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Categories: YOUR TAXES Tags:
New York Named Most Expensive State to Close on a Home as Costs Rise Across US
Texas falls to second most expensive according to Bankrate.com’s 2010 Closing Costs Survey
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Categories: YOUR TAXES Tags: albany ny, assembly majority, bully pulpit, business council, city residents, federal tax, home value, largest group, local governments, new york state governor, new yorkers, overwhelming number, property tax relief, property taxes, state senate, tax cap, three states, timely decision, welcome news, york ranks
Cadillac Health Plan Tax to Penalize Majority of Employers by 2018
Top-Performing Companies on Target to Hold Costs Below Excise Threshold Until 2023
Categories: YOUR TAXES Tags: active health, affordable care, care act, coverage costs, excise tax, family coverage, future health care, global professional services, health benefit, health care inflation, health care reform, health plan costs, medical coverage, original concept, patient protection, professional services company, senior consultant, study also found that, target, tax provision
By the Numbers—Changes in Business Bankruptcies
Much attention has been paid by the media and others to the recent rapid
rise in consumer bankruptcies. But less attention has been paid to the even faster rise in business bankruptcies. Recently, John Golmant, a statistician in the Statistics Division of the Administrative Office, 
examined the numbers behind the increase.
Categories: YOUR BUSINESS Tags: abuse prevention and consumer protection act of 2005, administrative office, bankruptcy abuse prevention, bankruptcy abuse prevention and consumer protection act, bankruptcy code, bankruptcy filings, bankruptcy petitions, business bankruptcies, business consumer, business debts, business filings, chapt, consumer bankruptcies, consumer debts, consumer protection act, federal bankruptcy law, fiscal year 2005, nonexempt property, rapid rise, statistician
Reminder That You’ve Got Options If You Can’t Pay Your Taxes
From the California Society of Enrolled Agents
Categories: YOUR TAXES Tags: aggravation, big mistake, california society of enrolled agents, david shaw, ea, federal tax bill, form 9465, installment agreement, irs, mr shaw, prnewswire, tax bills, tax deadline, tax liability, tax return, taxpayers, usnewswire
CCH Lists Ten Ways Tax Code Benefits Parents
RIVERWOODS, Ill., March 8 /PRNewswire/ — Raising kids is expensive, but the tax laws can ease that burden, according to CCH, a Wolters Kluwer business and a leading provider of tax, accounting and audit information, software and services (CCHGroup.com). From birth through college graduation, there are breaks that reduce taxes and help defray the costs of education. Here are ten ways: 1. Personal Exemption – A reduction of taxable income of $3,650 ($3,650 in 2010) for each dependent child under age 19 or, if a full-time student, under age 24. For divorced parents filing separately, generally the exemption goes to the parent who has custody for the greater part of the year. 2. Child Credit – A reduction of tax of $1,000 per child, beginning to phase out when adjusted gross income (AGI) exceeds $75,000 for single filers and $110,000 for joint filers. May be partially refundable, depending on income. 3. Childcare Tax Credit – A credit based on childcare expenses for children up to age 13, or older children if they are physically or mentally incapable of caring for themselves. Credit taken against maximum qualifying expenses of $3,000 for one qualifying dependent and $6,000 for two or more. Credit equals 35 percent of qualifying expenses for taxpayers with AGI up to $15,000 and decreases with income to 20 percent of allowable expenses for AGI of $43,000 or more. 4. Adoption Credit – A maximum credit of $12,150 for a regular adoption, with credit amounts phased out at incomes between $182,180 and $222,180 for both single filers and joint filers. For a special-needs adoption, the credit is figured without regard to the actual expenses paid or incurred in the year the adoption becomes final. 5. Earned Income Tax Credit (EITC) – Amounts increase for eligible taxpayers with children. Size of increase depends on income level, number of children. 