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HOME OWNERSHIP & INCOME
TAX DEDUCTIONS.
Two deductions are permitted for owners of
primary and secondary residence: Property
taxes and Mortgage interest.

ACQUISITION FINANCING
This sort of financing is used acquire,
construct, or to improve a primary or a
secondary residence.

To qualify as an acquisition loan, either the
mortgage has to be in place or the
paperwork for the mortgage must be in
progress at closing. The total mortgage
indebteness on both loans cannot exceed
$1100,000 for tax deduction purpose.

EQUITY FINANCING
Equity financing can be a first, second, or
third mortgage. Regardless of the form or
the purpose of the loan, only the interest on
the first $100,000 of equity financing is
deductible.

POINT OR DISCOUNT POINT
Buyers or Sellers may deduct points as a form
of prepaid interest under some
circumstances. Under certain conditions,
buyers may deduct points in the year they are
paid.

PREPAYMENT PENALTIES
Fees charged to owners who sell or refinance
their home before amortizing the mortgage
are treated as additional interest and can be
deducted in the year they are paid.

CAPITAL GAIN
This is profit earn, or the difference between
the cost, or the adjusted basis of an asset,
and the net proceeds from a sale.

TAX RELIEF OF 1997
Taxpayers have a number of methods by
which they can avoid capital gain tax on sale
of their homes.

For example, if you have lived in your primary 2
of the last 5 years: a single person has an
exemption from capital gain tax up to
$250,000 and a married couple up to
$500,000.

MOVING EXPENSES
Some expenses of purchasing a home can be
used as a tax deduction in the tax year that the
home was purchased.

TAXES

Claiming the Mortgage Interest Tax Deduction
Mortgage interest you pay on loans up to $1 million ($500,000 Married Filing Separately) is tax
deductible, provided you used the money to buy, build or improve your home and the loan is secured
by your home.-----knowledgefinancial.com

Plus, the interest you pay on loans secured by your home and used for a purpose other than to buy,
build or improve your home is tax deductible for loans up to $100,000 ($50,000 Married Filing
Separately). The limit may be reduced depending on the market value of the home at the time you
take out the loan. Use equity lines of credit wisely. If you fail to make the payments, you put your home
at risk.

If your income meets the requirements and your state or local government issued you a mortgage
certificate credit, you may be eligible to claim a tax credit (the mortgage interest tax credit) based on
the amount of interest you paid. If you claim the tax credit, you must reduce your interest tax deduction
by the amount of the credit.

Deducting Loan Origination Fees
Finally, don't forget about points, also called loan origination fees. One point equals 1% of your loan.
Points you pay (and even points the seller pays) when you purchase your home are generally tax
deductible in full the year you pay them.

Alternatively, you may choose to amortize the points over the term of your mortgage. This choice is
usually made only when your itemized deductions are less than the standard deduction for the year
you bought the home.

Points paid to refinance a loan must be deducted over the term of the loan. If you deduct points over
the term of the loan and sell the home or refinance it again before the loan expires, you can deduct in
the year of the sale or refinancing any points that you didn't previously deduct. Find an H&R Block
office near you and let an H&R Block tax professional help you understand the rules.

Mortgage Insurance Premiums
If you took out a first mortgage in 2007 or 2008, you may be able to deduct qualified mortgage
insurance premiums you pay in connection with the loan. Qualified mortgage insurance is mortgage
insurance provided by the Veterans Administration, the Federal Housing Administration, or the Rural
Housing Administration, and private mortgage insurance (as defined in section 2 of the Home
Protection Act of 1998 as in effect Dec. 20, 2006). Prepaid mortgage insurance premiums generally
must be deducted over the period to which they apply. -----knowledgefinancial.com

Gaining on the Sale of Your Home ---knowledgefinancial.com
When you sell your home, the IRS allows you to exclude gain on the sale from taxable income, up to
$250,000 ($500,000 Married Filing Jointly and you both meet the use requirement).

