Here are some of the changes that will affect you as you prepare your 2010 tax returns:
1) Taxpayers, nationwide, will have until Monday, April 18, 2011, to file their 2010 returns and pay any taxes due. Taxpayers get the extra time because Emancipation Day, a holiday in the District of Columbia, is observed this year on Friday, April 15. By law, D.C. holidays impact tax deadlines in the same way that federal holidays do. The April 18 deadline applies to any return or payment normally due on April 15. It also applies to the deadline for requesting a tax-filing extension and for making 2010 IRA contributions.
2) Several tax breaks that expired at the end of 2009 were renewed and can be claimed on 2010 returns. They include state and local general sales tax deduction, primarily benefiting people living in areas without state and local income taxes.
3) A provision available through the end of 2011, offers older owners of individual retirement accounts (IRAs) a different way to give to charity. An IRA owner age 70½ or over can directly transfer, tax-free, up to $100,000 per year to eligible charities.
4) Overall income limits for personal and dependency exemptions and itemized deductions do not apply. Before 2010, taxpayers whose incomes were above certain levels lost part or all of their exemptions and part of their itemized deductions. For taxpayers at all income levels, limitations continue to apply to particular itemized deductions, such as medical and dental expenses, certain miscellaneous itemized deductions and casualty and theft losses.
5) The maximum adoption credit for 2010 is increased to $13,170 per child, up from $12,150 in 2009. The credit is refundable, meaning that eligible taxpayers can get the credit even if they owe no tax. In general, the credit is based on the qualified adoption expenses, which include adoption fees, court costs, attorney’s fees and travel expenses. Income limits and other special rules apply.Because of these documentation requirements, taxpayers claiming the adoption credit will have to file paper tax returns. Normally, it takes six to eight weeks to get a refund claimed on a complete and accurate paper return where all required documents are attached.
6) Eligible self-employed individuals can use the self-employed health insurance deduction to reduce their social security self-employment tax liability in addition to their income tax liability. As in the past, eligible taxpayers claim this deduction on Form 1040 Line 29. But in 2010, eligible taxpayers can also enter this amount on Schedule SE Line 3, thus reducing net earnings from self-employment subject to the 15.3 percent social security self-employment tax.
7) Premiums paid for health insurance covering the taxpayer, spouse and dependents generally qualify for this deduction. Premiums paid for coverage of an adult child, under age 27 at the end of the year, for the time period beginning on or after March 30, 2010, also qualify for this deduction, even if the child is not the taxpayer’s dependent.
8) Taxpayers who claimed the first-time homebuyer credit for a home bought in 2008 must generally begin repaying it on the 2010 return. In most cases, the credit must be repaid over a 15-year period. Many of those affected by this requirement received reminder letters from the IRS. A repayment requirement also applies to a taxpayer who claimed the credit on either their 2008 or 2009 return and then sold it or stopped using the home as their main home in 2010.
March 14, 2011
March 9, 2011
March 8, 2011
United State Credit Users Suffer Credit Scores Decline
Millions of Americans have experienced decline in their credit scores to the lowest levels possible. FICO has reported that almost 26% of American consumers have a credit score less than 600. When a consumer reaches a those low levels, he/she is considered a very high risk for lenders, which makes it almost impossible for these consumers to obtain a mortgage, auto loans, or credit cards. This group of low credit score Americans has increased by 2.4 million over the past two years. Another important piece of information is that the group of consumers in the credit score group of 650 to 699 is almost 12% of consumers, which has decreased from the typical 15%
These consumers are in a bind. What used to be considered a good credit score not too long ago, now leaves them with no access to financing. Standards have toughened and these scores aren’t as good as they once were. These tightened standards will make it much tougher for these people to obtain loans, especially with the best mortgage rates.
For those interested in improving their credit score on a simple way, I have written a book that will help them achieve that goal. It is written in simple terms so it is easy to implement. It will save thousands of dollars in professional fees in your attempt to increase your credit score. If you are in this situation you owe it to your family to address it now. For a small investment of $10.95 you can see improvements in your credit score of at least 50 points in 30 days and over 100 points in 60 days.
If you are interested in improving your credit score go here now!
These consumers are in a bind. What used to be considered a good credit score not too long ago, now leaves them with no access to financing. Standards have toughened and these scores aren’t as good as they once were. These tightened standards will make it much tougher for these people to obtain loans, especially with the best mortgage rates.
For those interested in improving their credit score on a simple way, I have written a book that will help them achieve that goal. It is written in simple terms so it is easy to implement. It will save thousands of dollars in professional fees in your attempt to increase your credit score. If you are in this situation you owe it to your family to address it now. For a small investment of $10.95 you can see improvements in your credit score of at least 50 points in 30 days and over 100 points in 60 days.
If you are interested in improving your credit score go here now!
March 7, 2011
March 2, 2011
Is Debt Problems Taking Over Your Life-Time To Find Out About Different Things You Could Do To Change Things
There are many different and amazing, as well as quite simple little things that anyone of you could do to try and change your current debt condition and flip it to something more positive, which will in turn make your life much more productive. Just wait and see, as soon as you start sticking to the program and finding different things that you can do to help your situation, you will begin seeing that life is not that difficult, saving money does not have to feel impossible and gaining knowledge about your finances is something very valuable and helpful throughout your entire life.