6. Coverdell Education Savings Accounts (ESAs) – Earnings in these accounts grow tax-free. Withdrawals also are tax-free if used to pay for qualified educational expenses. Can be used to pay for tuition, fees, books, supplies and equipment for both K-12 and post-secondary. For K-12, can also pay for uniforms, transportation, supplementary items and services such as extended day programs, room and board and purchase of computer technology and Internet access. Contributions limited to $2,000 per year. 7. Qualified Tuition Programs (529 Plans) – Investment earnings in these plans are not taxed if withdrawals are used for qualified expenses. Contributions to state-sponsored programs are partially or fully deductible on some state tax returns. Annual contribution limits for the plans are set by the state or educational institutions sponsoring the plan and may be in excess of $300,000, but a contribution in excess of $65,000 by any individual ($130,000 for joint filers) in one year could restrict those persons’ ability to make additional contributions in further years without being subject to gift tax. 8. Bond interest – For 2009, interest on proceeds of qualified savings bonds (specifically, Series I bonds or qualified Series EE bonds issued after 1989) cashed to pay education expenses is tax free for joint filers with less than $104,900 in AGI, partially tax free for AGI of $104,900-$134,900; comparable limits for single filers are $69,950-$84,950. For 2010 returns, phaseout ranges are $105,100-$135,100 for joint returns, $70,100-$85,100 for single filers. 9. Higher Education Tuition Deduction – An above the line deduction for qualifying educational expenses of up to $4,000 at an accredited post-secondary institution. The deduction is reduced to $2,000 at AGI above $65,000 ($130,000 for joint filers) and is not available if AGI exceeds $80,000 ($160,000 for joint filers). This must be coordinated with other educational exclusions and cannot be used for anyone for whom the American Opportunity Tax Credit or Lifetime Learning Credit is claimed. 10. American Opportunity, Hope and Lifetime Learning Credits – For 2009 and 2010, the American Opportunity Credit virtually replaces the Hope and Lifetime Learning credits for undergraduate expenses, providing a credit of up to $2,500 per student per year for the first four years of post-secondary qualified tuition and expenses. Up to 40 percent of the credit is refundable, depending on income. Residents of Ark., Ill., Ind., Iowa, Kan., Mich., Minn., Miss., Neb. and Wis. who are in the “Midwestern Disaster Area” might do better choosing the Hope Credit for 2009 expenses.
Categories: YOUR TAXES Tags: adjusted gross income, adoption credit, allowable expenses, childcare expenses, college graduation, dependent child, eligible taxpayers, filers, full time, income tax credit, incomes, information software, maximum credit, personal exemption, prnewswire, raising kids, special needs adoption, taxable income, time student, wolters kluwer business
Grant Thornton LLP offers tax tips for contractors
CHICAGO, Jan. 26, 2010 – Contractors are coming off what has to be one of the most dramatic decades in history. Bookended by 9/11 and a severe recession, with boom years in the middle, the past 10 years have challenged the resources of even the most financially solid and best-run companies. Recently enacted stimulus bills offer new tax-saving opportunities, while current budget deficits and the change of administration portend tax increases. Contractors need to do what they can to maximize cash by effectively managing their tax burdens and protecting themselves against tax increases and assessments. With 2010 ushering in a very uncertain tax climate, construction contractors should keep in mind the following tax tips:
Make the most of your net operating loss deduction. Recent tax legislation opens up opportunities for taxpayers of all sizes to choose an extended carryback period for net operating losses (NOLs). This provision allows contractors who have NOLs to choose a five-, four- or three-year carryback period (increased from the normal two-year rule) for NOLs incurred in a tax year beginning or ending in 2008 or 2009. Keep in mind, however, that only a single year can qualify for this enhanced carryback period. Taxpayers with NOLs in two or three qualifying years need additional analysis to maximize their cash refunds.
Take a hard look at bonus depreciation deductions. As an incentive for investment in equipment, taxpayers are allowed to deduct half of the cost of 2009 qualifying property in the first year of use, and then depreciate the remaining half of the asset over its normal useful life. For five-year equipment (the most common tax life for construction equipment), this allows a deduction of 60 percent of the asset’s cost in the first year of its life. For contractors in a tax-loss position, this deduction increases NOL carryback opportunities. However, pass-through entities such as S corporations or LLCs should be aware that significant individual income tax increases are possible, which may make depreciation deductions worth more in the future. Careful planning is required to make sure this deduction is right for you.
