Thetax filing deadlineis just around the corner. The IRS offers 10 tips for taxpayers still working on theirtax returns: File ElectronicallyIRS e-file: It’s safe. It’s easy. It’s time. IRS e-file is now the norm; not the exception. The number of e-filed Form 1040 tax returns is approaching 1 billion after 20 years of safe, secure service. In 2010, 99 million people – 70 percent of all individual taxpayers - used IRS e-file to electronically transmit their tax returns to the IRS. Check the Identification NumbersCarefully check identification numbers — usually Social Security numbers — for each person listed. This includes you, your spouse, dependents and persons listed in relation to claims for theChild and Dependent Care Creditor Earned Income Tax Credit. Missing, incorrect or illegible Social Security numbers can delay or reduce atax refund. Double-Check Your FiguresIf you are filing a paper return, you should double-check that you have correctly figured the refund or balance due. Check the Tax TablesIf you are filing using theFree File Fillable Formsor a paper return, double-check that you have used the right figure from the tax table. Sign Your FormYou must sign and date your return. Both spouses must sign a joint return, even if only one had income. Anyone paid to prepare a return must also sign it. Mailing Your ReturnIf you are mailing a return, find thecorrect mailing addressathttp://www.irs.gov. Click the Individuals tab and the “Where to File” link under IRS Resources on the left side. Mailing a PaymentPeople sending a payment should make the check payable to “United States Treasury” and should enclose it with, but not attach it to, the tax return or the Form 1040-V, Payment Voucher, if used. The check should include the Social Security number of the person listed first on the return, daytime phone number, the tax year and the type of form filed. Electronic PaymentsElectronic payment options are convenient, safe and secure methods for paying taxes. You can authorize an electronic funds withdrawal, or use a credit or a debit card. For more information on electronic payment options, visithttp://www.irs.gov. Extension to FileBy theApril 18thdue date, you should either file a return or request an extension of time to file. Remember, the extension of time to file is not an extension of time to pay. IRS.govForms, publications and helpful information on a variety of tax subjects are available athttp://www.irs.gov. ...read more

With theMonday, April 18thfederal income tax deadlinerapidly approaching the IRS wants remind taxpayers about the self-help tools that are available to make filing taxes easier. Taxpayers seeking last minute help can find a wide variety of useful products and information from the comfort of their home through theIRS website. IRS.govis "open" 24 hours a day 7 days a week. The2011 Filing Season Tax Tips, available onwww.IRS.gov, provide a wealth of information and links to help taxpayers meet the deadline. 1040 Centralis the comprehensive source forindividual income taxinformation. Interactive Tax Assistantis a tax law resource that guides taxpayers through a series of questions and provides responses on credits, deductions and general filing questions. ...read more

Start gathering your recordsRound up any documents or forms you'll need when filing your taxes: receipts, canceled checks and other documents that support income or deductions you're claiming on your return. Be on the lookoutW-2s and 1099s will be coming soon; you'll need these to file your tax return. Use Free File:Let Free File do the hard work for you with brand-name tax software or online fillable forms. It's available exclusively athttp://www.irs.gov. Everyone can find an option to prepare their tax return and e-file it for free. If you made $58,000 or less, you qualify for free tax software that is offered through a private-public partnership with manufacturers. If you made more or are comfortable preparing your own tax return, there'sFree File Fillable Forms, the electronic versions of IRS paper forms. Visitwww.irs.gov/freefileto review your options. Try IRS e-file:After 21 years, IRS e-file has become the safe, easy and most common way to file a tax return. Last year, 70 percent of taxpayers - 99 million people - used IRS e-file. Starting in 2011, manytax preparerswill be required to use e-file and will explain your filing options to you. This is your chance to give it a try. IRS e-file is approaching 1 billion returns processed safely and securely. If you owe taxes, you have payment options to file immediately and pay by the tax deadline. Best of all, combine e-file with direct deposit and you get your refund in as few as 10 days. Consider other filing optionsThere are many different options for filing your tax return.You can prepare it yourself or go to a tax preparer.You may be eligible for free face-to-face help at an IRS office or volunteer site.Give yourself time to weigh all the different options and find the one that best suits your needs. Consider Direct DepositIf you elect to have your refund directly deposited into your bank account, you'll receive it faster than waiting for a paper check.  Visit the IRS website again and againTheofficial IRS websiteis a great place to find everything you'll need to file your tax return: forms, publications, tips, answers to frequently asked questions and updates on tax law changes. Remember this number: 17Check outIRS Publication 17, YourFederal Income Taxon the IRS website. It's a comprehensive collection of information for taxpayers highlighting everything you'll need to know when filing your return. Review! Review! Review!Don't rush. We all make mistakes when we rush.Mistakes will slow down the processing of your return. Be sure to double-check all the Social Security Numbers and math calculations on your return as these are the most common errors made by taxpayers. ...read more

