The Tax Year 2010 Deadline is Today – 6 Useful Tax Articles To Help You Get Through

Today is the deadline for filing the tax return for tax year 2010. Because the Emancipation Day, which is a holiday observed in the District of  Columbia, was observed on Friday, April 15, 2011, the IRS extended the due date to today for taxpayers to file their 2010 returns and pay taxes. By law, D.C. holidays […]

American Opportunity Credit: Why It’s Called The Expanded Hope Credit

See why the American Opportunity Credit is called the expanded Hope Credit. A quick comparison between the American Opportunity Credit and Hope Credit and see why the American Opportunity Credit is a much better credit when claiming an educational credit on your tax return.

$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 […]

Claiming The Making Work Pay Credit On Your 2010 Tax Return

As part of the American Recovery Reinvestment Act, the IRS offered a special tax credit for tax year 2009 and 2010 allowing taxpayers to receive additional refund. Married Filing Joint (MFJ) taxpayers can receive as much as $800 while the rest of the filers can receive as much as $400. The credit equals 6.2 percent […]

Important Tax Update for 2010 You Don’t Want To Miss

On my last post, I talked about the various 2009 tax benefits that were expanded in 2010. Some of these tax benefits have been extended and there are quite a few that were no longer valid for 2010. However, Congress have passed new tax provisions that have expanded additional tax benefits for the American people […]

2009 Tax Benefits Extended in 2010

Every year there are just so many changes in the tax law and it seems that we really have to be on top of things for us to take advantage of the various tax savings. In tax year 2009, there are a lot of tax benefits that sprung out to help the American people weather […]

OTC Drugs and Medicines Affected by the Health Reform Act

I have always utilized my Health Flexible Savings Account (HFSA) from work because it is very generous when it comes to getting tax breaks. I have saved tax dollars year after year for items such as over-the-counter medicines, insurance co-pay deductibles, eye care and other health expenses that are normally not covered by my insurance […]

Audit Finds the IRS Inability to Track the Home Buyer’s Credit

For a change, the IRS are the ones who got audited. A recent article in the Los Angeles Times stated that  an audit raises questions about the IRS ability to track home buyers credit. The auditor found that the IRS lacks a system to keep track or to monitor on the individuals who claimed the […]

How The Health Reform Act Affected My Employee Benefits

It’s that time of the year again for our employee benefits annual enrollment, which is on October 1 thru October 30, 2010, and I just received a newsletter which includes the preview of the upcoming changes. The annual enrollment from my work allows me to make changes on the following benefits: Health Insurance Dental Insurance […]