Need to File a 1040 This Year?
Monday February 28, 2005
Find resources to help you figure out all the complex tax rules for filing a Form 1040. Get an overview of what's new for 2004. Plus find line-by-line Form 1040 ... Read More
TurboTax Software Review: Top Pick for Complex Tax Returns
Sunday February 27, 2005
TurboTax for the Web offers blazingly fast tax preparation for both simple and complicated tax returns. TurboTax for the Web comes in several versions. The 1040EZ version is a super-fast ... Read More
Tax Amnesty Update
Saturday February 26, 2005
The Franchise Tax Board has release reports from the third week of California's Tax Amnesty. According to FTB spokesperson Patrick Hill, the State of California has received 31,580 applications for ... Read More
11 Steps to a Finished Tax Return
Friday February 25, 2005
Don't try to do your taxes all at once. Rome wasn't built in a day, as the saying goes. There are 11 Steps to figuring your taxes. Do one step ... Read More
Tax Forms: Find Common IRS Income Tax Forms for 2004
Friday February 25, 2005
Find tax forms to prepare your 2004 personal income taxes. The most common tax forms are arranged in an easy-to-find format.
Best Tax Software for Your Situation
Friday February 25, 2005
After having reviewed all the top PC-based and Web-based software programs, I think picking the right tax software comes down to two things: how complex your tax situation is, and ... Read More
Eliminate Your Taxes by Living the American Dream
Thursday February 24, 2005
You can substantially reduce or eliminate your income tax by saving for retirement, owning a home, sending your kids to college. Here's how it worked for one client.
Taxing Social Security Benefits
Wednesday February 23, 2005
Are Social Security Benefits taxable? It all depends. The taxable portion of Social Security Benefits depends on your total income from other sources, such as wages, interest, and other pensions. ... Read More
Easy to Read Instructions for the 1040-A
Wednesday February 23, 2005
Did you know that most people can file using Form 1040A this year? If you earned less than $100,000 in income, you can use the short-form. Prepare your 2004 tax ... Read More
Arizona Voluntary Compliance Initiative
Tuesday February 22, 2005
The Arizona Department of Revenue is offering a limited-time tax relief program for people and businesses who participated in tax shelters. Taxpayers may submit amended tax returns to disclose their ... Read More
Schedule F Tax Tips for Farmers
Tuesday February 22, 2005
The tax code loves farmers, and it's no surprise that there are a variety of tax forms, deductions, and tax strategies to assist independent farmers and fishermen. The best tax ... Read More
Schedule E Tax Tips for Landlords
Monday February 21, 2005
The key to mastering the Schedule E is to organize your income and expenses using a spreadsheet or personal finance software program. In my experience, clients who
keep detailed ... Read More
Tax Amnesty Update
Sunday February 20, 2005
The Franchise Tax Board has release reports from the second week of California's Tax Amnesty. According to FTB spokesperson Patrick Hill, the State of California has received 24,374 applications ... Read More
Schedule D Tax Tips for Investors
Saturday February 19, 2005
Every year, clients come to me with all their brokerage statements asking me to figure out their capital gains on the Schedule D. This can be a time-consuming task. But ... Read More
Let Your Voice Be Heard
Friday February 18, 2005
The President's Advisory Panel on Federal Tax Reform is seeking comments from the public about everyday tax issues faced by individuals and businesses. Is there a particular tax topic that ... Read More
Schedule C Tax Tips for Small Businesses
Friday February 18, 2005
This time of year, I start seeing clients who are self-employed. Most of these clients are freelance professionals such as writers, artists, art promoters, used booksellers, and marketing consultants. Here ... Read More
QnA about Filing Back Taxes
Thursday February 17, 2005
Every year I have new clients who need to file late tax returns, usually 3 to 5 years at a time. Last year, I had four clients each needing to ... Read More
What You Need to Know About California's Tax Amnesty
Wednesday February 16, 2005
California is in the midst of a very popular tax amnesty program. My clients have been able to slash their tax debts by half -- or more -- just by ... Read More
Workshop for Nonprofit Organizations
Wednesday February 16, 2005
Since I have received email from people interested in starting up non-profits, I thought you would like to know about upcoming seminars from the IRS. The Tax Exempt division of ... Read More
Missing Tax Documents?