Consider future capital gains and dividend tax rate increases. Under current law, capital gains and qualified dividends are taxed at a favorable 15 percent federal income tax rate. This preferential treatment is scheduled to expire at the end of 2010 and individuals (absent a law change) will face higher taxes on these items in 2011. Taxpayers with significant capital gains transactions should work with tax advisers to analyze whether accelerating capital gains and dividends into 2010 is a prudent tax move.
Take full advantage of capital asset expensing deductions. Rules originally intended for small businesses were expanded significantly to allow contractors to expense up to $250,000 of 2009 fixed asset costs, provided less than $800,000 of assets were placed in service throughout the year. Unlike bonus depreciation, this applies to new or used assets. However, this deduction cannot be taken if a contractor is already in a tax-loss position.
Consider not deferring income. The traditional wisdom of deferring income for tax purposes deserves another look. With many government entities looking for increased tax revenues, new tax policies and rate increases are very possible. At the current time, individual taxpayers are a target. With tax increases scheduled for 2011, taxpayers would be well-advised to consider whether deferring taxable income is still the most cash-efficient option.
Categories: YOUR TAXES Tags: 10 years, bonus depreciation, boom, budget deficits, cash refunds, construction contractors, construction equipment, depreciation deductions, entities, grant thornton llp, llcs, nols, recession, s corporations, stimulus, tax burdens, tax climate, tax increases, tax legislation, taxpayers
Grant Thornton LLP offers tax tips for real estate owners and investors
CHICAGO, Feb. 1, 2010 – As real estate owners and investors do business throughout 2010, they will more than likely face many complex tax issues that could strain their resources and drain profits. They should keep in mind these tax tips that could help them save money in the long run:
Determine if your partnership qualifies for an income deferral for debt reacquisition transactions. Has your business had debt forgiven? There is a tax election available that will allow you to defer cancellation of debt (COD) income until 2014, when it will then be recognized ratably over five years. Carefully consider the options before making this irrevocable election as your COD income could be fully excluded under other provisions.
Color your building green. Take advantage of special deductions and credits for green, or environmentally friendly, buildings.
Determine if you are a dealer or an investor. Do you know if you are a real estate dealer or an investor with regard to taxes? Proper planning will ensure the desired treatment upon disposition of the property.
Allocate land costs to your benefit. To defer income upon the sale of parcels from a tract of purchased land, it is necessary to properly allocate the cost among the various parcels. The IRS requires that the cost be equitably apportioned, but how? Consider several methods when allocating costs.
Take advantage of lower property valuations. Have you considered gifting real estate property or partnership interest for estate planning purposes? You may want to consider converting a corporation into an LLC since built-in gains may be low due to depressed real estate values.
Properly account for your lease income. You may be accounting for your lease income based on the cash received or the terms of the lease agreement. However, an Internal Revenue Code section specifically addressing leases may require the income to be accounted for in a different manner.
Determine if your partnership qualifies for an income deferral for debt reacquisition transactions. Has your business had debt forgiven? There is a tax election available that will allow you to defer cancellation of debt (COD) income until 2014, when it will then be recognized ratably over five years. Carefully consider the options before making this irrevocable election as your COD income could be fully excluded under other provisions.
Color your building green. Take advantage of special deductions and credits for green, or environmentally friendly, buildings.
Determine if you are a dealer or an investor. Do you know if you are a real estate dealer or an investor with regard to taxes? Proper planning will ensure the desired treatment upon disposition of the property.
Allocate land costs to your benefit. To defer income upon the sale of parcels from a tract of purchased land, it is necessary to properly allocate the cost among the various parcels. The IRS requires that the cost be equitably apportioned, but how? Consider several methods when allocating costs.
Take advantage of lower property valuations. Have you considered gifting real estate property or partnership interest for estate planning purposes? You may want to consider converting a corporation into an LLC since built-in gains may be low due to depressed real estate values.
Properly account for your lease income. You may be accounting for your lease income based on the cash received or the terms of the lease agreement. However, an Internal Revenue Code section specifically addressing leases may require the income to be accounted for in a different manner.
“To learn how these tax tips may apply to your real estate business or investment, please contact your tax advisor,” said Jerry Williford, a Grant Thornton Real Estate Tax executive director.
