Taxpayers that make donations to charitable organizations can claim a deduction(s) for the donation(s) if the return is itemized for the tax year in which the donation(s) was made.  Last year is an exception to this rule.  After the devastation caused by the earthquake in Haiti there was a brief period between January 12th 2010… Continue reading

Over the past several years that the residential energy credits have existed there have been significant changes.  For starters the credit was eliminated for residential purposes other than solar for tax year 2008.  However the credit came back in 2009 through the American Recovery and Reinvestment Act that extended it’s use into tax year 2010… Continue reading

Are you thinking of doing your own taxes? A recent comparison of the top three Tax Preparation Softwares showed that there was little difference between them.  In fact one of the features they share was the opportunity to upgrade to the next level of software from within your return.  One goes as far as offering… Continue reading

Today is the day that the Internal Revenue Service will begin accepting all tax returns that have been delayed filing this year. Returns with delayed filing include: Itemized Deductions or Schedule A Tuition and Fees Deduction Form 8917 Educators Expense Deduction on Form 1040 line 23 First Time Homebuyer’s Credit Repayment Form 5405 pg 2… Continue reading

Even in death there are tax consequences.   In addition to the federal taxes associated with death or estate taxes there are additional state taxes as well. Here’s some free financial advice: Don’t die in New Jersey any time soon. If you have more than $675,000 to your name and you die in the Garden State,… Continue reading

With the unemployment rate soaring, more taxpayers than ever will qualify for the Earned Income Tax Credit.  The Earned Income Tax Credit also known as EITC, is a refundable tax credit that was created to assist low to moderate income individuals and families.  This year the EITC can mean up to $5,666 for some families,… Continue reading

The IRS is sending out letters to hundreds of thousands of taxpayers about their new Debit Card program.  The program is for low income taxpayers who do not have bank accounts. The Internal Revenue Service encourages taxpayers to have their tax refunds deposited directly into bank accounts. For those without bank accounts, the debit cards… Continue reading