Income Tax Articles and Videos - Page 1

Housing numbers were rather bleak this week, with demand for new and existing homes down sharply in January. Today on the show we covered unemployment, COBRA continuation extension, unemployment insurance continuation vote In the House and Senate. How to Invest Your Money in 2010 DISCOUNT CODE…

Back in the booming real estate market days, lenders might not have required much documentation from borrowers. But with the change in the real estate market and dropping real estate values, lenders will look at every piece of paper. A loan application will seem like it takes forever and the lender…

Happy Valentines Day. This is our last weekend for the 50 percent discount on our How to Invest Your Money in 2010 event, at the Gwinnett Center, in Duluth, GA. The price for tickets goes up on Tuesday at midnight, so be sure to sign up now. Today, we're talking about the economy, the stock market…

Now that you closed on a home, you want to get the tax credit. Be careful, you will need to send more than usual to the IRS to prove that you are entitled to the $8000 or $6500 tax credit. So before you push to e-file your tax return, make sure you understand that you won't get the refund you were…

It’s the last show of the year today, and so with only four business days left in the year, it’s the Special Tax episode of the Ilyce Glink Show. Ilyce invited her friends from the Georgia Association of Enrolled Agents, including: Merry Brodie, enrolled agent and CPA, enrolled agent Bill Nemeth and…

Ilyce Glink Show Notes - December 27, 2009. Today is the last show day of the year, so it's a special tax show. We have Merry Brodie, Bill Nemeth, and Chet Burgess from the Georgia Association of Enrolled Agents answering your tax questions. Merry, Bill and Chet each complete hundreds of tax returns…

The IRS recently updated its 401k Hardship Withdrawal information. This information is for anyone who is out of work, had extremely high medical expenses or needed, for some other reason, to make a withdrawal from a 401(k) plan. If you qualify for a hardship withdrawal, you will not owe penalties on…

Special tax show today. We have Merry Brodie, Bill Nemeth, and Chet Burgess from the Georgia Association of Enrolled Agents answering your tax questions. Merry, Bill and Chet each complete hundreds of tax returns each year, and Merry's company completes 10,000 tax returns each tax year. Don't forget…

Tax credit release from the IRS includes information on key energy tax credit provisions in the American Recovery and Reinvestment Act of 2009) that might impact taxpayers: Residential energy Property Tax Credit; Residential Energy Efficient Property Tax Credit; Plug-In Electric Drive Vehicle Tax…

Tax Tips From The ThinkGlink Tax Team

Merry Brodie, Enrolled Agent and CPA, Bill Nemeth, Enrolled agent, and Chet Burgess, Enrolled Agent and president of the Georgia Association of Enrolled Agents (4gaea.org) joined us on the Ilyce Glink show today. We talked about Cancellation of Debt, New Tax…

If you inherit an IRA account, you have some choices with what to do with the money and the tax treatment you receive from teh IRS. In some cases, if you do nothing, your money will be subject to federal income taxes. If you roll the money over into a new IRA account you can avoid paying taxes right…

What happens when you make after tax contributions to a 401(k) plan and you now need the money? Can you withdraw just the after tax contributions and not pay any tax? Or, will the IRS require you to withdraw the funds in a proportionate way, based on the total amount in the plan?

When you own a home you can deduct property taxes and your mortgage interest from your federal income taxes. If you're a real estate investor and own multiple properties, you're limited as to the number of properties that you can deduct mortgage interest for. But you can continue to deduct property…

When you decide to start your own travel agency, or any other business, you'll want to determine what kind of corporate structure to use and why. Attorneys and accountants can advise on the pros and cons of setting up a limited liability company (LLC) or incorporation. Both an LLC and a corporation…

What can you do when you owe more on your mortgage than your home is worth? If you owe more than 105 percent of the value of the home you can't refinance under federal programs. If you're really eager to sell your home and move on you may want to try to do a short sale with your mortgage lender. In…

If you're looking at buying a new car this year you'll likely be able to deduct the sale tax you pay on your federal income taxes for the 2009 tax year.

IRS announced seven things you should know about this new deduction:

1. State and local sales taxes paid on up to $49,500 of the purchase price of…

The IRS has published the following following tax law changes for 2009 affecting individuals.

As that April 15 tax deadline edges closer and closer, the IRS has released a list of top tax scams to watch out for. Whether you've already sent off your return or you're one of the last minute filers, make sure you don't get trapped by any of these scams:

Beware of IRS’ 2009 “Dirty Dozen” Tax Scams…

We're offering a special 2for1 deal for the Ilyce Glink Makeover Your Money Event! It's only going to run through Monday night (April 13, 2009). Go to http://www.thinkglink.eventbrite.com and type in "2for1" (don't put in the spaces and don't type the parenthesis either).

That means you'll get a…

If you haven't begun the process of filing your federal and state (if you are required to do so) income tax form, it's time to get moving. There are just five days left until the April 15th deadline, and you may not get a lot done around the Easter or Passover holidays. Today, the IRS offered some…

IRS reminds tax payers to file on time by April 15 to avoid penalties.

Check out our previous blog entry on how you can now deduct credit and debit fees when you pay your taxes using these payment methods.

In addition to paying using credit or debit cards, you can also pay your taxes using the…

You may decide this is the year to buy a home so you can take advantage of the $8,000 first time home buyer tax credit. Can you get the first time home buyer tax credit if you buy new construction? Can you close on the mortgage loan prior to the completion of your new construction home? No, you…

With the tax filing deadline close at hand, the IRS offers ten tips for those still working on their tax returns:

1. File Electronically - Consider filing electronically instead of using paper tax forms. If you file electronically and choose direct deposit, you can receive your refund in as few as 10…

Today on the Ilyce Glink Show, we talked tax. Bill Nemeth and Merry Brodie joined us in the studio to answer your tax questions. We talked about the Georgia Retirement Tax Exclusion and took questions about federal or state income tax, such as what kinds of deductions you can take or what taxes you…

The IRS shared this information this morning:

Errors made on tax returns may delay the processing of your return and the arrival of your refund. Avoiding the common errors below will help ensure your refund arrives on time:

1. Recovery Rebate Credit - Many returns filed in 2009 have errors involving the…