Tax Tips
EIC Changes For 2009
New for tax year 2009, is the additional EITC and income thresholds for a Third Qualifying Child and Changes to the Uniform Definition of a Child. The change in the Uniform Definition of a Child adds two new rules to the definition of a “qualifying child.” The child must:
Gambling Winnings Are Always Taxable Income
Gambling winnings are fully taxable and must be reported on your tax return. Depending on the type and amount of your winnings, the payer might provide you with a Form W-2G and may have withheld federal income taxes from the payment.
Here are some general guidelines on gambling income and losses:
Ten Last Minute Tax Filing Tips
With the tax filing deadline close at hand, the IRS offers ten tips for those still working on their tax returns:
File Electronically – Consider filing electronically instead of using paper tax forms. If you efile and choose direct deposit, you can receive your tax refund in as few as 10 days.
Check the [...]
Top Seven Facts About the Tuition and Fees Deduction
The Tuition and Fees deduction of up to $4,000 is available to help parents and students pay for post-secondary education. Below are ten important facts about this deduction every student and parent should know.
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. Generally, if social security benefits were your only income for 2008, your benefits are not taxable and you probably do not need to file a federal income tax return.
If you received income from other sources, [...]
