|IRS accepts it by
11 a.m between:
Jan 14 and Jan 20, 2011
Jan 28, 2011
Feb 4, 2011
|Jan 20 and Jan 27, 2011||Feb 4, 2011||Feb 11, 2011|
|Jan 27 and Feb 3, 2011||Feb 11, 2011||Feb 18, 2011|
|Feb 3 and Feb 10, 2011||Feb 18, 2011||Feb 25, 2011|
|Feb 10 and Feb 17, 2011||Feb 25, 2011||Mar 4, 2011|
|Feb 17 and Feb 24, 2011||Mar 4, 2011||Mar 11, 2011|
|Feb 24 and Mar 3, 2011||Mar 11, 2011||Mar 18, 2011|
|Mar 3 and Mar 10, 2011||Mar 18, 2011||Mar 25, 2011|
|Mar 10 and Mar 17, 2011||Mar 25, 2011||Apr 1, 2011|
|Mar 17 and Mar 24, 2011||Apr 1, 2011||Apr 8, 2011|
|Mar 24 and Mar 31, 2011||Apr 8, 2011||Apr 15, 2011|
|Mar 31 and Apr 7, 2011||Apr 15, 2011||Apr 22, 2011|
|Apr 7 and Apr 14, 2011||Apr 22, 2011||Apr 29, 2011|
|Apr 14 and Apr 21, 2011||Apr 29, 2011||May 6, 2011|
If you haven’t heard by now, the following forms are not going to be ready for e-file until February 14th. Now, for most people who are not itemizing, it doesn’t mean a whole lot.
There was a little confusion about education credit not being ready,but if you look carefully at this list below you will find that only form not being ready for education purposes is Form 8917, Tuition and Fees Deduction.
However i f you are one of those people who will have to wait, what you can do is go ahead and prepare your taxes and just put them on hold until IRS is ready to accept them.
- Schedule A, Itemized Deductions
- Form 3800, General Business Credit
- Form 4684, Casualties and Thefts
- Form 5405, First-Time Homebuyer Credit and Repayment of the Credit (Page 2)
- Form 6478, Alcohol and Cellulosic Biofuel Fuels Credit
- Form 8834, Qualified Plug-in Electric and Electric Vehicle Credit
- Form 8859, District of Columbia First-Time Homebuyer Credit
- Form 8910, Alternative Motor Vehicle Credit
- Form 8917, Tuition and Fees Deduction
- Form 8936, Qualified Plug-in Electric Drive Motor Vehicle Credit
Tax Foundation came out with a recent tax revenue survey for the 33 major industrialized nations. As we can see below, United States is still on the lower end. On average, U.S. cashes 26.1% of GDP vs. average of 34.8% for major industrialized nations. It’s interesting to note Mexico with smallest tax burden with ” only ” 21%.
Have you been treating your house as a gambling chips in Las Vegas? If so, than you may find this article relevant to you. The truth is so many of us has jeopardize our biggest investment during the past decade or so; now many of us are faced with big income tax bill !!! The bill comes in form of CANCELED DEBT.
If you find yourself in above mentioned situation don’t give up just jet. There may be a hope.
Your new three favorite words may be: relief, insolvency and gift.
Based on 2007 mortgage debt relief homeowners can exclude canceled debt on their principal residence on up to 2 million. It includes second mortgage as long you used those funds to improve the primary residence.
Your next favorite word – insolvency. Insolvency is the term used when your total debt is overlapping all of your net worth. One thing you must be careful with this is to include ALL of your assets including exempt assets which are out of reach from your creditors ( 401k, IRA’s, pension plan). On the other hand you can include ALL of your indebtedness as well.
And thirdly, unlikely brake, you may get from the lender in the form of gift. Basically, if lender cancels your debt as a gift to you it does not draw tax consequences. Even though this would be very unusual it would make sense to negotiate when doing short sale or deed in lue.
I’m not sure if it would work to ask bank to treat their lost as gift to you, but I would like to hear from any of you on your experience dealing with lenders and IRS. Please don’t hesitate to share your experience down in coments area.
Couple of highlights for 2009 and 2010 energy property credit. It’s important to note that it is only available for your primary residence.
What is it worth
Credit is worth 30% of all improvements. When calculating your total cost of improvements, make sure you include labor cost in it. Credit can not exceed 1500 dollars for 2009 and 2010 combined. ( if you have already took advantage of $1500 credit in 2009 you can not take any credits for 2010.)
New installation, new energy efficient water heater, new energy efficient windows, cooling and heating system. Every manufacturer should have sticker on that particular item or if not you should protect yourself and request something written from manufacturer stating that item qualifies for the credit. Even beater, before you buy it go to this government site and find it out for yourself. http://www.energystar.gov/index.cfm?c=tax_credits.tx_index
How much time I got
You ought to do this sometimes between January 1st 2009 and December 31st 2010 when this credit is scheduled to expire. Therefore, if you did some improvements back in 2009 and didn’t take advantage of energy credit you may do it this 2010 tax year.
So, if you know someone who can benefit from this article please share it with them or if you have in depth question – please leave a comment or contact us via email.
OVERLOOKED DEDUCTION ON CREDIT CARD FEES
One small but often overlooked tax deduction is credit card fee that you may acquire when paying your income tax. There is, however, threshold of 2 percent on your adjusted gross income since it is part of itemized miscellaneous deduction.