Turbo Tax Review 2010

Turbo Tax Review I’ve used Intuit’s TurboTax to file my income taxes for the last five years. During that time, I’ve used a few different versions including the desktop and online versions of the software. I like the online version the best, and currently use the TurboTax Home and Business to handle my business filing […]

Standard Deduction or Itemized Deduction?

First of all what are tax deductions? They are dollar amounts that tax payers subtract from their adjusted gross income in order to arrive at the amount of their taxable income. Needless to say the lower your taxable income is, the lesser the amount of taxes you will have due. When its time to file your tax returns you will have to decide between taking the standard deduction or to file itemized deductions. Which way you decide depends on a number of factors but you have to chose just one:

Medical Expenses & Income Tax Deductions

Your medical expenses can be income tax deductions depending on how you file your taxes and how high your medical bills are. We all know that health care costs just keep going up, lets take a look at how you might be able to get tax deductions for these expenses. Tax Deduction Requirements In order […]

2010 Federal Tax Brackets

The time for preparing for tax season is upon us. As you gather necessary financial documents, you may also need to inquire as to which Federal Tax Bracket to file within. Most individuals and families are preparing their 2009 income tax returns, but many businesses, investors, and others are already preparing numbers and documents in order to file 2010 Federal Tax Returns in 2011.

How to File Taxes Online

Filing taxes online can make the whole tax return process a little faster. The main benefits of online tax filing are that you can receive a faster refund, your income tax return is immediately delivered to the IRS and state government without a drive to the post office, and the software that allows you to […]

Tax Credits for 2009

Looking for tax credits? Here’s a list of some of the more popular tax credits for 2009, and who qualifies for them: First Time Homebuyer Earned Income Tax The first time homebuyer’s tax credit was part of the economic recovery plan in 2009. It allows first time homebuyers who purchased homes in 2009 to take […]

Tax Return Deadlines

Tax return deadlines aren’t flexible so here’s a list of dates to keep in mind as you gather receipts and determine deductions for 2009 and 2010. December 31, 2009 This is the deadline for making expenditures which can be deducted from your 2009 tax return, payments such as mortgage interest and charitable donations. January 2010 Businesses are […]

2009 Federal Tax Brackets

The 2009 federal tax brackets were released last April but here’s a reminder of where you stand when filing your federal income tax return. The tax bracket you end up in depends on the amount of your total taxable income; including pension plans or additional sources of income. For example, if you are married filing […]

Capital Gains Tax Q&A

What is capital gains tax and what types of financial events trigger the capital gains tax? Simply stated capital gains tax is the annual tax that is charged to both individuals as well as corporate entities, on the profits of the sale of investments and assets

Federal Tax Forms Overview

January is the time of year when you begin receiving vital federal tax forms in the mail. You’re probably familiar with the tax forms you receive documenting your income; the forms vary depending on if you are self-employed, employed as a private contractor or sub-contractor, or if you work directly with one specific employer. Today […]

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