Do You Qualify for the Earned Income Credit?

February 8, 2010

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This is a somewhat well known refundable credit. Single people without kids can get this credit but it is very small. When you have 1,2 or up to 3 kids you can get this credit of up to $5,657. I’ve seen many people in the returns I’m doing who put less than $100 [...]

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Commn Errors & How to Avoid Them

February 8, 2010

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If you’re going to be on vacation or otherwise indisposed don’t assume you get an automatic extension. You have to file IRS form 4868.
If your W-2 or 1099 is wrong then make the appropriate adjustment and attach a statement as to why. Also, wherever possible contact your employer or the [...]

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Got Tax Debt?

February 4, 2010

 

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There are many ways to go after the problem. But despite the options some might not be in your best interest.
The IRS has 10 years to collect a debt you owe them. So at the begining of the time period all options are open to you to reduce or eliminate this balance including:
1. [...]

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Big Tax Changes for 2009

February 4, 2010

You probably know about the making work pay credit which can be up to $400 ($800 for married filing joint) as long as you worked either a W2 job or self-employed and made over $6451.61 last year. If you made less than this your credit would be:
amount you made x 6.2% = making work pay [...]

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