Tuesday February 15, 2005
A common situation in the office these days: a client calls to say she is waiting for a W-2 or other tax document. Should she wait, or just get started ... Read More
Taxing Social Security Benefits
Tuesday February 15, 2005
Are Social Security Benefits taxable? It all depends. The taxable portion of Social Security Benefits depends on your total income from other sources, such as wages, interest, and other pensions. ... Read More
Change in Mailing Address for Some Tax Returns
Tuesday February 15, 2005
Tax returns from people in Connecticut, Virginia, Arizona, and Utah may go to different mailing address this year. Everyone should check the proper mailing address using IRS.gov.
Refund Loans Waste $690 Million a Year
Monday February 14, 2005
Thinking about a refund anticipation loan? Think again. According to a study by the Children's Defense Fund, Americans spent a total of over $690 million in finance charges just so ... Read More
For Love or Taxes?
Monday February 14, 2005
It's easy to love tax benefits, especially if it involves getting married. Besides getting married, the tax law benefits people who reduce their income by saving for retirement, who ... Read More
Tips for Preparing a Form 990-EZ
Saturday February 12, 2005
Dear Tax Guide,
Hi. I am a California tax preparer about to do my first non-profit organization 990, for a local PTA. I have read the instructions (about 5 times) ... Read More
Reporting Self-Employment Income
Saturday February 12, 2005
Dear Tax Guide,
My husband is doing taxes right now. Do I need to declare my 1099-MISC income as self-employed business income or wage income? Thanks!
Dear Reader,
You need to report your ... Read More
Roth IRA for a Stay-at-Home Spouse?
Saturday February 12, 2005
Dear Tax Guide,
I'm beginning to plan for my retirement with my wife. I'm 27, and my wife is 25. My wife did not work at all last year, so she ... Read More
What If I Check the Wrong Box for Direct Deposit?
Saturday February 12, 2005
Dear Tax Guide,
What will happen if the routing numbers and account numbers are right but I checked the checking account box instead of the savings account box on my tax ... Read More
California Tax Amnesty Update
Friday February 11, 2005
The Franchise Tax Board announced the results from the first week of the State of California's tax amnesty. The results are pretty amazing. So far, the State of California has ... Read More
What's the Safest Way to Get a Tax Refund?
Friday February 11, 2005
The IRS can deposit your tax refund directly into your checking or savings account. This is generally faster, and safer, than having a check mailed to your home address.
Tweak Your Income Tax Withholding
Friday February 11, 2005
Strike a balance between paying interest and penalties to the IRS because of under withholding, or lending your hard-earned money to Uncle Sam without earning any interest.
1040EZ Instructions, Forms & Publications
Friday February 11, 2005
Find instructions and links to federal tax publications to make filing your Form 1040-EZ as quick as possible.
Federal Tax Reform Panel Announces First Meeting
Thursday February 10, 2005
The President's Advisory Panel on Federal Tax Reform announced their first meeting and list of witnesses scheduled to testify at the first meeting. The panel has also launched a website ... Read More
IRS Certifies 3 Honda Vehicles for the Clean Fuel Vehicle Deduction
Thursday February 10, 2005
The IRS has certified three Honda cars for the clean-fuel vehicle deduction. If you purchase these cars new (not pre-owned), the IRS allows you to take a clean-fuel deduction of ... Read More
Tax Fraud Alerts
Thursday February 10, 2005
Avoid seedy tax schemes. First of all, abusive tax plans are expensive, and often fail to deliver their promised tax benefits. Secondly, it's a fast way to get audited. Thirdly, ... Read More
Finding a Good Tax Professional
Thursday February 10, 2005
Finding a tax preparer isn't hard to do. But finding an experienced, ethical, and reliable tax professional is a blessing. The key to finding a good accountant is to focus ... Read More
Form 1040 Instructions, Forms, & Publications
Thursday February 10, 2005
Find all the forms, schedules, instructions and tax preparation tips to file your 2004 Form 1040.
