Planning to make an “energy-saving” improvement to your home? 2010 is the final year to take advantage of the tax credit available so you will need to act quickly as there are only three months left. Whether you simply want to cut your utility bills or winterize your home, do it soon! The name “Home Energy Property Credit” given by Congress is not as descriptive as it could … [Read more...] about Time is Running Out for the Home Energy Property Credit
Tax related
Will You Be Hit by the AMT in 2010?
AMT is the acronym for Alternative Minimum Tax. It is a different (alternative), and generally punitive, method of computing income tax when either certain types of income receive preferential tax treatment or there are excessive deductions in certain categories. Congress originally implemented it to impose a minimum tax on higher-income taxpayers who were avoiding taxes … [Read more...] about Will You Be Hit by the AMT in 2010?
Does the IRS Owe You Money?
If you have not filed a prior year tax return and are due a refund, you should consider filing the return to claim that refund. If you are missing a refund for a previously filed tax return, you should check the status of your refund and confirm your current address. Unclaimed Refunds Some people may have had taxes withheld from their wages but were not required to file a tax … [Read more...] about Does the IRS Owe You Money?
What is a Charitable Organization?
Money or property that you donate to “qualified” charitable organizations can be included in your itemized deductions as a charitable contribution. But what is a “qualified” charity? Churches, synagogues, temples, mosques and other religious organizations Federal, state and local governments (if your contribution is solely for public purposes) - generally includes local … [Read more...] about What is a Charitable Organization?
Due Date Reminders
Due Date Reminders – Individual September 2010September 1 - 2010 Fall and 2011 Tax Planning Contact this office to schedule a consultation appointment. September 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during August, you are required to report them to your employer on IRS Form 4070 no later than September 10. … [Read more...] about Due Date Reminders