Work From Home? Consider the Home Office Deduction Whether you are self-employed or an employee, if you use a portion of your home for business, you may be able to take a home office deduction. Here are six things the IRS wants you to know about the Home Office deduction 1. Generally, in order to… Continue reading »
Health Insurance Tax Breaks for the Self-Employed
Health Insurance Tax Breaks for the Self-Employed Here is some information from the IRS about a special tax deduction for the self-employed. You may be able to deduct premiums paid for medical and dental insurance and qualified long-term care insurance for you, your spouse, and your dependents if you are one of the following: A… Continue reading »
2012 Tax Calendar
2012 Tax Calendar January 17, 2012 4th Quarter 2011 Estimated Tax Payment Due If you are self-employed or have other fourth-quarter income that requires you to pay quarterly estimated taxes, get them postmarked by January 17, 2012. (January 15, 2012 is a Sunday and the following Monday is a federal holiday.) April 17, 2012… Continue reading »
Ten Things to Know About the Child and Dependent Care Credit
If you paid someone to care for your child, spouse, or dependent last year, you may be able to claim the Child and Dependent Care Credit on your federal income tax return. Below are 10 things the IRS wants you to know about claiming a credit for child and dependent care expenses. The care must… Continue reading »
Ten Facts for Mortgage Debt Forgiveness
Ten Facts for Mortgage Debt Forgiveness If your mortgage debt is partly or entirely forgiven during tax years 2007 through 2012, you may be able to claim special tax relief and exclude the debt forgiven from your income. Here are 10 facts the IRS wants you to know about Mortgage Debt Forgiveness. Normally, debt forgiveness… Continue reading »
Important Tax Law Changes for 2012
Important Tax Law Changes for 2012 Taxpayers should make sure they are aware of many important changes to the tax law before they complete their 2011 federal income tax return. Here are several important changes that the IRS wants you to keep in mind when you file your 2011 federal income tax return in 2011.… Continue reading »
Here is What to do If You Are Missing a W-2
Here is What to do If You Are Missing a W-2 Before you file your 2010 tax return, you should make sure you have all the needed documents including all your Forms W-2. You should receive a Form W-2, Wage and Tax Statement, from each of your employers. Employers have until January 31, 2011 to… Continue reading »
Eight Essential Facts about Claiming the First-Time Homebuyer Credit
Eight Essential Facts about Claiming the First-Time Homebuyer Credit If you purchased a home in 2010, you may be eligible to claim the First-Time Homebuyer Credit, whether you are a first-time homebuyer or a long-time resident purchasing a new home. The purchaser must have been at least 18 years old on the date… Continue reading »
Want Your Tax Refund Fast – Choose Direct Deposit
Want Your Tax Refund Fast – Choose Direct Deposit Direct Deposit is the fastest, safest way to receive your tax refund. An e-filed tax return means a fast refund. Taxpayers who combine e-file and Direct Deposit can get their refunds in as few as 10 days. Here are four reasons more than 73 million taxpayers… Continue reading »
Ten Tax Benefits for Parents
Ten Tax Benefits for Parents Did you know that your children may help you qualify for some tax benefits? Here are 10 tax benefits the IRS wants parents to consider when filing their tax returns this year. Dependents In most cases, a child can be claimed as a dependent in the year they were born.… Continue reading »
Joe Guttadauro, President
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