|
|
| Despite the slumping real estate market, houses are still being sold and there is money to be made. Sellers need to take a close look at the exclusion rules and cost basis of their home to reduce taxable gain on their house.First, The IRS home sale exclusion rule now allows an exclusion of a gain up to $250,000 for a single taxpayer or $500,000 for a married couple filing jointly. This exclusion can be used over and over during your lifetime, unlike the previous one-time exemption, as long as you meet the following Ownership and Use tests.During the 5-year period ending on the date of the sale, you must have: |
Posts Tagged ‘income tax’
Cut Taxes on the Sale of Your Home
Friday, June 18th, 2010Are Your Social Security Benefits Taxable?
Tuesday, June 8th, 2010|
|
|
How much, if any, of your Social Security benefits are taxable? It depends on your total income and marital status. Generally, if Social Security benefits were your only income, your benefits are not taxable and you probably do not need to file a federal income tax return. If you received income from other sources, your benefits will not be taxed unless your modified adjusted gross income is more than the base amount for your filing status. (See below for more on base amounts.) This quick computation will help you determine whether some of your benefits may be taxable:
The 2010 base amounts are:
According to the Social Security Administration, less than one-third of all current beneficiaries pay taxes on their benefits. Call us for additional information on the taxability of Social Security benefits. |
Looking for Status of Refund?
Tuesday, May 4th, 2010|
|
|
You can go online to check the status of your 2009 refund 72 hours after the IRS acknowledges receipt of your e-filed return, or 3 to 4 weeks after you mail a paper return. Be sure to have a copy of your 2009 tax return available because you will need to know your filing status, the first Social Security number shown on the return, and the exact whole-dollar amount of the refund. You have three options for checking on your refund:
|
Haven’t Filed an Income Tax Return? What to Do
Tuesday, May 4th, 2010|
|
|
Filing a past due return may not be as difficult as you think. Taxpayers should file all tax returns that are due, regardless of whether or not full payment can be made with the return. Depending on an individual’s circumstances, a taxpayer filing late may qualify for a payment plan. All payment plans require continued compliance with all filing and payment responsibilities after the plan is approved. It is important, however, to know that full payment of taxes saves you money. Here’s What to Do |
