Title: Stacie's More Tax Tips

IRS Presents: Five Tips for Taxpayers Making a Move

Published on Fri, 12 Mar 2010 15:27:39

The IRS offers five tips for taxpayers who have moved or are about to move.  If you’ve changed your home or business address, make sure you update that information with the IRS to ensure you receive any refunds or correspondence from the IRS. 1. How to Change Your Address You can change your address on file read more..

IRS Presents: Can You Get An Additional Tax Credit for Contributions To Your Retirement Plan?

Published on Thu, 11 Mar 2010 15:20:13

If you make eligible contributions to an employer-sponsored retirement plan or to an individual retirement arrangement, you may be eligible for a tax credit.  Here are six things you need to know about the Retirement Savings Contributions Credit: 1. Income Limits The Savers Credit, formally known as the Retirement Savings Contributions Credit, applies to individuals with a filing read more..

IRS Presents:Free Tax Assistance for Members of the Military

Published on Wed, 10 Mar 2010 15:12:48

The IRS wants military members and their spouses to know they may be eligible to receive free tax return preparation assistance. The U.S. Armed Forces participates in the Volunteer Income Tax Assistance program and provides free tax advice, tax preparation, return filing and other tax assistance to military members and their families. 1. Armed Forces Tax Council The read more..

IRS Patrol: IRS Announces Qualified Disaster Treatment for Chile

Published on Tue, 09 Mar 2010 19:30:17

Washington The Internal Revenue Service today issued guidance designating the earthquake that occurred in Chile in February 2010 as a qualified disaster for federal tax purposes. The guidance allows individuals who receive qualified disaster relief payments from any person to exclude those payments from income on their tax returns. Also, the guidance allows employer-sponsored private foundations to read more..

IRS Presents: Additional Standard Deduction for Real Estate Taxes

Published on Tue, 09 Mar 2010 19:27:02

The IRS wants taxpayers who pay state or local real estate taxes but don’t qualify to itemize their tax deductions, to know that they may qualify for an increased standard deduction. This is the last year that the higher standard deduction for real estate taxes is available. Here are six things you need to know about read more..

IRS Presents: 10 Facts About Capital Gains and Losses

Published on Tue, 09 Mar 2010 15:29:22

Have you heard of capital gains and losses? If not, you may want to read up on them because they might have an impact on your tax return. The IRS wants you to know these ten facts about gains and losses and how they could affect your tax situation. Almost everything you own and use for read more..

IRS Presents: Gambling Winnings Are Always Taxable Income

Published on Mon, 08 Mar 2010 15:05:12

Gambling winnings are fully taxable and must be reported on your tax return. Here are the top seven facts the Internal Revenue Service wants you 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 read more..

IRS Presents: What to do With Your Business Start-up and Organization Costs

Published on Sun, 07 Mar 2010 15:54:02

Business Start-Up and Organizational Costs Business start-up and organizational costs are generally capital expenditures. However, you can elect to deduct up to $5,000 of business start-up and $5,000 of organizational costs paid or incurred after October 22, 2004. The $5,000 deduction is reduced by the amount your total start-up or organizational costs exceed $50,000. Any remaining costs must read more..

IRS Patrol: N-2010-19: Guidance for Persons Making Transfers in Trust after December 31, 2009

Published on Sat, 06 Mar 2010 16:27:17

Notice 2010-19 applies to taxpayers making gifts in trust during 2010.  Under section 2511(c), a transfer of property to a non-wholly-owned grantor trust is a transfer by gift of the entire interest in the property.  To determine whether a transfer to a wholly-owned grantor trust constitutes a gift, the gift tax provisions in effect prior to 2010 apply. Notice 2010-19 will be read more..

IRS Patrol: 2010 Depreciation Limitations For Owners Of Passenger Automobiles

Published on Sat, 06 Mar 2010 16:22:46

Revenue Procedure 2010-18 provides the depreciation deduction limitations for owners of passenger automobiles first placed in service, and amounts to be included in income by lessees of passenger automobiles first leased, during calendar year 2010.  This revenue procedure includes tables detailing these depreciation limitations and lessee inclusion amounts that reflect the automobile price inflation adjustments required by § read more..