Best Tax Tips

Tips on Gambling Income

The Tax Man — Sun, 21 Mar 2010 09:06:03 +0000

Gambling winnings are fully taxable and must be reported on your tax return. Here are seven tips to know about gambling winnings. Gambling income includes – but is not limited to – winnings from lotteries, raffles, horse and dog races and casinos, as well as the fair market value of prizes such as cars, houses, trips [...]

Eight tips to know about the New Vehicle Sales and Excise Tax Deduction

The Tax Man — Fri, 19 Mar 2010 08:57:46 +0000

If you bought a new vehicle in 2009, you may be entitled to a special tax deduction for the sales and excise taxes on your purchase. 1. State and local sales and excise taxes paid on up to $49,500 of the purchase price of each qualifying vehicle are deductible. 2. Qualified motor vehicles generally include [...]

Seven Tips about Claiming the First-Time Homebuyer Credit

The Tax Man — Thu, 18 Mar 2010 08:56:51 +0000

If you purchased a home in 2009 or early 2010, you may be eligible to claim the First-Time Homebuyer Credit, whether you are a first-time homebuyer or a long-time resident purchasing a new home. Here are seven things to know about claiming the credit: 1. You must buy – or enter into a binding contract [...]

Nine Tax Tips about Tax Penalties

The Tax Man — Wed, 17 Mar 2010 18:55:05 +0000

The tax filing deadline is approaching. If you don’t file your return and pay your tax by the due date you may have to pay a penalty. Here are nine things to know about the two different penalties you may face if you do not pay or file on time. 1. If you [...]

Tips for understanding the Standard deduction and Itemized Deduction

The Tax Man — Wed, 10 Mar 2010 18:55:14 +0000

Most taxpayers have a choice of either taking a standard deduction or itemizing their deductions. If you have a choice, you can use the method that gives you the lowest tax. Whether to itemize deductions on your tax return depends on how much you spent on certain expenses last year. Money paid for [...]

A free way to get your money faster

The Tax Man — Fri, 05 Mar 2010 18:58:31 +0000

A Best Tax Tip – we suggest that taxpayers (and tax preparers) who want to expedite their tax refunds should use direct deposit. By using direct deposit, taxpayers can get their refunds much sooner than those who choose to have a paper check mailed to them. The advantages of choosing direct deposit [...]

Eight Tips to Help You Choose a Tax Preparer

The Tax Man — Mon, 01 Mar 2010 18:59:42 +0000

Use care and caution when choosing a tax preparer. Remember, you are legally responsible for what’s on your tax return even if it was prepared by an another individual or firm. Most tax return preparers are professional, honest and provide excellent service to their clients. However, unscrupulous tax return preparers do exist and can cause considerable [...]

Five Important Tips About Your Unemployment Benefits

The Tax Man — Sun, 28 Feb 2010 18:56:22 +0000

Taxpayers who received unemployment benefits in 2009 are entitled to a special tax break when they file their 2009 federal tax returns. This tax break is part of the American Recovery and Reinvestment Act of 2009. Here are five important Tips about your unemployment benefits. 1. Unemployment compensation generally includes any amounts received under the [...]

Eight Reasons why you may want to file income tax

The Tax Man — Fri, 19 Feb 2010 08:19:12 +0000

Even if you don’t have to file, here are eight reasons why you may want to file: 1. Federal Income Tax Withheld If you are not required to file, you should file to get money back if Federal Income Tax was withheld from your pay, you made estimated tax payments, or had [...]

Tips for Avoid delays in refund for Economic Recovery Payment

The Tax Man — Thu, 18 Feb 2010 08:18:18 +0000

As a reminder for those individuals who received an economic recovery payment in 2009 be sure to include this amount when completing Schedule M, Making Work Pay and Government Retiree Credits. Many working taxpayers that received a $250 economic recovery payment from either the Social Security Administration, the Department of Veterans [...]