There are tax deductions for job search expenses available to taxpayers that meet certain guidelines by the IRS. These job search expenses are also subject to a threshold based on the taxpayer’s income. In order to be eligible for a deduction, your expenses have to be spent searching for a job in your current …
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Tag: ‘1040’
Helpful Features on the IRS Website Worth Checking Out
Have you checked out the IRS Website lately? I’m sure you have it bookmarked and read the news and publications routinely like me. Okay, that may not be true for all of you since the Code can be pretty dry and difficult to translate. Anyway, this time of year you may find yourself making periodic …
Tax Deadline Extended
As the tax season officially begins, the IRS has announced that the tax deadline for individual taxpayers has been extended to April 17, 2012. Taxpayers will have until Tuesday, April 17, 2012 to file and pay any taxes due since April 15 is a Sunday. The DC holiday of Emancipation Day is observed on the …
Earned Income Tax Credit…Spread the Word!
The IRS encouraging tax professionals and taxpayers, in general, to help spread the word of the Earned Income Tax Credit (EITC). As a CPA, I am doing my part to make a blog post on my website and spread it via various social media. I am encouraging you to repost, retweet, etc to help spread …
Learn More about Tax Deductions for Charitable Contributions
As the year-end approaches there are a few items about tax deductions for charitable contributions to note that may help you gather your tax information for the current year as well as help yourself become more organized going forward. You must keep records of all contributions being reported in order to qualify for a tax …
Go Green in 2011? Home Energy Tax Credits Still Available
Going green will save you green. There were two tax credits available to taxpayers in 2011 for their efforts to conserve energy and make their homes more green friendly. These tax credits were the Nonbusiness Energy Property Credit and the Residential Energy Efficient Property Credit. If eligible, homeowners can claim these tax credits on Form 5695 when …
How does moving affect your 1040 tax return filing?
Have you recently moved to New England for a new job? Individuals that decide to relocate may have income or expenses that could affect the filing of their 1040 tax return. If you have moved during the year or plan on moving in the near future there are a few items you should note. First …
Lost Your Prior Year Tax Information? Retrieve it from the IRS
Safekeeping of all your important financial information has always been preached by institutions and most likely your parents. This is perfectly sound advice to follow but you always come across situations that may challenge your ability to do this. Not many people constantly monitor the status of these documents. Fortunately, most statements can be obtained …
Uh oh….You Have Received an IRS Notice
Each year, millions of taxpayers in all income levels and industries receive letters and notices from the Internal Revenue Service. My number one advice to these recipients is to face the issue head on. As Benjamin Franklin once said, “The only two certainties in life are death and taxes.” I am pretty confident you will …