You can claim the exclusion if you own and use the home as your main home for at least 2 years
during the 5-year period ending on the date of sale. You may claim this exclusion only once in any
2-year period.

If you don't meet the 2-year requirement, you may be eligible to claim a reduced exclusion if you sell
your home because of an "unforeseen circumstance," such as a change in employment or a divorce.
A loss on the sale of your home, however, isn't tax deductible.

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Don't wait until you file your return to find
ways to lower your tax bill. These moves
will help you save throughout the year.

A child born, or adopted, during the year is a blessed event for your tax
return. An added dependency exemption will knock $3,650 off your
taxable income, and you'll probably qualify for the $1,000 child credit,
too. You don't have to wait until you file your 2010 return to reap the
benefit. Add at least one extra withholding allowance to the W-4 form
filed with your employer to cut tax withholding from your paycheck. That
will immediately increase your take-home pay.

Tally adoption expenses.

Thousands of dollars of expenses incurred in connection with adopting
a child can be recouped via a tax credit, so it pays to keep careful
records. In 2010, the credit can be as high as $12,170. If you adopt a
special needs child, you get the maximum credit even if you spend less.

Save for college the tax-smart way.

Stashing money in a custodial account can save on taxes. But it can also get you
tied up with the expensive "kiddie tax" rules and gives full control of the cash to
your child when he or she turns 18 or 21. Using a state-sponsored 529 college
savings plan can make earnings completely tax free and lets you keep control over
the money. If one child decides not to go to college, you can switch the account to
another child or take it back.

Boost your retirement savings.

One of the best ways to lower your tax bill is to reduce your taxable income. You
can contribute to up to $16,500 to your 401(k) or similar retirement savings plan in
2010 ($22,000 if you are 50 or older by the end of the year). Money contributed to the
plan is not included in your taxable income.

Switch to a Roth 401(k).

But if you are concerned about skyrocketing taxes in the future, or if you just want
to diversify your taxable income in retirement, considering shifting some or all of
your retirement plan contributions to a Roth 401(k) if your employer offers one.
Unlike the regular 401(k), you don't get a tax break when your money goes into a
Roth. On the other hand, money coming out of a Roth 401(k) in retirement will be
tax-free, while cash coming out of a regular 401(k) will be taxed in your top bracket.

You have until October 15 of the year
following the conversion to "unconvert"
and avoid paying tax on the money that
evaporated. You can then redo the
conversion the following year.

Protect your heirs.

Be sure beneficiary designations for your IRAs and 401(k)s are up to date.
If your IRA goes to your estate rather an a designated beneficiary,
unfavorable withdrawal rules could cost your heirs dearly.

Roll over an inherited 401(k).

A recent change in the rules allows a beneficiary of a 401(k) plan to roll
over the account into an IRA and stretch payouts (and the tax bill on them)
over his or her lifetime. This can be a tremendous advantage over the old
rules that generally required such accounts be cashed out, and all taxes
paid, within five years. To qualify for this break, you must name a person
or persons (not your estate) as your beneficiary. If your 401(k) goes
through your estate, the old five-year rule applies.

Help your adult children earn a credit for
retirement savings.

The Retirement Savers Credit can be as much as $1,000, based on up to
50% of the first $2,000 contributed to an IRA or company retirement plan.
It's available only to low-income taxpayers, though, who are often the
least able to afford such contributions.

Parents can help, however, by giving an adult child (who cannot be
claimed as a dependent and who is not a full-time student) the money to
fund the retirement account contribution. The child not only saves on
taxes, but also saves for his or her retirement.

Second homes can offer a vacation from taxes.

If you're trying to figure whether you can afford a second home, remember
that you'll get some help from the IRS. Mortgage interest on a loan to buy a
second home is deductible just as it is for the mortgage on your principal
residence. Interest on up to $1.1 million of first- and second-home debt can
be deducted. Property taxes can be written off, too. Things get more
complicated -- and perhaps more lucrative-if you rent out the place part of
the year to help cover the bills.

Watch the calendar at your vacation home.

