Credits are great because they are a dollar-for-dollar reduction in tax. This is a 30% credit for skylights, outside doors, windows, pigmented roofs, high-efficiency furnaces, water heaters and central air conditioning units installed in your primary residence in 2009 and 2010. This credit is capped at $1,500, but that’s $1,500 off the cost of the improvements — and you save energy as well.
From MSN
from irs.gov
With the tax filing deadline close at hand, the IRS offers 10 tips for those still working on their tax returns:
1. File Electronically Consider filing electronically instead of using paper tax forms. If you file electronically and choose to have your tax refund deposited directly into your bank account, you will have your money in as few as 10 days. Virtually everyone can prepare a return and electronically file it for free. For the second year, the IRS and its partners are offering the option of Free File Fillable Forms. Another option is Traditional Free File. About 98 million taxpayers – 70 percent of all taxpayers – are eligible for the IRS Traditional Free File.
2. Check the Identification Numbers When filing a paper return carefully check the identification numbers — usually Social Security numbers — for each person listed. This includes you, your spouse, dependents and persons listed in relation to claims for the Child and Dependent Care Credit or Earned Income Tax Credit. Missing, incorrect or illegible Social Security numbers can delay or reduce a tax refund.
3. Double-Check Your Figures If you are filing a paper return, you should double-check that you have correctly figured the refund or balance due.
4. Check the Tax Tables If you are filing using the Free File Fillable Forms or a paper return you should double-check that you have used the right figure from the tax table.
5. Sign your form You must sign and date your return. Both spouses must sign a joint return, even if only one had income. Anyone paid to prepare a return must also sign it.
6. Mailing Your Return Use the coded envelope included with your tax package to mail your return. If you did not receive an envelope, check the section called “Where Do You File?” in the tax instruction booklet.
7. Mailing a Payment People sending a payment should make the check out to “United States Treasury” and should enclose it with, but not attach it to the tax return or the Form 1040-V, Payment Voucher, if used. The check should include the Social Security number of the person listed first on the return, daytime phone number, the tax year and the type of form filed.
8. Electronic Payments Electronic payment options are convenient, safe and secure methods for paying taxes. You can authorize an electronic funds withdrawal, or use a credit or a debit card. For more information on electronic payment options, visit IRS.gov.
9. Extension to File By the April due date, you should either file a return or request an extension of time to file. Remember, the extension of time to file is not an extension of time to pay.
10. IRS.gov Forms and publications and helpful information on a variety of tax subjects are available around the clock at IRS.gov. You can also check the status of your refund after you file your return by clicking on Where’s My Refund?.
Adjusted gross income is the amount of money you’ve made minus any adjustments. Basically, if you want to reduce your tax liability you’ll have to reduce your income and with unemployment rates around 10%, there are lots of folks with reduced income.
In practical terms, one of the best ways to reduce that AGI is to contribute to a retirement vehicle. And, no I’m not talking about a yacht, you’re not ready to sail the big seas anyway. I’m talking about a traditional IRA or an employer sponsored 401K plan. For every dollar you put into one of these bad boys you will reduce your AGI dollar for dollar.
Did you start a new job? Remember, you won’t be able deduct the expenses you incurred while looking, but you definitely can deduct the amount you spent on the move. Even if you don’t itemize and you’ve relocated be sure to keep track of expenses like movers, trucks, and boxes because these things can add up pretty quickly. Late Tax Tips
Filing a past due return may not be as difficult as you think. Taxpayers should file all tax returns that are due, regardless of whether or not full payment can be made with the return. Depending on an individual’s circumstances, a taxpayer filing late may qualify for a payment plan. All payment plans require continued compliance with all filing and payment responsibilities after the plan is approved. However, full payment of taxes saves you money.
from http://www.irs.ustreas.gov/businesses/small/article/0,,id=108327,00.html
We suggest Online options such as http://www.filelate.com or 24hourtax.com
Many of us have to work two jobs in order to make ends meet. Did you know
that you can deduct the money spent on tolls and parking to travel between
the two jobs? You can also deduct the mileage for travel between the two
jobs. Late Filing has never been easier
You can deduct the sales tax you pay on everyday items such as clothes,
cigarettes, etc. Did you know, In your lifetime, you will spend more money on sales tax than you will on anything else!