You must file afederal income tax returnif your income is above a certain level; which varies depending on your filing status, age and the type of income you receive. Check theIndividualssection of theIRS websiteathttp://www.irs.govor consult the instructions for Form 1040, 1040A, or 1040EZ for specific details that may help you determine if you need to file a tax return with the IRS this year. You can also use theInteractive Tax Assistantavailable on the IRS website to determine if you need to file a tax return. The ITA tool is a tax law resource that takes you through a series of questions and provides you with responses to tax law questions. There are some instances when you may want to file a tax return even though you are not required to do so. Even if you don't have to file, here are seven reasons why you may want to: Federal Income TaxWithheld  You should file to get money back if Federal Income Tax was withheld from your pay, you made estimated tax payments, or had a prior year overpayment applied to this year's tax. Making Work Pay Credit  You may be able to take this credit if you had earned income from work. The maximum credit for a married couple filing a joint return is $800 and $400 for other taxpayers. Earned Income Tax Credit  You may qualify for EITC if you worked, but did not earn a lot of money.EITC is arefundable tax credit; which means you could qualify for atax refund. Additional Child Tax Credit  This refundable credit may be available to you if you have at least one qualifying child and you did not get the full amount of the Child Tax Credit. American Opportunity Credit  The maximum credit per student is $2,500 and the first four years of postsecondary education qualify. First-Time Homebuyer Credit  The credit is a maximum of $8,000 or $4,000 if your filing status is married filing separately. To qualify for the credit, taxpayers must have bought – or entered into a binding contract to buy – a principal residence located in the United States on or before April 30, 2010. If you entered into a binding contract by April 30, 2010, you must have closed on the home on or before September 30, 2010. If you bought a home as your principle residence in 2010, you may be able to qualify and claim the credit even if you already owned a home. In this case, the maximum credit for long-time residents is $6,500, or $3,250 if your filing status is married filing separately. Health Coverage Tax Credit  Certain individuals, who are receivingTrade Adjustment Assistance, Reemployment Trade Adjustment Assistance, or pension benefit payments from thePension Benefit Guaranty Corporation, may be eligible for a Health Coverage Tax Credit worth 80 percent of monthlyhealth insurance premiumswhen you file your 2010 tax return. ...read more

For most taxpayers, the 2011 tax filing season starts on schedule. However, tax law changes enacted by Congress and signed by President Obama in December mean some people need to wait until mid- to late February to file their tax returns in order to give the IRS time to reprogram its processing systems. Some taxpayers – including those who itemize deductions on Form 1040 Schedule A – will need to wait to file. This includes taxpayers impacted by any of three tax provisions that expired at the end of 2009 and were renewed by the Tax Relief,Unemployment InsuranceReauthorization, and Job Creation Act Of 2010 enacted Dec. 17. Those who need to wait to file include: Taxpayers Claiming Itemized Deductions onSchedule A. Itemized deductionsinclude mortgage interest, charitable deductions, medical and dental expenses as well as state and local taxes (add link to Schedule A). In addition, itemized deductions include the state and local general sales tax deduction that was also extended and which primarily benefits people living in areas without state and local income taxes. Because of late Congressional action to enact tax law changes, anyone who itemizes and files a Schedule A will need to wait to file until mid- to late February. Taxpayers Claiming the Higher Education Tuition and Fees Deduction. This deduction for parents and students – covering up to $4,000 of tuition and fees paid to a post-secondary institution – is claimed on Form 8917. However, the IRS emphasized that there will be no delays for millions of parents and students who claim other education credits, including theAmerican Opportunity Tax Creditextended last month and the Lifetime Learning Credit. Taxpayers Claiming the Educator Expense Deduction. This deduction is for kindergarten through grade 12 educators with out-of-pocket classroom expenses of up to $250. The educator expense deduction is claimed on Form 1040, Line 23 andForm 1040A, Line 16. ...read more

