Converting IRA to a Roth IRA

If you have been saving for retirement in a traditional IRA, you can convert some or all of your traditional IRA funds into a Roth IRA. Beginning in the year 2010, all restrictions on converting to a Roth IRA have

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Posted in Investment Income, IRA, Retirement

Martin Luther King and tax

In honor of Martin Luther King, Jr. Day: reports on how some southern officials tried to use state tax laws to stop King and the nascent civil rights movement: "In Alabama, ... Governor John Patterson in early 1960 directed state

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Posted in Tax Guidance & Preparation, Tax Problems & Requests, Tax Relief, Taxable Income, Taxpayer Advocate

Buy Savings Bonds with your Federal Tax Refund

If you are receiving a federal tax refund from the Internal Revenue Service, you can choose to use that money to purchase U.S. savings bonds. You may use a portion of your refund to purchase up to $5,000 in U.S.

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Posted in Tax Guidance & Preparation, Tax Refund

Tax Credit for Higher Education Expenses

The American Recovery and Reinvestment Act was passed in early 2009 and created the American Opportunity Credit. This educational tax credit – which expanded the existing Hope credit – helps parents and students pay for college and college-related expenses. Here

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How to Obtain a Transcript of Your Past Tax Information

Taxpayers who need their past tax return information can obtain it from the IRS. There are two easy and convenient options for obtaining free copies of your federal tax return information — tax return transcripts and tax account transcripts. The

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Tax treatment for your children

Got Kids? They may have an impact on your tax situation. Listed below are the top 10 things the IRS wants you to consider if you have children. Dependents In most cases, a child can be claimed as a dependent

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Posted in Adoption, Child Tax, Children, Earned Income Tax Credit, Education Expense, Estimated Taxes, Gift Tax, Refundable Tax Credit, Student Loan, Tax Credit, Tax Deductible Expenses, Tax Guidance & Preparation, Tax Relief, Uncategorized

Questions to ask your tax preparer

The tax industry is constantly changing and tax professionals are subject to various federal and state regulations. Here are some questions you can ask to help ensure you find an experienced, trustworthy relationship with a tax adviser: What licenses or

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Choosing the right tax preparer

The IRS urges people to use care and caution when choosing a tax preparer. Remember, you are legally responsible for what’s on your tax return even if it was prepared by an another individual or firm. Most tax return preparers

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Choosing the right tax form

To file your 2009 individual tax return, you’ll have to decide which form to use…unless you e-file. If you file electronically, the software automatically selects the simplest and best form for you. Whether you use e-file or prepare on paper,

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Posted in Tax Filing Status, Tax Guidance & Preparation, Tax Preparer, Tax Problems & Requests

Dependents and Exemptions

When you prepare to file your tax return, there are two things that will factor into your tax situation: dependents and exemptions. Here are five important facts the IRS wants you to know about dependents and exemptions before you file

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Posted in Child Tax, Children, Deductible Expense, Dependent, Exemption, Family, Tax Filing Status, Tax Guidance & Preparation, Tax Problems & Requests
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