Grant Thornton LLP’s Construction, Real Estate and Hospitality group has developed 12 tax tips for real estate owners and investors. To read all of the tax tips, go to www.GrantThornton.com/CRHtaxtips or email CRH@gt.com.
Grant Thornton LLP offers tax tips for real estate owners and investors
CHICAGO, Feb. 1, 2010 – As real estate owners and investors do business throughout 2010, they will more than likely face many complex tax issues that could strain their resources and drain profits. They should keep in mind these tax tips that could help them save money in the long run:
Determine if your partnership qualifies for an income deferral for debt reacquisition transactions. Has your business had debt forgiven? There is a tax election available that will allow you to defer cancellation of debt (COD) income until 2014, when it will then be recognized ratably over five years. Carefully consider the options before making this irrevocable election as your COD income could be fully excluded under other provisions.
Color your building green. Take advantage of special deductions and credits for green, or environmentally friendly, buildings.
Determine if you are a dealer or an investor. Do you know if you are a real estate dealer or an investor with regard to taxes? Proper planning will ensure the desired treatment upon disposition of the property.
Allocate land costs to your benefit. To defer income upon the sale of parcels from a tract of purchased land, it is necessary to properly allocate the cost among the various parcels. The IRS requires that the cost be equitably apportioned, but how? Consider several methods when allocating costs.
Take advantage of lower property valuations. Have you considered gifting real estate property or partnership interest for estate planning purposes? You may want to consider converting a corporation into an LLC since built-in gains may be low due to depressed real estate values.
Properly account for your lease income. You may be accounting for your lease income based on the cash received or the terms of the lease agreement. However, an Internal Revenue Code section specifically addressing leases may require the income to be accounted for in a different manner.
Determine if your partnership qualifies for an income deferral for debt reacquisition transactions. Has your business had debt forgiven? There is a tax election available that will allow you to defer cancellation of debt (COD) income until 2014, when it will then be recognized ratably over five years. Carefully consider the options before making this irrevocable election as your COD income could be fully excluded under other provisions.
Color your building green. Take advantage of special deductions and credits for green, or environmentally friendly, buildings.
Determine if you are a dealer or an investor. Do you know if you are a real estate dealer or an investor with regard to taxes? Proper planning will ensure the desired treatment upon disposition of the property.
Allocate land costs to your benefit. To defer income upon the sale of parcels from a tract of purchased land, it is necessary to properly allocate the cost among the various parcels. The IRS requires that the cost be equitably apportioned, but how? Consider several methods when allocating costs.
Take advantage of lower property valuations. Have you considered gifting real estate property or partnership interest for estate planning purposes? You may want to consider converting a corporation into an LLC since built-in gains may be low due to depressed real estate values.
Properly account for your lease income. You may be accounting for your lease income based on the cash received or the terms of the lease agreement. However, an Internal Revenue Code section specifically addressing leases may require the income to be accounted for in a different manner.
“To learn how these tax tips may apply to your real estate business or investment, please contact your tax advisor,” said Jerry Williford, a Grant Thornton Real Estate Tax executive director.
Grant Thornton LLP’s Construction, Real Estate and Hospitality group has developed 12 tax tips for real estate owners and investors. To read all of the tax tips, go to www.GrantThornton.com/CRHtaxtips or email CRH@gt.com.
Categories: REAL ESTATE, YOUR TAXES Tags: accounting, cancellation of debt, deferral, estate business, internal revenue code, internal revenue code section, investor, Investors, irs, lease agreement, lease income, leases, parcels, partnership interest, profits, property valuations, provisions, real estate values, regard, tax election
Five Facts about the Making Work Pay Tax Credit
Working taxpayers may be eligible for the Making Work Pay tax credit, a significant tax provision of the American Recovery and Reinvestment Act of 2009. This tax credit means more take-home pay for millions of American workers. Here are five things the IRS wants every taxpayer to know about the Making Work Pay tax credit:
1. This credit — available for tax years 2009 and 2010 — equals 6.2 percent of a taxpayer’s earned income. The maximum credit for a married couple filing a joint return is $800 and $400 for other taxpayers. Most wage earners have been enjoying a boost in their paychecks from this credit since April.
