Tips for Recently Married or Divorced Taxpayers

Newlyweds and the recently divorced taxpayers should ensure the name on their tax return matches the name registered with the Social Security Administration (SSA). A mismatch could unexpectedly delay a tax refund. • For recently married taxpayers, the tax scenario begins when the bride says “I do.” If she takes her husband’s last name, but […]

Recovery Rebate Credit

Notice: This credit is for those who did not receive the maximum Economic Stimulus Payment available. If you received the full amount of your stimulus payment, you most likely will not be eligible for this credit. For 2008, you generally can claim a recovery rebate credit of up to $600 ($1,200 if married filing jointly). […]

Use Like-Kind Exchanges to Defer Taxes

Whenever you sell business or investment property and you have a gain, you generally have to pay tax on the gain at the time of sale. However, the tax code provides an exception and allows you to postpone paying tax on the gain if you reinvest the proceeds in similar property as part of a […]

Is your tax withholding enough?

Our “pay-as-you-go” tax system requires that you make payments of your tax liability evenly throughout the year. If you don’t, it’s possible you could owe an underpayment penalty. Some taxpayers meet the “pay-as-you-go” requirements by making quarterly estimated payments. However, when your income is primarily from wages, you meet the requirements through wage withholding and […]

Income Tax Document Roundup

If you haven’t begun to do so already, you will soon begin to sort through a year’s worth of accumulated cancelled checks and receipts to identify the items you need for preparation of your tax return. Bear in mind, however, that in some cases a cancelled check or other proof that you paid an expense […]