This is the final tip on tax preparation from Tony. Thanks, Tony!
Tip Number Seven: Offsetting Education Expenses, If Qualified • American Opportunity Credit helps pay for college’s first four years. • Hope Credit helps pay for college’s first two years and allows a maximum annual credit of $2,500 per student, of which up to $1,000 may be a refund, if no taxes [...]

This is the sixth of 7 tips on tax preparation from Tony. Check back each Tuesday to read them all.
Tip Number Six: Understanding Unemployment Benefits • American Recovery and Reinvestment Act (ARRA) provides a tax break if you collected unemployment in 2009. • Except for workers compensation, unemployment compensation includes amounts received through federal or state unemployment compensation laws, state [...]

This is the fifth of 7 tips on tax preparation from Tony. Check back each Tuesday to read them all.
Tip Number Five: Alternative Minimum Tax (AMT) • The AMT for 2009: • Applies to high income taxpayers who claim so many deductions they owe little or no tax; • Isn’t indexed for inflation, so it covers growing numbers of the [...]

This is the fourth of 7 tips on tax preparation from Tony. Check back each Tuesday to read them all.
Tip Number Four: Early Distributions from Retirement Plans • Early distributions are funds taken from IRAs before age 59½. • They are subject to an added 10% tax. • They must be reported to the IRS. • Distributions rolled over to another [...]

This is the third of 7 tips on tax preparation from Tony. Check back each Tuesday to read them all.
Tip Number Three: First-Time Homebuyer Tax Credit Tips • Homebuyers must attach Form HUD-1 or other properly executed settlement statements that show all parties’ names, signatures, property address, sales price and purchase date. • Settlement documents vary depending on location and may not include [...]

This is the second of 7 tips on tax preparation from Tony. Check back each Tuesday to read them all.
Tip Number Two: 2009 Tax Changes • American Recovery and Reinvestment Act has incentives for first-time home and new car purchases, home energy efficiency improvements, college expenses, and persons collecting unemployment. • IRA deductions may apply if adjusted gross income [...]