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TAX TIPS 2008Be sure that you have claimed all the deductions and credits that are available for your Income Tax Return for the year 2007. I have provided the list of tips from the IRS as they were provided on their website. Need professional help filing your taxes? Call The Bookkeeper and set up an appointment today! Deducting Vehicle Donations If you donated a car or other vehicle to a qualified charitable organization in 2007 and intend to claim a deduction you should review the special rules that apply to vehicle donations.Tips for Deducting Charitable Contributions When preparing to file your federal tax return, don’t forget your contributions to charitable organizations. Tax Credit for Hybrid Vehicles If you bought a hybrid vehicle in 2007, you may be entitled to a tax credit on your 2007 return. Deducting Costs of Refinancing Your Home Taxpayers who refinanced their homes may be eligible to deduct some costs associated with their loans. Sale of Your Home If you have a gain from the sale or exchange of your main home, you may be able to exclude all or part of the gain from your income. Home Office Deduction If you use a portion of your home for business purposes, you may be able to take a home office deduction whether you are self-employed or an employee. Deduction for Educator Expenses If you are an eligible educator, you may be able to deduct up to $250 of expenses you paid for purchases of books and classroom supplies. Itemizers Can Deduct Certain Taxes Did you know that you may be able to deduct certain taxes on your federal income tax return? How to Avoid Tax Time Problems Are you looking for ways to avoid the last-minute rush for doing your taxes? Here are some stress-relieving ideas to help you. Saver’s Credit for Retirement Savings Contributions If you make eligible contributions to an employer-sponsored retirement plan or to an individual retirement arrangement, you may be able to take a tax credit. Offset Education Costs Education tax credits can help offset the costs of higher education for yourself or a dependent. New Form for Employees Misclassified as Independent Contractors In 2007, were you an employee whose employer paid you as an independent contractor? Claiming the Child and Dependent Care Credit If you paid someone to care for a child under age 13 or a qualifying spouse or dependent so you could work or look for work, you may be able to reduce your tax by claiming the Child and Dependent Care Credit on your federal income tax return. Claiming the Child Tax Credit With the Child Tax Credit, you may be able to reduce the federal income tax you owe by up to $1,000 for each qualifying child under the age of 17. Beware of Tax Scams Don’t fall victim to tax scams. Don't miss out on your stimulus payment Are you wondering what to do to ensure that you receive your economic stimulus payment which the IRS will begin to send out this May? Are You Eligible for a Tax Credit? Taxpayers should consider claiming tax credits for which they might be eligible when completing their federal income tax returns. Volunteer Tax Return Preparation Are you puzzled by the tax law and which credits and deductions you can take? Free Tax Services The IRS provides free publications, forms and other tax material and information to help taxpayers meet their tax obligations. Free Tax Help for the Military If you, or your spouse, are a member of the military, you may be eligible to receive free assistance with the preparation and filing of your federal tax return. IRS Toll-Free Help Free tax help from the IRS is just a phone call away. Tax Rates for a Child's Investment Income Part or all of a child's investment income may be taxed at the parent's rate rather than the child's rate. Income from Foreign Sources Many United States citizens and resident aliens receive money from foreign sources. Taxes on Early Distributions from Retirement Plans Payments that you receive from your IRA or qualified retirement plan before you reach age 59½ are normally called ‘early’ or ‘premature’ distributions. Capital Gains and Losses Almost everything you own and use for personal purposes, pleasure or investment is a capital asset. Gambling Income and Losses Gambling winnings are fully taxable and must be reported on your tax return. Tips are Subject to Taxes Do you work at a hair salon, barber shop, casino, golf course, hotel or restaurant or drive a taxicab? The tip income you receive as an employee from those and other services is taxable income. Paying or Receiving Alimony? If you were recently divorced and are paying or receiving alimony under a divorce decree or agreement, you need to consider the tax implication for your 2007 federal income tax return Are Your Social Security Benefits Taxable? How much, if any, of your social security benefits are taxable depends on your total income and marital status. What Income is Taxable? Nontaxable? Generally, most income you receive is taxable. Direct Deposit and Split Refund Taxpayers have choices and flexibility for the direct deposit of 2007 federal income tax refunds. Can You Use Schedule C-EZ? Want to save time and trouble when filing taxes for your small business? Changes to Tax Laws in 2007 Taxpayers should be aware of important changes to the tax law before they complete their 2007 federal income tax forms. Guidelines for Roth IRA Contributions Although Roth IRAs are popular retirement arrangements, some taxpayers may be confused about whether they can contribute to a Roth IRA. Missing a Form 1099? If you receive certain types of income, you may get a Form 1099 for use with your federal tax return. Missing Your Form W-2? Did you get your W-2? These documents are essential to filling out most individual tax returns. Use EFTPS to Pay Your Taxes Electronically If you are going to owe taxes when you file your federal tax return, consider paying through the Electronic Federal Tax Payment System (EFTPS). The Earned Income Tax Credit The EITC is for people who work, but have lower incomes. Check Out Free File If you have access to a computer and the Internet you may be eligible to prepare and file your 2007 federal tax return electronically—for free. Receive Your Refund Faster with Direct Deposit Want your refund faster? Have it deposited directly into your bank account. e-file - A Smart Way to do Your Taxes Every year, more taxpayers discover the benefits of filing their tax return electronically. What to do if You Haven't Filed Your 2006 Return The failure to file a federal tax return can be costly — whether you end up owing more or missing out on a refund. Tips for Recently Married or Divorced Taxpayers Newlyweds and the recently divorced should ensure the name on their tax return matches the name registered with the Social Security Administration (SSA). Moving Soon? Let the IRS Know If you changed your home or business address, notify the IRS to ensure that you receive any refunds or correspondence. Gift Taxes If you gave any one person gifts in 2007 that are valued at more than $12,000, you must report the total gifts to the Internal Revenue Service and may have to pay tax on the gifts. Quick and Easy Access to IRS Forms and Publications The Internal Revenue Service has many forms and free publications on a wide variety of topics to help you understand and meet tax filing requirements. How to Get a Copy of Your Tax Return Information There are two easy and convenient options for obtaining copies of your federal tax return information — tax return transcripts and tax account transcripts — by phone or by mail. Tax Information Available in Spanish - Información Tributaria en Español If you need federal tax information, the IRS provides free Spanish language products and services. IRS Publication 17 — Now Easier to Navigate Online Are you facing a lot of different tax questions this year? IRS Has Free Publications on Every Topic You Need The IRS has free publications to answer just about any tax question you have. 1040 Central — One Click Away Don’t wait in line, go on-line. The IRS Web site is a great resource for answers to tax questions that arise during the filing season. Keeping Good Records You can avoid headaches at tax time by keeping track of your receipts and other records throughout the year. Advice for Choosing a Tax Return Preparer Taxpayers who pay someone to do their taxes should choose a preparer wisely. Should You Itemize? Whether to itemize deductions on your tax return depends on how much you spent on certain expenses last year. Choose the Simplest Federal Tax Form for Your Needs The three forms used for filing individual federal income tax returns are Form 1040EZ, Form 1040A and Form 1040. Will the AMT delay your refund? This year, some early filers may have to wait a few extra weeks for their refunds. The delay is due to the Alternative Minimum Tax (AMT) legislation enacted in December. Choose Your Correct Filing Status our federal tax filing status is based on your marital and family situation. Should You File a Tax Return? You must file a tax return if your income is above a certain level. The amount varies depending on filing status, age and the type of income you receive. Seven Ways to Get a Jump Start on Your Taxes Earlier is better when it comes to working on your taxes. |
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