Archive for January, 2011
If you itemize your deductions on Form 1040, Schedule A, you may be able to deduct expenses you paid in 2010 for medical care – including dental – for yourself, your spouse, and your dependents. Here are six things to know about medical and dental expenses and other benefits.
If you’re in business, you probably hate sending them out. As a taxpayer, you probably hate receiving 1099s. The only one that likes 1099s is the IRS. The IRS loves them because allows them to keep tabs on ordinary taxpayers, even while it audits less than 2% of all individual tax returns. The IRS matches [...]
If you are in a business and donate your time or services to a non-profit organization, can you deduct the value donated?
The Earned Income Tax Credit (EITC) is a valuable tax credit that should not be overlooked if you qualify.
Did you know that your children may help you qualify for some tax benefits? Here are 10 tax benefits for parents to consider when filing their tax returns this year.
If you are in business for yourself, or carry on a trade or business as a sole proprietor or an independent contractor, you generally would consider yourself self-employed and you would file IRS Schedule C, Profit or Loss From Business or Schedule C-EZ, Net Profit From Business with your Form 1040. Here are some things [...]
The first step to filing your federal income tax return is to determine which filing status to use. Your filing status is used to determine your filing requirements, standard deduction, eligibility for certain credits and deductions, and your correct tax. There are five filing statuses: Single, Married Filing Jointly, Married Filing Separately, Head of Household [...]
In general, you can make tax and penalty free withdrawals of the principle (contributions) at any time. However, the earnings from your principle cannot normally be withdrawn under age 59½ without paying the 10% early withdrawal penalty. Earnings can generally be withdrawn without penalties after age 59½, provided you meet the 5 year rule. Roth [...]