Debt problems can strike anyone out there, nobody is too good for failed financial security, it does happen to all different types of people and that is definitely a fact people! The internet is a fantastic place for you to locate all types of helpful information regarding your finances and how to keep them all in check. Taking the time out to actually study over some of those helpful steps is something very important because you should all know that there is just no way possible that anything like this is going to happen, without your determination and researching so that you will have the kind of knowledge that it is going to take for you to be financially successful in the future.
Finding books on finances and debt can really make a huge difference whenever it comes to the way that you have previously thought about money and it will change your entire outlook on your financial future as well. Nothing but positive things will come from you taking time out of your daily activities to further investigate what all it is that is definitely going to help guide you and get you on the appropriate path, where you can gain the financial freedom that you have always longed for throughout the difficult years growing up, turning into an adult.
Decide to start spending less and less money every chance that you think about it or every opportunity that arises, it will for sure save you quite a bit of money, and probably more so than you would have ever imagined possible. Little things add up to a whole lot of money, so even if it is just saving yourself a few dollars here and there, at the end of the month it is all going to add up, that is for sure and once you start seeing it happen you are going to be more than thrilled by the results!
Pinching pennies each month will really be quite helpful to you and your family and will help to alleviate many of your debt problems that you have been going through each and every month that passes. This does not at all mean that you can not have any kind of fun at all, you just need to be much more conservative and thoughtful, whenever it does come to how much money you are spending each and everyday, no matter what comes up. Even if you could open up a small savings account at your local bank, that would be very beneficial to you as well, allowing you the opportunity to save back a little bit of money any chance that you do get.
Debt is a problem that too many people are having to deal with each and everyday and if this all sounds like the headache of a problem existing in your home, then perhaps it is time for you to consider making some changes too, just as so many people have chosen to do, in which it was most helpful to them over a period of time. Your future and happiness depends on it, so why are you still sitting there all upset over your debt problems, get up off that couch and do something about it today, before it gets too deep and there is no time for help at all!
Alleviating your debt as early as possible during your life will be the most helpful to you in the future and by doing this you will be giving yourself the opportunity to have much less stress on you each day that you step out of bed, as well as bringing much joy to your life, allowing you many opportunities that would never have came along had you not had your finances in more order.
Your debt condition can and will improve, but only if you take the appropriate steps that it is going to take to get you in that wonderful position. You are the one that should be in control over your life and your finances and if you are not then maybe you should sit back and try to figure out just where things might be going wrong, causing you the debt problems that have been occurring with you.
If you need help improving your credit score, I recommend How To Improve Your Credit Score One Step at a Time
Debt problems can strike anyone out there, nobody is too good for failed financial security, it does happen to all different types of people and that is definitely a fact people! The internet is a fantastic place for you to locate all types of helpful information regarding your finances and how to keep them all in check. Taking the time out to actually study over some of those helpful steps is something very important because you should all know that there is just no way possible that anything like this is going to happen, without your determination and researching so that you will have the kind of knowledge that it is going to take for you to be financially successful in the future.
Finding books on finances and debt can really make a huge difference whenever it comes to the way that you have previously thought about money and it will change your entire outlook on your financial future as well. Nothing but positive things will come from you taking time out of your daily activities to further investigate what all it is that is definitely going to help guide you and get you on the appropriate path, where you can gain the financial freedom that you have always longed for throughout the difficult years growing up, turning into an adult.
Decide to start spending less and less money every chance that you think about it or every opportunity that arises, it will for sure save you quite a bit of money, and probably more so than you would have ever imagined possible. Little things add up to a whole lot of money, so even if it is just saving yourself a few dollars here and there, at the end of the month it is all going to add up, that is for sure and once you start seeing it happen you are going to be more than thrilled by the results!
Pinching pennies each month will really be quite helpful to you and your family and will help to alleviate many of your debt problems that you have been going through each and every month that passes. This does not at all mean that you can not have any kind of fun at all, you just need to be much more conservative and thoughtful, whenever it does come to how much money you are spending each and everyday, no matter what comes up. Even if you could open up a small savings account at your local bank, that would be very beneficial to you as well, allowing you the opportunity to save back a little bit of money any chance that you do get.
Debt is a problem that too many people are having to deal with each and everyday and if this all sounds like the headache of a problem existing in your home, then perhaps it is time for you to consider making some changes too, just as so many people have chosen to do, in which it was most helpful to them over a period of time. Your future and happiness depends on it, so why are you still sitting there all upset over your debt problems, get up off that couch and do something about it today, before it gets too deep and there is no time for help at all!
Alleviating your debt as early as possible during your life will be the most helpful to you in the future and by doing this you will be giving yourself the opportunity to have much less stress on you each day that you step out of bed, as well as bringing much joy to your life, allowing you many opportunities that would never have came along had you not had your finances in more order.
Your debt condition can and will improve, but only if you take the appropriate steps that it is going to take to get you in that wonderful position. You are the one that should be in control over your life and your finances and if you are not then maybe you should sit back and try to figure out just where things might be going wrong, causing you the debt problems that have been occurring with you.
If you need help improving your credit score, I recommend How To Improve Your Credit Score One Step at a Time
February 25, 2011
U.S. Pushes Mortgage Deal; Obama Proposal Seeks Multibillion-Dollar Settlement of Loan-Servicing Cases http://ow.ly/43quQ
February 12, 2011
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