You Bought a House, Claim the First-Time Homebuyers Credit
There are a number of documentation requirements when you go to file your return for 2009 and you want to claim the First-Time Homebuyers Credit. This great credit of $8,000 helps with fixing up the new house or paying off some moving expenses. But claiming the credit requires a number of documents and filing a paper return with the IRS.
The first statement you will need to attach to your 1040 paper tax return is a HUD-1 Settlement Statement. You will get a copy of this form when you close … Read more at 2008 Taxes.
By Steve
|
Posted in property taxes, tax credit, Tax Preparation, turbotax
|
Also tagged 1098, 2009, certificate of occupancy, documents, first-time home buyers, Hud-1, long-term buyer, mortgage interest statements, paper return, retail sales contract, settlement statement, tax credit, tax return
|
Capital Gains and What to Report to the IRS
Capital Gains and Losses are the result of holding capital assets for investment or for personal use. Capital Assets held for investment result in a capital gain or loss when sold compared to their basis, or what you purchase the asset for. Capital Assets held for personal use can only create a capital gain. All capital gains must be reported to the IRS.
Long term capital gains are better as their tax rate is generally lower than short term capital gains. The classification of a capital gain or loss is … Read more at 2008 Taxes.
By Steve
|
Posted in capital gain, Tax Preparation, turbotax
|
Also tagged 1040, capital gains, carried forward, investment, losses, publication 17, schedule d, Tax Preparation, tax rate
|
August 24, 2009 – 11:38 am
Do you Understand the Tax Changes in the Recovery & Reinvestment Act?
The Federal Stimulus Bill has made many changes to the way taxes need to be filed for everyday people like you. If you were or are unemployed than you definitely can’t afford to pay taxes on unemployment benefits that might not be due and you definitely cant afford to hire a tax professional to file your taxes. What you can do is use the quick and easy, proven Turbo Tax program that is updated to include and apply all changes made under the Federal Stimulus Bill that may … Read more at 2008 Taxes.
Use your Home Office as a Tax Deduction in 2009
There are certain requirements but if you work from home and have an office in the home, you can deduct the space along with your other business expenses on your 2008 tax filing. There are types of use needed to be able to take this very helpful business deduction. First, you use the space exclusively and regularly for your business. Or two, you use the space as storage for business inventory on a regular basis.
Deduction Computation and Reporting
The deduction is a percentage of your overall home expenses … Read more at 2008 Taxes.
TaxAct is the Completely Free Federal Option
If you are looking for the best and completely free option for filling your federal tax return this season, TaxAct is the solution for you. You can prepare, print, and eFile your return for no fee what-so-ever and only pay a small $13.95 free if your state requires an income tax return.
Deluxe and Ultimate
There are two additional versions available of the TaxAct online tax preparation software which you might need in special situations. The Deluxe version offers parents of soon to be college students the option of completing a Free Application … Read more at 2008 Taxes.
Income that is Not Taxable
Almost all income earned by American citizens is taxable but there are some exceptions that the IRS makes based on taw law. Some forms of income that the IRS deems not to be nontaxable include adoption expense reimbursements, child support, gifts, worker’s compensation benefits, welfare benefits, and economic stimulus payments received during the last tax year.
Sometimes Taxable
Then there are a couple forms of income that are at times taxable and at other times nontaxable. When you are the beneficiary of a life insurance policy, those proceeds are not taxed. But if an … Read more at 2008 Taxes.