Categories: YOUR TAXES Tags: dependents, estimated tax payments, income tax liability, income taxpayers, irs gov, irs publication 919, irs withholding calculator, married couple, maximum credit, paychecks, personal situation, reinvestment act, social security numbers, social security recipients, tax credit, tax provision, valid social security, valid social security numbers, wage earners, withholding allowance
Top Five ‘Must-Do’ Tax Tips
SAN ANTONIO, Jan. 11 /PRNewswire/ — In January, taxpayers receive the most important tax form of the year – Form W-2, Wage and Tax Statement. Your 2009 income tax and future social security and Medicare benefits are based on it, so its accuracy is vital to short- and long-term financial health.
Categories: YOUR TAXES Tags: accurate tax, american payroll association, dependent care flexible spending, dependent care flexible spending accounts, financial health, flexible spending accounts, gross pay, insurance premiums, medicare benefits, minor adjustments, payroll department, paystub, prnewswire, social security and medicare, social security card, social security number, social security wage base, tax deductions, wage and tax statement, withholding allowances
New York’s Penalty And Interest Discount Program Helps Taxpayers Clear Up Older Tax Debts
by New York State Department of Taxation and Finance
ALBANY, NY (01/13/2010)(readMedia)– New York State Department of Taxation and Finance Acting Commissioner Jamie Woodward announced today that nearly 800,000 taxpayers may be eligible to participate in the new Penalty and Interest Discount (PAID) Program, a plan offering substantial reductions in penalty and interest charges to people who pay off older tax debts.
Categories: YOUR TAXES Tags: albany ny, credit histories, current address, deficit reduction, department of taxation, department of taxation and finance, eligible taxpayer, eligible taxpayers, fiscal crisis, interest charges, mail, mailing letters, new york state department of taxation, new york state department of taxation and finance, state department of taxation, state department of taxation and finance, substantial reductions, tax bills, tax debts, tax liabilities
Quote of the Day: IRS Commissioner ” I find the tax code complex so I use a preparer,”
IRS Commissioner Douglas Shulman does not file his own taxes in part because he believes the tax code is complex.
During an interview on C-SPAN’s “Newsmakers” program that aired on Sunday, Shulman said he uses a tax preparer for his own returns.
Categories: YOUR TAXES Tags: c span, congress, irs commissioner, newsmakers, qoute of the day, shulman, tax preparer
6 Tax Saving Tips to Help Consumers Save Money Next Year
By making just a few simple tax moves consumers can greatly reduce their tax bill.
Categories: YOUR TAXES Tags: automobile, capital gain taxes, category business, charitable work, charity work, filing cabinet, glove box, iras, little bit, mail, mileage, money saving tips, new year, notebook, post office, prnewswire, tax bills, tax moves, throbbing head, traditional ira
New Homebuyer Credit Form Released
Taxpayers Reminded to Attach Settlement Statement and Other Key 
Documents
WASHINGTON — The Internal Revenue Service today released the new form that eligible homebuyers need to claim the first-time homebuyer credit this tax season and announced processing of those tax returns will begin in mid-February. The IRS also announced new documentation requirements to deter fraud related to the first-time homebuyer credit.
Categories: REAL ESTATE, YOUR TAXES Tags: address sales, assistance act, business assistance, documentation requirements, eligible homebuyers, home purchasers, homeownership, hud, internal revenue service, irs, property address, retail sales, sales contract, settlement statement, signatures, tax refunds, tax return, tax returns, taxpayers, time homebuyer
Taxpayers May Claim Extra Credit for College Costs
Expanded higher education benefits can reduce federal income taxes
INDIANAPOLIS, Jan. 19 /PRNewswire/ — USA Funds®, the nation’s leading education loan guarantor, advises families that paid college expenses during 2009 to consider if they qualify for higher education tax credits and deductions when they file their federal income tax returns.
Categories: YOUR TAXES Tags: american opportunity, education tax benefits, education tax credits, federal income tax, federal income tax returns, federal income taxes, federal tax credit, gross incomes, higher education tax credits and deductions, hope credit, hope tax credit, income tax liability, income tax returns, lifetime learning credit, loan guarantor, married taxpayers filing joint returns, opportunity tax credit, prnewswire, student loan interest, student loan interest deduction
Taxes, Refinancing and Mortgage Modification: Four Useful Tips
–(BUSINESS WIRE)–If you’re like most Americans, April 15 is not your favorite day of the year. The day the tax forms are due. With all of the economic upheaval, filing this year may be trickier than others, which weren’t all that easy in the first place. If you are a first –time buyer refinanced your home or had your mortgage modified, though, the extra complexity could work in your favor.
