Filed in archive
Information About
on May 22, 2010
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Corey T. Burns
In order to qualify for these tax benefits, you will need to have received less hours or been laid off between September 1, 2008 and May 31, 2010. The Recovery Act enables eligible workers to get a reduction of 65 percent, leaving them to only pay 35 percent.
There is also an even larger benefit that some may be eligible to receive. Some may get up to 80 percent of the cost of their COBRA coverage from the Health Coverage Tax Credit (HCTC). This tax credit provides for those who receive Trade Adjustment Assistance benefits, or are between the ages of 55 and 65 and are already getting pension benefits from the Pension Benefit Guaranty Corporation. They also have to be in a qualified health insurance plan to get the benefits.
Individuals who also experienced a cut in their work hours, and at first chose to get the COBRA benefits and then dropped them later are also eligible to get the benefits. Others who chose not to take them at all have a second chance at this greatly reduced rate. There are some limitations on time of eligibility for this benefit, so you may want to act quickly. The IRS Website has more details.
Filed in archive
Information About
on May 13, 2010
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Valerie Everett
Tax records that the IRS is most likely to want to look at include receipts, checks - canceled, images of, or substitute, mileage logs, proofs of payment, and other evidences that relate to any credits or deductions you may have claimed on your tax return.
The IRS says on its Website, that it may also want to see any documents that deal with buying or selling a home, stock transactions, and IRA's. It will also ask to see any tax records dealing with rental properties and businesses you have.
The Internal Revenue Service does not have any particular recommendation about what form these tax records are to be in or how they should be organized. The main idea is that if they want to see them, you want to be able to put your hands on them quickly, in order to resolve any difficulties.
Filed in archive
Tax Preparation
on May 6, 2010
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Nurse_Carla
Ryan Sager at SmartMoney reported that a survey performed by H&R Block indicated that people lose an average of $400 each year due to procrastination. He also mentioned that it is even costlier when you consider that you have not been taking part in your employer sponsored programs for saving money.
And then there is the matter of interest that you will have to pay for each day that your taxes are late. Of course, that is only if you owe Uncle Sam money. Why not determine now to get your taxes in quickly for last year, and then start making preparations for next year's taxes. Make it easy on yourself to pay them on time, get all the deductions you can and pay as little as possible to taxes on your next tax return.
Filling out an online tax return makes it easier because many of the spaces are filled in for you automatically. All you have to do is enter the right numbers in the right blanks then e-file taxes to the IRS. It can't get much simpler than that.
Filed in archive
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on April 28, 2010
Get Your Tax Return Quick with Electronic Tax Filing Tax Preparation Weblog
A real advantage of using electronic tax filing is the speed of which you can get a tax return. This could be helpful to you if you are expecting money back from the government in some form. Some Web sites give you the opportunity to get free electronic tax filing, such as this the one from the IRS. Besides being free, you can also have the tax refund or [...] Read More
Tax Mistake #5 - Not Filing Because You Can't Pay the Tax Tax Preparation Weblog
Just because you do not have the money needed to pay your 1040 tax, does not mean that you should overlook it. Uncle Sam will still expect to hear from you. Filing the appropriate tax forms is still your best option, and you should send it in before April 15th. You will be charged late fees and interest on the amount not paid. Explaining your situation to the [...] Read More
Are You Thinking about Filing Your Income Taxes Late? Tax Preparation Weblog
The time is almost here when personal income taxes have to be filed. Many people are not quite ready and you may even be thinking about skipping it for now and not rushing to meet the deadline. If you owe money, however, you may want to go ahead and file anyway, and pay what you can with your 1040 taxes for the year. The main reason for doing this [...] Read More
Tax Filing Tip The Personal Finance Weblog
Library As you already know, today is tax day. That means that if you haven't yet sent your tax forms to Uncle Sam that you only have a few hours to get it done. Fortunately, you no longer have to go to the post office. Now, if you file online, you can be sure that the IRS will receive your tax papers - even if it is just before midnight. [...] Read More
Electronic Cigarette Alternative to Tobacco But Grass Remains Real Thing Sox First
An electronic cigarette may be an alternative to real tobacco, but it won't be an alternative to grass California will be looking at legalizing. It will be the real thing. This year I have looked at how California might be forced to legalize marijuana because of its financial crisis. Marijuana is a great cash crop and dope sales could get more revenue in through the door with [...] Read More
Filed in archive
Tax Preparation
on April 19, 2010
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http2007
Since it isn't every day that you get a tax refund, you should plan on using it to your advantage. If you already have considerable credit card debt, for instance, it would be a good idea to use a good chunk of it to reduce your debt. This will enable you to have a little less stress throughout the rest of the year. Even better would be if you made a large enough of a payment to eliminate one debt altogether.
Another good purpose for your tax refund from your 1040 taxes would be to create that emergency fund you always knew that you needed. The economic hardship of the past 18 months has proven more than ever that a family, as well as single people, need to have some money in the bank that they can easily get access to in an emergency.
This fund, says Laura T. Coffey at MSNBC.MSN.com, can be used to pay for medical emergencies, provide money in the event of a layoff, an accident, or the need to have to take a sudden trip. Don't forget, too, that if you are in an auto accident that you will have to pay a deductible, too.
You can create the emergency fund from your tax rebate check. Ideally, you want to have at least three months of income set aside for emergencies. It can help you get by many different unexpected purposes, and you need it because life is full of surprises.
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