Applying for and Benefits of a US Citizenship

My wife just sent her application for US citizenship last month and I’m really surprised on how expensive it is nowadays. The application fees have increased throughout the years as  now the cost is $680 ($595 for the N-400 form application and $85 for the biometric fingerprinting). It seems that almost every year the fees […]

5 Education Tax Credits and Deductions You Don’t Want To Miss in 2010

Education is very important for families because it provides unlimited opportunities for individuals who have one. The government knows this so as much as possible they would like to help by providing numerous education tax credits and deductions to both the people who are pursuing it and for the people that are teaching or providing […]

$1.1 Billion Tax Refunds Expiring Soon! Are You One Those Who Have Not Claimed It?

Did you know that $1.1 billion unclaimed tax refunds are about to expire soon? The IRS just recently announced that these refunds are expiring on this year’s tax deadline, which is April 18, 2011. The law requires that the return be properly addressed, mailed and postmarked by that date. If you are one of those […]

March Madness: How the NCAA Helps You Get Away With Watching Games At Work

March Madness is probably the next big thing after the Super Bowl event. Advertisers are probably paying an arm and a leg just to get spots in this 3-week event. The games are available in multiple TV stations now such as the CBS, TNT, TBS, and TRU. This tells you how a lot of these […]

How to File An Amended Tax Return When You Made A Mistake on Your Taxes

When you made a mistake on your tax return, you should file an amended tax return to make that correction. However, please keep in mind that you can only amend returns that you processed for the past three tax years so you need to be aware of the time limitations. For example, if you file […]

3 Ways You Can Obtain Copies of Your Prior Year Tax Return

You should always keep copies of your tax return for a variety of reasons. The first one is for the tax audit. If a tax auditor made an inquiry on your taxes, you should be able to go back to what you’ve reported. In most cases, IRS can only audit your return for the past […]

Has Your Employer Made Any Cuts Lately? Mine Did!

The economy seems better than it was two years ago. The Dow Jones has hit the 12,000 points mark and unemployment rate seem to be going down as the months passes by. On a recent statistics by BLS, the unemployment has dropped to 9% in January. However, there are still a  lot of companies that […]

The 457 Retirement Plan Hardship Withdrawal

On my previous post, I talked about making a hardship withdrawal on your 401k and 403 (b) but now let’s take a look at the 457 retirement plan, which is a deferred contribution retirement plan for the government employees. It should be noted that some government employees may actually have both the 401(k) plan and […]

Why You Should File A Tax Return Even If You’re Not Required To

On my previous post, we discussed the various filing requirements for various filing statuses. and whether or not you are  required to file an income tax return. Some taxpayers are not required to file because their gross income is less than the sum of their standard deduction and personal exemption. The reason for this is […]

Determining Your Tax Filing Status

When filing your tax return, one of the things that you have to identify first is your filing status. Your filing status is the key to determining how much your standard deduction is (if you are not itemizing your return) and what tax bracket your are going to be at or how much your tax […]

Who Can You Claim As Dependents on Your Return

When you file your return, you are entitled to a personal exemption of $3,650 ($7,300 for married filing joint) in tax year 2010. In addition to that you may be able to take additional exemption if you have dependents. The additional exemption is called dependency exemption and it is the same amount ($3,650) per dependents. […]

Child and Dependent Care Credit: What Expenses Can I Include?

Most of us work and we pay someone to take care of our children while we are at work. When this happens, you may be able to use those expenses to claim the child and dependent care credit. Depending on your income, you can claim a credit of up to $1,050 if you have one […]