Categories: REAL ESTATE, YOUR TAXES Tags: accountant, boyajian, busy signal, complexity, day of the year, economic upheaval, favorite day of the year, first time buyer, government check, innovations, irs, loan modification, mortgage debt, paperwork, personal finance, refinancing, software company, tax forms, thousands of dollars
Ambassador Joseph Lauds President Obama and U.S. Congress for Passage of Tax Incentives for Haiti Relief Donations
WASHINGTON, Jan. 23 /PRNewswire-USNewswire/ — Haitian Ambassador to the United States Raymond Joseph today applauded President Barack Obama and the U.S. Congress for enactment of the Haiti Assistance Income Tax Incentive Act, which will give income tax benefits for charitable cash contributions for the relief of victims of the earthquake in Haiti.
Categories: YOUR TAXES Tags: ambassador, barack obama, cash contributions, charitable contribution, compassionate citizens, earthquake, embassy of haiti, enactment, haiti relief efforts, house of representatives, incentive act, income tax benefits, lauds, march 1, outpouring, president rene, tax incentive, tax incentives, tax returns, u s senate
How to Steer Clear of Having Your Business Audited
The Alloy Silverstein Group offers audit advice
CHERRY HILL, N.J., Jan. 25 /PRNewswire/ — Small business owners, perhaps the busiest people in America, juggle multiple tasks to keep their businesses up and running. Yet they may have another worry looming on the horizon — an IRS Audit.
Categories: YOUR TAXES Tags:
Death of the Death Tax for Business Owners?
FAIRFAX, Va., Jan. 25 /PRNewswire/ — Business owners who have followed the estate tax legislation may have felt they received a huge gift when Congress adjourned without passing legislation extending the estate tax into 2010. According to Odin, Feldman & Pittleman Trust, Estate & Tax Planning Attorney John Dedon, “Right now, there is no estate tax. Whether you own a business worth $3 million or $50 million, you can pass it to your children estate tax free.”
Categories: YOUR TAXES Tags: 1 million, 50 million, assets, business owner, business worth, capital gain, death tax, disappearance, estate tax returns, federal estate tax, free gifts, income tax, odin, prnewswire, small business owners, tax exemption, tax legislation, tax planning, tax rate, trust estate
Bankrate: Mortgage Rates Inch Lower
NEW YORK, Jan. 28 /PRNewswire/ — The average conforming 30-year fixed mortgage rate fell for the fourth consecutive week, settling at 5.13 percent according to Bankrate.com’s weekly national survey. The average 30-year fixed mortgage has an average of 0.49 discount and origination points.
Categories: REAL ESTATE Tags: 30 year fixed mortgage, 30 year fixed rate, adjustable rate mortgages, bankrate, economic worries, federal reserve chairman, fixed mortgage rate, lower mortgage, mortgage backed bonds, mortgage bond, mortgage rates, mortgage shoppers, mortgage survey, obama, origination points, size loan, thrifts, time mortgage, weekly mortgage, year fixed mortgage
Tax Department Provides Online And Call-In Customer Service For 1099-G Information
by New York State Department of Taxation and Finance
ALBANY, NY (01/29/2010)(readMedia)– New York State Department of Taxation and Finance Acting Commissioner Jamie Woodward announced today that the Department will supply 1099-G state income tax information online at the Department’s website and through dedicated call-in telephone numbers.
Categories: YOUR TAXES Tags: federal income tax return, income tax information, income tax refund, income tax refunds, income tax return, new york state department of taxation, new york state department of taxation and finance, new york state income tax, new york state income tax refund, new york state tax, new york state tax forms, new york state tax refund, nystax gov, state callers, state income tax, state income tax refund, state income tax refunds, state tax forms, state tax refund, york taxpayers
Business Council Urges NY Congressional Delegation to Oppose Bank Tax
by Business Council of New York State
ALBANY, NY (01/29/2010)(readMedia)– “President Obama’s proposed bank tax is an attack on New York’s most important industry, financial services. The Business Council of New York State is urging our congressional delegation to oppose this tax,” said Kenneth Adams, president and CEO of The Business Council of New York State, Inc.
