Posts Tagged ‘irs’
I owed and paid taxes last year on my personal tax return, can I deduct what I paid on this years' taxes?
Posted by admin in US Tax Questions on December 9th, 2010
I"m self-employed. I owed over 00 last year. I paid the entire amount I owed. This year I will owe again from being self-employed and I did not pay any taxes throughout the year. Can I use/deduct the 00 I paid last year to the IRS and apply it as a deduction to this year’s tax return? If so, how do I and what form do I use?
Thanks in advanced
How does the charitable giving tax deduction work?
Posted by admin in US Tax Questions on November 30th, 2010
This issue sometimes comes up about giving at church and deducting it from personal taxes but I don’t understand the whole concept.
Basically, the question is this. If a person gives their church (a qualified non-profit organization) a donation or offering, and the person reports the gift on their income taxes, does the IRS simply just not tax the amount that was given?
In other words, does the gift increase the amount of non-taxable income?
Then, secondly, what kind of supporting documentation would the IRS require to substantiate the claim. Churches don’t normally give receipts for offerings taken during service.
Please state your qualifications if you have an informed answer. Thanks.
IRS Self Employed Tax Deductions & Write Offs 2010, 2011
Posted by admin in US Tax Questions on November 16th, 2010
Learn about IRS Self Employed Tax Deductions & Write Offs 2010, 2011 www.harborfinancialonline.com
Recovery: Oct 15, 2010 Deadline
Posted by admin in US Tax Questions on October 6th, 2010
For those taxpayers who requested an extension to file their 2009 individual income taxes, the deadline is October 15, 2010. Taxpayers can still receive recovery tax credits and deductions for items such as the first-time homebuyer credit, a new vehicle purchased in 2009 and more.
How do health insurance tax deductions work?
Posted by admin in US Tax Questions on October 6th, 2010
I own a business (LLC) with two other people. It is only us three; we do not have any additional employees. We pay for our health insurance through our business. Based on these facts, I was wondering how much I stand to save on my personal taxes. Is this a standard write off like any other business expense or does the IRS treat health insurance differently?
How do health insurance tax deductions work for a member managed LLC?
Posted by admin in US Tax Questions on July 17th, 2010
I own a business (LLC) with two other people. It is only us three; we do not have any additional employees. We pay for our health insurance through our business. Based on these facts, I was wondering how much I stand to save on my personal taxes. Is this a standard write off like any other business expense or does the IRS treat health insurance differently?
How do charitable donation tax deductions work?
Posted by admin in US Tax Questions on July 7th, 2010
I am possibly moving across the country and am considering donating all my furniture and most of my belongings to Goodwill or the like as an option for getting rid of stuff. I make 38,287 a year, how much (value) would I have to donate in order to have it be tax-deductible?
Someone told me that unless I make above a certain amount of money that I can’t make charitable deductions, that deductions are only available to people in higher income brackets. Is this true?
Any website, (other than IRS) that explains this stuff in plain English?
Recovery: Energy Tax Credits-Claim It – January 2010
Posted by admin in US Tax Questions on May 4th, 2010
Taxpayers who are making energy efficient improvements to their home or who are purchasing certain alternative energy equipment and vehicles will want to watch this video. This video has all the details on how you can reap the benefits of these purchases when you file your 2009 tax return.
IRS Giving Bogus Tax Breaks?
Posted by admin in US Tax Questions on April 23rd, 2010
Treasury inspector general on alleged million in falsified breaks given