tag:blogger.com,1999:blog-262532152009-02-22T16:51:15.805-08:00Looneynoreply@blogger.comBlogger24125tag:blogger.com,1999:blog-26253215.post-1158908104961077672006-09-21T23:52:00.000-07:002006-09-21T23:55:04.970-07:00

There are two nonrefundable tax credits for payments made for qualified tuition and related expenses for post-secondary education. You may be able to claim a Hope Credit of up to $1,500 for each eligible student. You may be able to claim a Lifetime Learning Credit of up to $2,000 for each family.

Looneynoreply@blogger.com1tag:blogger.com,1999:blog-26253215.post-1146089055656957742006-04-26T15:02:00.000-07:002006-04-26T15:10:16.746-07:00

Don't fall victim to tax scams. Remember that if it sounds too good to be true, it probably is. If you think you're being scammed, you can report suspected tax fraud activity by sending completed Form 3949-A, Information Referral, to Internal Revenue Service, Fresno, CA 93888. You can download the form or call 1-800-829-3676 to order by mail.

Looneynoreply@blogger.com0tag:blogger.com,1999:blog-26253215.post-1145950469565666062006-04-25T00:32:00.000-07:002006-04-25T00:34:29.566-07:00

If your return is completed but you are unable to pay the tax due, do not request an extension. File your return on time and pay as much as you can. The IRS will send you a bill or notice for the balance due.

Looneynoreply@blogger.com0tag:blogger.com,1999:blog-26253215.post-1145950351530354662006-04-25T00:30:00.000-07:002006-04-25T00:32:31.533-07:00

Do you know that if you can't meet the April filing deadline to file your tax return, you can get an automatic six month extension of time to file from the IRS.

Looneynoreply@blogger.com0tag:blogger.com,1999:blog-26253215.post-1145913723732194212006-04-24T14:19:00.000-07:002006-04-24T14:22:03.733-07:00

E-services is a suite of web-based products that will allow tax professionals and payers to conduct business with the IRS electronically. These services are available 24 hours a day, 7 days a week from just about any computer with an internet connection.E-services is not available to the general public. Only approved IRS business partners, such as e-filing tax professionals and payers, are

Looneynoreply@blogger.com0tag:blogger.com,1999:blog-26253215.post-1145913493777198052006-04-24T14:17:00.000-07:002006-04-24T14:18:13.786-07:00

Whoever said there is no such thing as a free lunch may have been right. But for millions of eligible taxpayers, with an Adjusted Gross Income of $50,000 or less, there is Free File. Free File is online tax preparation and electronic filing through a partnership agreement between the IRS and the Free File Alliance, LLC. In other words, you can e-file... free.

Looneynoreply@blogger.com0tag:blogger.com,1999:blog-26253215.post-1145742365155426222006-04-22T14:41:00.000-07:002006-04-22T18:07:23.616-07:00

CHILD AND DEPENDENT CARE CREDIT - COMBAT PAYEarned income is calculated two different ways on Form 2441, Child and Dependent Care Expenses. The earned income calculation for Form 2441, Page 1, includes certain nontaxable earned income, including meals and lodging provided for the convenience of your employer and nontaxable combat pay. This calculation may affect your Child and Dependent Care

Looneynoreply@blogger.com0tag:blogger.com,1999:blog-26253215.post-1145496495561037452006-04-19T18:20:00.000-07:002006-04-19T18:28:15.563-07:00

Do you receive tips as part of your income? You must report all tips as wages on Form 1040. If you receive tips of $20 or more in one month, you must also keep a daily record of tips received and give your employer a written report of your tips for that month by the 10th day of the next month.

Looneynoreply@blogger.com0tag:blogger.com,1999:blog-26253215.post-1145496000661829762006-04-19T18:18:00.000-07:002006-04-19T18:20:00.660-07:00

You may be able to claim a deduction of up to $5,000 for start-up and organizational costs incurred after October 22, 2004. The deduction is reduced by the amount by which the start-up costs exceed $50,000. If you cannot deduct all your costs in the first year the business begins, amortize the remaining costs over 15 years.

Looneynoreply@blogger.com0tag:blogger.com,1999:blog-26253215.post-1145495738120612222006-04-19T18:13:00.000-07:002006-04-19T18:15:38.120-07:00

If you are a member of the National Guard or Reserves and you must travel away from home to perform your service (such as for a drill or a meeting) in a location that is more than 100 miles away from your home, you can take a deduction for related travel expenses as an adjustment to income, even if you do not itemize your deductions. Allowable expenses include expenses for

Looneynoreply@blogger.com0tag:blogger.com,1999:blog-26253215.post-1145495558331184032006-04-19T18:10:00.000-07:002006-04-19T18:12:38.340-07:00

There are circumstances that cause the IRS to examine your return more closely. For example, the IRS may examine your return and request more information if your itemized deductions exceed any IRS internal guidelines, or you claim tax shelter losses. Also, if your business expenses and/or cash charitable contributions are substantial in relation to your income, you may

Looneynoreply@blogger.com0tag:blogger.com,1999:blog-26253215.post-1145353285230690662006-04-18T02:41:00.000-07:002006-04-18T03:03:48.396-07:00

If you did not pay enough tax either through withholding or by making estimated tax payments, you will have an underpayment of estimated tax, and you may have to pay a penalty. Generally, there will be no penalty for underpayment unless the amount you owe is $1,000 or more.

