taxpayers with qualifying children under age 17. The IRS would like you to know these eleven facts about the child tax credit. 1. Amount With the Child Tax Credit, you may be able … Continue reading
Tax Law Changes for 2011 Federal Tax Returns
Before you file your 2011 federal income tax return in 2012, you should be aware of a few important tax changes that took effect in 2011. Check www.IRS.gov before you file for updates on any new legislation that may affect … Continue reading