The Internal Revenue Service today released instructions to help employers implement the 2011 cut in payroll taxes, along with new income-tax withholding tables that employers will use during 2011. Millions of workers will see their take-home pay rise during 2011 because the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 provides a two percentage point payroll tax cut for employees, reducing their Social Security tax withholding rate from 6.2 percent to 4.2 percent of wages paid. This reduced Social Security withholding will have no effect on the employee's future Social Security benefits. The new law also maintains the income-tax rates that have been in effect in recent years. Employers and payroll companies will handle the withholding changes, so workers typically won't need to take any additional action, such as filling out a new W-4 withholding form. As always, however, the IRS urges workers to review their withholding every year and, if necessary, fill out a new W-4 and give it to their employer. For example, individuals and couples with multiple jobs, people who are having children, getting married, getting divorced or buying a home, and those who typically wind up with a balance due or large refund at the end of the year may want to consider submitting revisedW-4 forms.Publication 919, How Do I Adjust My Tax Withholding?, provides more information to workers on making changes to their tax withholding. ...read more

  WASHINGTON — TheInternal Revenue Serviceannounced today that IRS offices will be open nationwideon Saturday, March 27 from 9 a.m. to 2 p.m., local time, to help taxpayers. The location of participating offices is listed onIRS.gov.  "We are holding these special open houses to give taxpayers who are struggling in these difficult economic times more opportunity to work directly with IRS employees to resolve their tax issues," said IRS Commissioner Doug Shulman.  "We will host more than 180 open houses this Saturday." During the expanded open-house hourson Saturday, taxpayers will be able to address economic hardship issues, make payment arrangements or get help claiming any of the special tax breaks in last year'sAmerican Recovery and Reinvestment Act, including the: Homebuyer tax credit- a refundable credit equal to 10 percent of the purchase price up to a maximum of $8,000 ($4,000 if married filing separately). A first-time homebuyer is an individual who, with his or her spouse if married, has not owned any other principal residence for three years prior to the date of purchase of the new principal residence for which the credit is being claimed. American Opportunity Credit- a federal education credit to offset part of the cost of college under the newAmerican Opportunity Credit. This credit modifies the existingHope creditfor tax years 2009 and 2010, making it available to a broader range of taxpayers. Income guidelines are expanded and required course materials are added to the list of qualified expenses. Many of those eligible will qualify for the maximum annual credit of $2,500 per student. Making Work Pay credit- In 2009 and 2010, the Making Work Pay provision of the American Recovery and Reinvestment Act will provide arefundable tax creditof up to $400 for working individuals and up to $800 for married taxpayers filing joint returns. Expanded Earned Income Tax Credit- There is now a new tax classification for EITC recipients who have three or more children and a higher credit amount – up to $5,657. ...read more

Here are few a reasons to consider: Get Your Refund Faster If you've overpaid your taxes and are expecting a refund, it makes a lot of sense to file early. You'll get your refund sooner not only because you're filing earlier, but also because the IRS probably won't be as busy in January, February or March as it will be in April and beyond. Get it Over With Why spend the first three months of the year with nagging thoughts of April 15 in your mind when you have the option to get it over with now? Avoiding procrastination can give you a lot of peace of mind that will make you happier and more effective in other, more important areas of your life. Avoid Crowds at the Post Office According to the IRS, in 2008, 57.8% of taxpayers filed their returns electronically - that means the other 42.2% are still mailing theirs, and joining the crowds at the mail office to do so. If you're planning to be one of them, whether out of habit, a desire to avoid the unnecessary expense of electronic filing, or the belief that paper filers are less likely to get audited, consider the extra time you'll have to waste at the post office if you wait until April 15 to mail your return. While many people simply put off filing their tax returns until April - waiting until the last minute like most of us do with any deadline - it turns out that procrastination isn't the only reason to wait when it comes to your taxes. Maximize Your Interest If you're going to owe money to the IRS, why give it to them any sooner than you have to? You can still complete your return early, but instead of turning it in, keep the amount you owe in a safe, interest-bearing account until April and earn a few extra bucks for yourself. Avoid Amending Your Return Sometimes employers, universities, mortgagees and investment companies make mistakes on the tax forms they file to report your wages, tuition costs, mortgage interest and investment income to the tax authorities. If you file your return based on this incorrect information, you'll have to file again once the mistake is fixed and new forms are mailed out to you and the IRS. Not only does filing twice take some time, you'll likely find that you owe more or less tax based on this new information. If you file early, get a refund, and spend it right away, will you have the money to pay up if your tax liability suddenly changes? Not All Forms are Available for Early Filers Tax forms for the current year may not be available if you file in December and updates sometimes occur during the tax season. Legislation passed at the end of the year might not be reflected in tax forms yet if you file early. If you use tax software, it will usually not allow you to finalize your return until it has all of the forms available for the current year that apply to your situation. If you print forms from the IRS website, you will also want to make sure that the forms you need are for the tax year for which you are filing. However, even though the form is available for filing, it doesn't mean updates are complete. If congress passes a new law, there could be a new update any time before April 15th. If you file your taxes early, pay attention to reports of tax law changes on the news. Then visithttp://www.irs.gov/for instructions on how to correct your tax forms. ...read more

