Thursday, January 13, 2011
Tax & Bookkeeping Service
It's Tax Season once again! So if you need a Tax Preparer let me help you prepare your taxes to get you the most credits & deductions possible! If you file Electronically you will get your refund faster!
Tax Season Starts on time for most Taxpayers
I Wish you all a Happy New Year! The start of the Tax Season is upon us!
Because of the last minute Tax Law Changes at the Close of 2010, you may want to check out this link to the IRS Website. For most of us the Tax Season will start on time, but for some of us, we will have to wait till Mid-February. Hope this Link will help answer some questions you may have.
http://www.irs.gov/newsroom/article/0,,id=233449,00.html
Because of the last minute Tax Law Changes at the Close of 2010, you may want to check out this link to the IRS Website. For most of us the Tax Season will start on time, but for some of us, we will have to wait till Mid-February. Hope this Link will help answer some questions you may have.
http://www.irs.gov/newsroom/article/0,,id=233449,00.html
Tuesday, December 14, 2010
Happy Holidays!
Please see my post below of a couple of the new Changes for 2010 from the IRS website.
Earned Income Credit (EIC)
2010 Changes
The following paragraphs explain the changes to the credit for 2010. For details, see Publication 596, Earned Income Credit (EIC).
Amount of credit increased. The maximum amount of the credit has increased. The most you can get for 2010 is:
$3,050 if you have one qualifying child,
$5,036 if you have two qualifying children,
$5,666 if you have three or more qualifying children, or
$457 if you do not have a qualifying child.
Earned income amount increased. The maximum amount of income you can earn and still get the credit has increased for 2010. You may be able to take the credit if:
You have three or more qualifying children and you earn less than $43,352 ($48,362 if married filing jointly),
You have two qualifying children and you earn less than $40,363 ($45,373 is married filing jointly),
You have one qualifying child and you earn less than $35,535 ($40,545 if married filing jointly), or
You do not have a qualifying child and you earn less than $13,460 ($18,470 if married filing jointly).
Investment income amount. The maximum amount of investment income you can have and still get the credit is still $3,100 for 2010.
Advance payment of the credit. If you get the advance payments of the credit from your employer with your pay, the total advance payments you get during 2010 can be as much as $1,830.
The following paragraphs explain the changes to the credit for 2010. For details, see Publication 596, Earned Income Credit (EIC).
Amount of credit increased. The maximum amount of the credit has increased. The most you can get for 2010 is:
$3,050 if you have one qualifying child,
$5,036 if you have two qualifying children,
$5,666 if you have three or more qualifying children, or
$457 if you do not have a qualifying child.
Earned income amount increased. The maximum amount of income you can earn and still get the credit has increased for 2010. You may be able to take the credit if:
You have three or more qualifying children and you earn less than $43,352 ($48,362 if married filing jointly),
You have two qualifying children and you earn less than $40,363 ($45,373 is married filing jointly),
You have one qualifying child and you earn less than $35,535 ($40,545 if married filing jointly), or
You do not have a qualifying child and you earn less than $13,460 ($18,470 if married filing jointly).
Investment income amount. The maximum amount of investment income you can have and still get the credit is still $3,100 for 2010.
Advance payment of the credit. If you get the advance payments of the credit from your employer with your pay, the total advance payments you get during 2010 can be as much as $1,830.
Deduction for New Motor Vehicle Taxes
You can deduct state or local sales or excise taxes (or certain other taxes or fees in a state without a sales tax) paid in 2010 for the purchase of any new motor vehicle(s) after February 16, 2009, and before January 1, 2010.
This deduction can be used to increase the amount of your standard deduction, or you can take it as an itemized deduction.
To use the deduction to increase your standard deduction, use Schedule L (Form 1040A or 1040). To take the deduction as an itemized deduction, use Schedule A (Form 1040).
This deduction can be used to increase the amount of your standard deduction, or you can take it as an itemized deduction.
To use the deduction to increase your standard deduction, use Schedule L (Form 1040A or 1040). To take the deduction as an itemized deduction, use Schedule A (Form 1040).
Wednesday, November 3, 2010
Friday, September 24, 2010
Education Credits
If you are a student, be sure to save your reciepts for Tuition, books, supplies, etc. You may qualify for an education tax credit this year.
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