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Archive for January, 2010|Monthly archive page

In Uncategorized on January 31, 2010 at 7:34 pm

IRS Marks EITC Awareness Day; Highlights Expanded Tax Credit

An expanded Earned Income Tax Credit (EITC) means larger families will qualify for a larger credit, offering greater relief for people who struggled through difficult financial times last year.

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In Uncategorized on January 28, 2010 at 12:44 am

403(b) Plans

For 2009, the limit on elective deferrals (excluding catch-up contributions) has increased to $16,500.

Tax Information for Members of the U.S. Armed Forces

In Uncategorized on January 24, 2010 at 1:19 am

For federal tax purposes, the U.S. Armed Forces includes officers and enlisted personnel in all regular and reserve units controlled by the Secretaries of Defense, the Army, Navy and Air Force. The Coast Guard is also included, but not the U.S. Merchant Marine or the American Red Cross. However, these and other support personnel may qualify for certain tax deadline extensions because of their service in a combat zone.

In Uncategorized on January 24, 2010 at 12:57 am

First-Time Homebuyer Credit Extended to April 30, 2010; Some Current Homeowners Now Also Qualify

In Uncategorized on January 21, 2010 at 11:21 pm

A new law that went into effect Nov. 6 extends the first-time homebuyer credit five months and expands the eligibility requirements for purchasers. Want to know if you qualify for the homebuyers credit? Don’t tackle this question alone. Ask Maritta Lynn for assistance and get your full tax credit.

Many people may wish to contribute to relief funds for the victims of Haiti’s recent earthquake.

In Uncategorized on January 15, 2010 at 5:57 pm

Contributions to domestic, tax-exempt, charitable organizations that provide assistance to individuals in foreign lands qualify as tax-deductible contributions for federal income tax purposes, provided that the U.S. organization has full control and discretion over the uses of such funds.

2009 Tax Law Changes Provide Saving Opportunities for Nearly Everyone

In Uncategorized on January 12, 2010 at 2:15 am

In 2009, numerous new and expanded deductions and credits came into being for a broad cross-section of taxpayers: College tax benefits for parents and students; energy credits for homeowners who are going green; and even tax breaks for home buyers and car buyers. Let Maritta Lynn help you to capitalize on these deductions.

Filing Late and/or Paying Late

In Uncategorized on January 10, 2010 at 8:54 pm

Whether paying with a timely filed tax return, or filing late and paying late after receiving a bill from the IRS (and the bill is correct), taxpayers are encouraged to pay the taxes they owe in full.

If taxes are not paid, and no effort is made to pay them, the IRS can ask a taxpayer to take action to pay the taxes, such as selling or mortgaging any assets owned or getting a loan. If effort is still not made to pay the bill, or make other payment arrangements, the IRS could also take more serious enforced collection action, such as levying bank accounts, wages, or other income, or taking other assets. A Notice of Federal Tax Lien could be filed that may have a detrimental effect on a taxpayer’s credit standing.

If you are late or having difficulty paying your tax obligations, let Maritta Lynn advise you or your options.

Tax Scams

In Uncategorized on January 9, 2010 at 1:28 am

Don’t fall victim to tax scams. Remember that if it sounds too good to be true, it probably is. If you think you’re being scammed, you can report suspected tax fraud activity by sending completed Form 3949-A, Information Referral, to Internal Revenue Service, Fresno, CA 93888. You can download the form or call 1-800-829-3676 to order by mail.

Recovery Rebate Credit Available This Year

In Uncategorized on January 8, 2010 at 2:53 am

The recovery rebate credit is a one-time benefit for people who didn’t receive the full economic stimulus payment last year and whose circumstances may have changed, making them eligible now for some or all of the unpaid portion.