We've just published a new edition of our newsletter! You can check it out on our website and get the latest information from Travel Nurse Tax Preparer. Let us know what you think! Read It Now Here ...read more

  When you prepare to file your tax return, there are two things that will factor into your tax situation: dependents and exemptions. Here are five important facts the IRS wants you to know about dependents and exemptions before you file your 2009 tax return. If someone else claims you as a dependent, you may still be required to file your own tax return.Whether or not you must file a return depends on several factors, including the amount of your unearned, earned or gross income, your marital status, any special taxes you owe and, any advance Earned Income Tax Credit payments you received. Exemptions reduce your taxable income.There are two types of exemptions:personal exemptionsand exemptions for dependents. For each exemption you can deduct $3,650 on your 2009 tax return. Exemption amounts are reduced for taxpayers whose adjusted gross income is above certain levels, depending on your filing status. If you are a dependent, you may not claim an exemption.If someone else – such as your parent – claims you as a dependent, you may not claim yourpersonal exemptionon your own tax return. Your spouse is never considered your dependent.On a joint return, you may claim one exemption for yourself and one for your spouse. If you're filing a separate return, you may claim the exemption for your spouse only if they had no gross income, are not filing a joint return, and were not the dependent of another taxpayer. Some people cannot be claimed as your dependent.Generally, you may not claim a married person as a dependent if they file a joint return with their spouse. Also, to claim someone as a dependent, that person must be a U.S. citizen, U.S. resident alien, U.S. national or resident of Canada or Mexico for some part of the year. There is an exception to this rule for certain adopted children. See IRS Publication 501, Exemptions, Standard Deduction, and Filing Information for additional tests to determine who can be claimed as a dependent. ...read more

We have reached the end of the 3rd quarter of 2009.  For business owners that means quarterly payroll reports for Federal 941 and Federal 940 payments plus if you live in a state where there is state payroll then you have State Quarterly Payroll reports due as well.  Some states, like California, have quarterly payments for Unemployment and other taxes as well. Quarterly State Sales Tax reports and payments are also due before the end of October. If we can be of assistance for any of your accounting/bookkeeping needs please do not hesistate to contact us. Business Bookkeeping Solutions, www.bbookkeeping.com, info@bbookkeeping.com. Have a prosperous year. ...read more

The Oct. 15 deadline is fast approaching for millions of taxpayers who requested a six-month extension to file their 2008 tax returns. The IRS expects to receive as many as 10 million tax returns from taxpayers who used Form 4868 to request a six-month extension to file their returns. Some taxpayers, for example, may have requested a filing extension to claim the first-time homebuyer credit for a home purchase that closed after the April 15 deadline. Some taxpayers can wait until after Oct. 15 to file. This includes those serving in Iraq, Afghanistan or other combat zone localities and people affected by recent natural disasters. ...read more

We've just published a new edition of our newsletter! You can check it out on our website and get the latest information from 1040's and MORE Tax Service. Let us know what you think! Read It Now Here ...read more

If you owe taxes and didn’t file your tax return or request an extension by the April 15 deadline, you may face interest on any unpaid federal taxes you owe and a failure-to-file penalty. The IRS will deny a request for an extension that is filed after midnight on April 15. However, you should still file your tax return, even if it’s late.Let us help you make sure you take care of this ...read more

This year Hurricane Preparedness Week is May 25 – 31, 2008 The goal of Hurricane Preparedness Week is to provide the public with information about hurricane hazards, and to provide knowledge that can be used to take action and to save lives at work, home, while on the road, or on the water. For more information: http://www.nhc.noaa.gov/HAW2/english/intro.shtml ...read more