Alternative Motor Vehicle Credit
Source: S S A / I R S R e p o r t e r, s u m m e r 2 0 1 0, Page 4 The Alternative Fuel Motor Vehicle Credit was enacted by the Energy P olicy Act of 2005 and includes separate credits for four [...]
Foreclosures and Short Sales- What is my Tax Liability?
Topic 431 - Canceled Debt – Is it Taxable or Not? In general, if a debt for which you are personally liable is canceled or forgiven, other than as a gift or bequest, you may have to include the canceled amount in gross income. Depending on the circumstances by which [...]
Individuals in Chapter 7, 11, 12 or 13 Bankruptcy
The IRS published a 30 page guide to dealing with Bankruptcy. Click the following link to view the PDF document. http://www.irs.gov/individuals/article/0,,id=96196,00.html See Page 3 - Individuals Consult an Attorney for specific Bankruptcy Advice.
Affordable Care Act Provides Expanded Tax Benefit to Health Professionals Working in Underserved Areas
WASHINGTON — As part of a larger Administration announcement on efforts to strengthen the health care workforce, the Internal Revenue Service today announced that under the Affordable Care Act health care professionals who received student loan relief under state programs that reward those who work in underserved communities may qualify [...]
2010 Tax Benefits to Expire at Year End
If your business is a C corporation, it may be a good time to arrange for dividend payments, stock redemptions and stock sales. Though the federal income tax rate structure is currently favorable, it's scheduled to change dramatically after this year. Here are some strategies to consider before the end [...]
Three Ways to Pay Your Federal Income Tax
People who owe taxes but can’t pay the full amount owed by the April deadline should still file their return on time and pay as much as they can to avoid penalties and interest. If you can’t pay the full amount, you should contact the IRS to ask about alternative [...]
Going Green May Reduce Your Taxes
When you invest in energy-efficient products, you may be saving money on both your energy bills and your tax return. The Internal Revenue Service wants you to know about these six energy-related tax credits created or expanded by the American Recovery and Reinvestment Act of 2009. Residential Energy Property Credit [...]
Top 10 First-Time Homebuyer Credit Tax Tips
UPDATE! CLICK FOR NEW INFO! There is still time to claim the First-Time Homebuyer Tax Credit on your 2009 tax return. If you purchased or entered into a binding contract to purchase a home in 2009 or early 2010, you may be eligible to claim the First-Time Homebuyer Credit. Claiming [...]
Ten Tips for Taxpayers Contributing to an Individual Retirement Plan
If you haven’t made all the contributions to your traditional Individual Retirement Arrangement that you want to make – don’t worry, you may still have time. Here are the top 10 things the Internal Revenue Service wants you to know about setting aside retirement money in an IRA. You may [...]
EFTPS: The Electronic Federal Tax Payment System
EFTPS: The Electronic Federal Tax Payment System A Secure Way to Pay All Your Federal Taxes EFTPS, the Electronic Federal Tax Payment System, is a tax payment system provided free by the U.S. Department of Treasury. Pay federal taxes electronically via the Internet or phone 24/7. Visit EFTPS to enroll. [...]
