It’s that time of year again….time to file your income tax return.

What if you can’t get it done or don’t have all of your material to prepare it?

File for an extension.

To file an extension, complete Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return.  This must be completed and filed by the due date, April 18, 2011. The extension is granted automatically if it is filed completely and on time.  The extension is for six months and allows for the returns to filed up until October 17, 2011. more…

The home office deduction is a confusing topic for many taxpayers.  Can I only take it if I am self-employed?

What if you’re not self-employed, but work at home frequently? 

And isn’t it true that the IRS is more likely to audit you if you take the deduction?

Because of these types of concerns and questions, many taxpayers that are entitled to this deduction do not take it. more…

1.  Know Your Tax Bracket
This is where every taxpayer needs to start.  What is your tax bracket?  If you don't know this number, just pull out your tax return from last year.  Look at the taxable income and look up the rate that is located in the tax tables. This will help you when looking at realizing capital gains or losses, exercising and selling stock options, or dealing with the Alternative Minimum Tax. more…

On December 17, 2010, President Obama signed the tax bill into law after months of negotiations, and to our benefit, this law will be in effect for the next two years.  Enactment of this tax law confirms that individuals at all income levels won’t face an automatic hike in taxes beginning in January 2011.  There are several areas to talk about and some key points to consider now that the holiday season is over and tax season is upon us. more…

Most married couples file their income tax returns jointly.  However, married couples have an option—they can file married filing jointly or married filing separately.  Married couples can change their filing status from year to year.  The only requirement is that they be married, which is determined on the last day of the year. more…