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Topic: Standard Deduction

Internal Revenue Service gives Eight Tax-Time Errors to Avoid

 

Internal Revenue Service - IRSWashington, D.C. – If you make a mistake on your tax return, it can take longer to process, which in turn, may delay your refund.

Preparing your return on a computer and e-filing it will significantly reduce the chance of errors, but even then it’s still important that you input the correct information. «Read the rest of this article»

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Six Facts about Choosing the Standard or Itemized Deductions

 

Internal Revenue Service - IRSWashington, D.C. – When filing your federal income tax return, taxpayers can choose to either take the standard deduction or to itemize their deductions. The IRS has put together the following six facts to help you choose the method that gives you the lowest tax.

Whether to itemize deductions on your tax return depends on how much you spent on certain expenses last year. Money paid for medical care, mortgage interest, taxes, charitable contributions, casualty losses and miscellaneous deductions can reduce your taxes. If the total amount spent on those categories is more than your standard deduction, you can usually benefit by itemizing. «Read the rest of this article»

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Tax Benefits for Disabled Taxpayers

 

Internal Revenue Service - IRSWashington, D.C. – Taxpayers with disabilities and parents of children with disabilities may qualify for a number of IRS tax credits and benefits.

Listed below are seven tax credits and other benefits which are available if you or someone else listed on your federal tax return is disabled. «Read the rest of this article»

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Ten Tax Benefits for Parents

 

Internal Revenue Service - IRSWashington, D.C. – Did you know that your children may help you qualify for some tax benefits? Here are 10 tax benefits the IRS wants parents to consider when filing their tax returns this year.

  1. 1.   Dependents In most cases, a child can be claimed as a dependent in the year they were born. For more information see IRS Publication 501, Exemptions, Standard Deduction, and Filing Information.
  2. Child Tax Credit You may be able to take this credit on your tax return for each of your children under age 17. If you do not benefit from the full amount of the Child Tax Credit, you may be eligible for the Additional Child Tax Credit. For more information see IRS Publication 972, Child Tax Credit. «Read the rest of this article»
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Should You Itemize?

 

Whether to itemize deductions on your tax return depends on how much you spent on certain expenses last year. Money paid for medical care, mortgage interest, certain taxes, charitable contributions, casualty losses and miscellaneous deductions can reduce your taxes.

If the total amount spent on those categories is more than your standard deduction, you can usually benefit by itemizing. The standard deduction amounts are based on your filing status and are subject to inflation adjustments each year. For 2009, they are:

  • Single $5,700
  • Married Filing Jointly $11,400
  • Head of Household $8,350
  • Married Filing Separately $5,700

«Read the rest of this article»

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