Categories: YOUR TAXES Tags: adams business, albany ny, billion dollars, business council, ceo, congressional delegation, efficiency, federal government, financial crisis, financial institutions, financial markets, financial services industry, liabilities, new york state, obama, precipice, protocols, tax hike, transparency, wall street
Get More Taxes Back, and Avoid Costly Refund Anticipation Loans this Tax Season
Check if You’re Eligible for the Earned Income Tax Credit (EITC)
Categories: YOUR TAXES Tags: consumer federation of america, eligible families, essential family, family expenses, free tax preparation, goodwill industries international, housing education, income tax assistance, income tax credit, individuals with disabilities, internal revenue service, irs estimates, jim gibbons, moderate incomes, prnewswire, refund anticipation loans, t claim, tax preparation services, usnewswire, volunteer income
Jackson Hewitt(R) Weekly ‘Tax Time Tip’: How Single Parents Can Claim Child-Related Tax Benefits
PARSIPPANY, N.J., Jan. 29 /PRNewswire-FirstCall/ — Whether a single parent to a toddler or a teen, there are often significant tax benefits available to those who can claim dependents. Jackson Hewitt Tax Service® reminds single parents to get smart about the child-related tax credits and deductions they may be able to claim on an annual tax return – and how to assess if they are eligible to claim these.
Categories: YOUR TAXES Tags: adjusted gross income, child care, custodial parent, day of the year, dependent children, dependents, firstcall, head of household, jackson hewitt tax, jackson hewitt tax service, jan 29, parsippany, prnewswire, single parent, single parents, standard deduction, steber, tax credits, tax rate, tax return
Cupid’s Arrow Could Sting Your Financial Future
Check Your Loved One’s Credit Scores To Avoid Future Financial and Relationship Problems
Norwalk, CT (PRWEB) February 10, 2010 — Carrie Coghill Kuntz, Director of Consumer Education for FreeScore.com, and author of “The Newlywed’s Guide to Investing and Personal Finance,” says knowing your partner’s credit history and scores can help you avoid future financial and relationship problems.
Categories: YOUR TAXES Tags: actions speak louder than words, coghill, consumer education, credit decisions, credit history, credit score, credit scores, financial decisions, free credit report, guide to investing and personal finance, hopes and dreams, incompatibility, kuntz, louder than words, money management, newlywed, norwalk ct, poor credit, prweb, relationship problems
Catch a Bigger Tax Break on College Expenses This Year
HESC Reminds Students and Families to Use Often Overlooked Higher Education Tax Benefits
by New York State Higher Education Services Corporation
Categories: YOUR TAXES Tags: american opportunity, college costs, college expenses, education tax benefits, eligible student, eligible students, gross income, higher education services, lifetime learning credit, new york state higher education services, new york state higher education services corporation, qualified education expenses, state education, state higher education, state higher education services, student loan interest, student loan interest deduction, tax time, undergraduate study, york state higher education
New York’s Working Families Net $2.1 Billion In Relief Through Popular Tax Credits
Child Care, EITC, Tuition and Household Credits Can Boost IncomeTax Refunds
by New York State Department of Taxation and Finance
Categories: YOUR TAXES Tags: child care credit, college tuition, department of taxation, department of taxation and finance, dependent care credit, dependent children, economic times, empire state, families with incomes, household credit, income tax credit, moderate income families, new york state department of taxation, new york state department of taxation and finance, refundable credit, state department of taxation, state families, tax bills, tuition credit, working families
Categories: YOUR TAXES Tags: card balance, dread, e file, final countdown, form 4868, illinois cpa society, installment agreement, installments, interest rate, irs gov, irs interest, irs web site, minute questions, paying taxes, prnewswire, procrastinator, social security, social security number, tax questions, tax return
To Itemize or Not? Jackson Hewitt(R) Helps Taxpayers Evaluate This Essential Tax Filing Question
Standard Deduction Amounts Increased for 2009 Tax Returns