Looneynoreply@blogger.com0tag:blogger.com,1999:blog-26253215.post-1145353205909047402006-04-18T02:40:00.000-07:002006-04-18T02:40:05.910-07:00

If you are employed and receive large refunds, consider adjusting your withholding amounts with your employer. Instead of waiting until the end of the year to receive a big refund, you can complete a new Form W-4, give it to your employer, and have less withholding tax taken out of your paycheck. If income or employment circumstances change, it might also be to your advantage to revise your Form

Looneynoreply@blogger.com0tag:blogger.com,1999:blog-26253215.post-1145353140199244162006-04-18T02:39:00.000-07:002006-04-18T03:03:02.116-07:00

For tax years beginning in 2005, the allowable deductions for the standard mileage rate for the period January 1, 2005, through August 31, 2005, are as follows:Business miles. The standard mileage rate for the cost of operating your car becomes 40.5 cents a mile for all business miles driven.Charitable services. The standard mileage rate allowed for use of your car when you use your car to

Looneynoreply@blogger.com0tag:blogger.com,1999:blog-26253215.post-1145352779436518042006-04-18T02:32:00.000-07:002006-04-18T02:32:59.436-07:00

The standard deduction for taxpayers who do not itemize deductions on Schedule A of Form 1040 is, in most cases, higher for 2005 than it was for 2004. The amount depends on your filing status, whether you are 65 or older or blind, and whether an exemption can be claimed for you by another taxpayer.The basic standard deduction amounts for 2005 are:Head of household — $7,300Married taxpayers filing

Looneynoreply@blogger.com1tag:blogger.com,1999:blog-26253215.post-1145352705743072752006-04-18T02:31:00.000-07:002006-04-18T02:31:45.760-07:00

For 2005, the employer and employee will continue to pay:6.2% each for social security tax (old-age, survivors, and disability insurance), and1.45% each for Medicare tax (hospital insurance).Wage limits. For social security tax, the maximum amount of 2005 wages subject to the tax is $90,000. For Medicare tax, all covered 2005 wages are subject to the tax.

Looneynoreply@blogger.com0tag:blogger.com,1999:blog-26253215.post-1145262426259314222006-04-17T01:24:00.000-07:002006-04-17T01:27:06.260-07:00

Monday, April 17, is the federal tax filing deadline for most of the nation. However, if you live in Maine, Maryland, Massachusetts, New Hampshire, New York, Vermont or the District of Columbia, your deadline is Tuesday, April 18.

Looneynoreply@blogger.com0tag:blogger.com,1999:blog-26253215.post-1145260687734449882006-04-17T00:54:00.000-07:002006-04-17T00:58:07.916-07:00

When you use a car for business, you may deduct the mileage expense by using either the standard mileage rate or the actual expenses of maintaining the vehicle. If you take the actual expenses, you can deduct the depreciation, gas, oil, insurance, tires, licenses, repairs, etc. If you choose to take actual expenses when you first start using the car for business, you cannot change to the standard

Looneynoreply@blogger.com0tag:blogger.com,1999:blog-26253215.post-1145260164956651822006-04-17T00:44:00.000-07:002006-04-17T00:49:24.956-07:00

If you use your car for business purposes, you may deduct 40.5 cents per mile for unreimbursed mileage expenses from January 1 through August 31, 2005 and 48.5 cents per mile for expenses from September 1 through December 31, 2005. Be sure that you keep a written record of your total mileage and business mileage.

Looneynoreply@blogger.com0tag:blogger.com,1999:blog-26253215.post-1145259772829104812006-04-17T00:40:00.000-07:002006-04-17T00:42:52.830-07:00

If you are looking for a job in your current profession and can itemize your deductions, certain expenses may qualify as miscellaneous deductions. Employment agency fees, résumé printing, phone calls, and mailing expenses are examples of deductible items.

Looneynoreply@blogger.com0tag:blogger.com,1999:blog-26253215.post-1145258156440382332006-04-17T00:13:00.000-07:002006-04-17T00:15:56.440-07:00

As you consider making charitable contributions to assist natural disaster victims, keep in mind that you can deduct your contributions only if you make them to a qualified organization. You can ask any organization whether it is a qualified organization, or you can investigate by calling the IRS (toll-free) at 1-877-829-5500 or by checking the online version of Publication 78,

Looneynoreply@blogger.com0tag:blogger.com,1999:blog-26253215.post-1145257521267960942006-04-17T00:02:00.000-07:002006-04-17T01:03:22.736-07:00

Special bonus depreciation is not available for most property purchased after 2004.

Looneynoreply@blogger.com0tag:blogger.com,1999:blog-26253215.post-1145241370048459152006-04-16T19:35:00.000-07:002006-04-16T23:09:20.440-07:00

If you obtain an annulment that declares your marriage never existed, you are considered unmarried for this and any previous tax years. You must amend your tax returns for all the tax years not affected by the statue of limitations for filing a return (usually three years) to show this change in marital status.

Looneynoreply@blogger.com0tag:blogger.com,1999:blog-26253215.post-1145233486670739832006-04-16T17:22:00.000-07:002006-04-17T02:07:52.836-07:00

Who will pay the taxes when you win the lottery pool? Form 5754, Statement by Persons Receiving Gambling Winnings, has been provided by the IRS to alleviate the problem of reporting multiple ownership of lottery tickets. The form is prepared by the person who actually receives the winnings and it identifies all those entitled to a share of the winnings. The federal taxes should already have

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