Correction: Free File Version of TaxAct
Wednesday February 9, 2005
Every so often I make a mistake. The only right thing to do is correct it. I had previously reported that TaxAct Online (the Free File version) charged extra for ... Read More
IRS Has $2 Billion in Tax Refunds for the Year 2001
Wednesday February 9, 2005
If you haven't filed your 2001 tax return, the time to do it is now. Why? Your tax refund has an expiration date, and refunds from 2001 are about ... Read More
1040X: Filing an Amended Tax Return
Wednesday February 9, 2005
What if I made a mistake on my tax return? You should file an amended tax return if you need to correct your filing status, total income, tax deductions, or ... Read More
Avoid Common Early Filing Mistakes on Your Taxes
Tuesday February 8, 2005
It's still pretty early in the tax season, but I have already prepared three amended tax returns. You need to file an amendment when you need to correct misinformation in ... Read More
2004 Tax Forms
Monday February 7, 2005
Here are links to the most common tax forms needed to prepare your 2004 income taxes.
Form 1040A Instructions, Publications, & Forms
Monday February 7, 2005
Find instructions and links to federal tax publications to make filing your Form 1040A as quick as possible.
Adoption Credit: The Best Tax Credit Available
Monday February 7, 2005
You qualify for the adoption tax credit if you adopted a child and paid out-of-pocket expenses relating to the adoption. The adoption credit is calculated on Form 8839. You may ... Read More
SnapTax: Review of Newly Released Tax Program
Sunday February 6, 2005
SnapTax is a new Web-based tax preparation software program from Intuit. SnapTax is super fast, but could be faster if it eliminated repetitive data entry. Snap Tax is limited to ... Read More
Finishing Up Your Tax Return
Saturday February 5, 2005
After you finished calculating your 2004 taxes, use these easy-to-follow steps to finish up you return.
The Worst Free File Programs
Friday February 4, 2005
Various software companies offer free tax preparation software and electronic filing through the IRS Free File program. Not all Free File software is created equal. Avoid the worst Free File ... Read More
Getting a Refund or Paying a Balance Due
Friday February 4, 2005
How to figure your tax refund or balance due on Form 1040 lines 71 through 74. Plus tips on getting your refund safely and quickly, or how to pay off ... Read More
What's the Safest Way to Get a Tax Refund?
Friday February 4, 2005
If you are getting a refund, the amount can be deposited directly to your checking or savings account. Getting direct deposit is faster and more secure than getting a refund ... Read More
Tax Engine & Reviews of Other Free File Tax Software
Thursday February 3, 2005
Tax Engine is free for everyone, and a state return costs $10 extra to prepare. Offers an easy-to-use tax program that features both the interview-style and forms-based input. No marketing ... Read More
Qualfying for the Earned Income Tax Credit
Thursday February 3, 2005
How to qualify for and figure your earned income credit. The EITC is a tax credit that lowers your taxes and gives you a bigger refund. Find out the criteria ... Read More
Reporting Tax Payments
Thursday February 3, 2005
How to report various tax payments on your Form 1040 lines 63 through 70, such as withholding, estimated payments, and the Earned Income Credit.
Complete Tax: Top Pick among Free File Tax Programs
Wednesday February 2, 2005
Ease of use, professional-looking printouts, and no additional fee for a state tax return made Complete Tax my top pick among IRS Free File software.
Self Employment Tax
Wednesday February 2, 2005
How to calculate your self-employment tax on Schedule SE using the short method or long method.
Other Taxes
Wednesday February 2, 2005
Other taxes you may owe include the self-employment tax, additional taxes on unreported tips, additional taxes on the early withdrawal of retirement funds, the advance earned income credit, and household ... Read More
Free Tax Software - Best IRS Free File Web Sites
Tuesday February 1, 2005
You can prepare your taxes and electronically file your return for free using one of the IRS Free File websites. The IRS has teamed up with various software companies to ... Read More
Tax Breaks for College: Hope Credit & Lifetime Learning Credit
Tuesday February 1, 2005
You can reduce your taxes by claiming a tax credit for education expenses. Learn about the Hope Credit (for the first two years of college) and the Lifetime Learning Credit.
Smart Tax Strategies for MBAs
Tuesday February 1, 2005
CPA James Vonachen discusses the tax benefits for pursuing an MBA, such as the Lifetime Learning Credit, the Tuition & Fees Deduction, itemized deductions for job-related expenses, and strategies for ... Read More
Tax Credits
Tuesday February 1, 2005
Claiming tax credits is an important step in reducing your taxes. Find out about the tax credits you may qualify for.