Categories: YOUR TAXES Tags: charitable donations, dental expenses, employee business expenses, favorable tax, firstcall, form 1040, itemized deductions, itemizing deductions, jackson hewitt tax, jackson hewitt tax service, mortgage interest, parsippany, standard deduction, steber, tax filing deadline, tax position, tax return, tax returns, tax situation, theft losses
Two Members of Reverse Mortgage Fraud Ring Plead Guilty
Fraudsters Profited from FHA-Insured “Reverse” Loans Intended to Benefit Seniors
Categories: YOUR TAXES Tags: bank fraud, department of housing and urban development, department of housing and urban development hud, equity conversion mortgage, federal housing administration, fraud charge, fraud ring, home equity conversion, home equity conversion mortgage, hud office, kenneth donahue, lithonia ga, loan proceeds, mortgage fraud, office of inspector general, prnewswire, reverse mortgage lenders, reverse mortgages, sally quillian yates, usnewswire
Bankrate: Mortgage Rates Retreat
Bankrate: Mortgage Rates Retreat
NEW YORK, April 15 /PRNewswire/ — Mortgage rates broke a streak of three weekly increases, with the average conforming 30-year fixed mortgage falling back to 5.21 percent, according to Bankrate.com’s weekly national survey. The average 30-year fixed mortgage has an average of 0.38 discount and origination points.
Categories: YOUR TAXES Tags: 30 year fixed mortgage, 30 year fixed rate, adjustable rate mortgages, bankrate, buyback program, debt issuance, federal reserve, filling the void, funnel, government debt, mortgage rates, mortgage survey, national survey, origination points, prnewswire, size loan, thrifts, time mortgage, weekly mortgage, year fixed mortgage
IRS Relaxes Requirements, Opens Offer in Compromise Program to Thousands
IRS Commissioner Doug Shulman announces ‘big shift’ in offer in compromise program to accommodate taxpayers impacted by unemployment or financial problems
Categories: YOUR TAXES Tags: baltimore sun, compromise program, down economy, economic decline, financial hardship, founder president, irs agents, irs commissioner, irs employees, irs liens, offer in compromise, offers in compromise, patrick cox, prnewswire, settlement program, shulman, tax deadline, tax debt, tax obligations, taxmasters inc
Younger People More Likely to Be Refused Loans, Mortgages, Credit Cards, Says New FindLaw.com Survey
More than twice as likely to be turned down for loans
EAGAN, Minn., /PRNewswire/ — Younger people are more than twice as likely as older age groups to have been turned down for loans, mortgages and credit cards within the last year, according to a new national survey by FindLaw.com (http://www.findlaw.com/), the most popular legal information Web site.
The FindLaw.com survey found that more than one in five (22%) people between the ages of 18 and 34 say that they have been refused a mortgage, loan or credit card within the last year. That’s more than twice the percentage of any other age group, and they are four times more likely to say they’ve been turned down than people age 55 and up.
According to the FindLaw survey, people between the ages of 18 and 34 say that they have been turned down for the following within the last year:
– Credit card – 15%
– Home mortgage – 4%
– Home equity loan – 4%
– Car loan – 4%
– Student loan – 4%
– Mortgage refinance – 2%
– Small-business loan – 2%
– Home improvement loan – 1%
– Credit card – 15%
– Home mortgage – 4%
– Home equity loan – 4%
– Car loan – 4%
– Student loan – 4%
– Mortgage refinance – 2%
– Small-business loan – 2%
– Home improvement loan – 1%
“Borrowing money – whether a mortgage, loan or even a credit card – often involves meeting strict standards set by the financial institution,” said Stephanie Rahlfs, an attorney and editor with FindLaw.com. “And it can be particularly difficult for younger people, who often have had less time and opportunity to establish a credit history, work history, etc. Monitoring your credit score, correcting any errors in your credit report, and building a good history of managing credit and loans can help increase the chances of being approved for a loan, mortgage or credit card down the road.”
Free Internet resources, such as FindLaw (www.findlaw.com) can provide helpful information on credit scores and managing debt.
The FindLaw.com survey was conducted using a demographically balanced telephone survey of 1,000 American adults and has a margin of error of plus-or-minus 3 percent.
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