If you hope to deduct losses attributable to renting the place during the year,
be careful not to use the house too much yourself. As far as the IRS is
concerned, "too much" is when personal use exceeds more than 14 days or
more than 10% of the number of days the home is rented. Time you spend
doing maintenance or repairs does not count as personal use, but time you
let friends or relatives use the place for little or no rent does.

Stay actively involved in rental real estate.

Generally, anti-tax-shelter legislation prevents losses from real estate
investments from being deducted against other kinds of income. But, if you
are actively involved in a rental activity, you can deduct up to $25,000 of such
losses ...
If your adjusted gross income is less than $100,000. You don't have to mow
grass and unclog toilets to qualify as actively involved; but you should make
sure you're involved in setting rents and approving tenants and management
firms.

Use a tax-free exchange to acquire new property.

By trading one rental property for another, for example, you avoid the capital
gains taxes you'd incur if you sold the first property ... leaving you with more
to invest in the second.

Use an installment sale of real estate to defer a
tax bill.

If the buyer pays you in installments, the IRS will let you pay the tax bill on
your profit in installments, too. You must charge interest on the deal, and
each payment you receive will have three parts: interest (taxable at your top
rate), capital gain (taxed at a maximum of 15% in 2010) and return of your
investment (tax-free).

Convert a vacation home to your principal residence.

Until 2009, there was a sweet tax break for folks who sold their homes,
claimed tax-free profit and then moved into a vacation property. After they
lived in that home for two years, they could sell and claim tax-free profit
again ... including appreciation from the days the place was a vacation home.

There can still be some real tax benefits to this strategy, but the value will
fall over the years. Starting in 2009, a portion of any profit on the sale of a
vacation-home-turned-principal-residence will not qualify as tax-free
home-sale profit. The taxable portion will be based on the ratio of the time
after 2008 the property was used as a vacation home to the total period of
ownership.

So if you have owned a vacation home for 18 years and make it your main
residence in 2011 for two years before selling it, only 10% of the gain would
be taxed. The rest qualifies for the exclusion of up to $500,000. Homes
owned for a short time prior to a post-2008 conversion fare the worst tax
wise.
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Cut your tax bill to the bone by claiming all the breaks you deserve –
including some you may have forgotten or never even knew about.

The Most-Overlooked Tax Deductions

State Sales Taxes ---knowledgefinancial.com

This write-off makes sense primarily for those who live in states that do not impose an income tax.
You must choose between deducting state and local income taxes or state and local sales taxes. For
most citizens of income-tax states, the income-tax deduction is a better deal.

If you purchased a vehicle, boat, airplane or even home-building materials, you get to add the state
sales tax you paid to the amount shown in IRS tables for your state, to the extent the sales tax rate you
paid doesn't exceed the state's general sales tax rate. The IRS even has a calculator on its Web site
to help you figure the deduction, which varies by your state and income level.

Reinvested Dividends -----knowledgefinancial.com
This is the break former IRS Commissioner Fred Goldberg told Kiplinger's that a lot of taxpayers
miss.

If, like most investors, you have mutual-fund dividends automatically invested in extra shares,
remember that each reinvestment increases your "tax basis" in the fund. That, in turn, reduces the
taxable capital gain when you redeem shares.

Forgetting to include the reinvested dividends in your basis -- which you subtract from the sale
proceeds to pinpoint your gain -- means overpaying your tax.

Out-of-Pocket
Charitable Deductions
You can write off out-of-pocket costs incurred while doing good works.

The money you spend on ingredients for casseroles you prepared for a soup kitchen, for example, or
on stamps you buy for your school's fund-raiser counts as a charitable contribution.
Also, if you drove your car for charity in 2010, remember to deduct 14 cents per mile.

Student-Loan Interest
Paid by Mom and Dad

Generally, you can only deduct mortgage or student-loan interest if you are legally required to repay
the debt. But if parents pay back a child's student loan, the IRS treats it as though the money was
given to the child, who then paid the debt.

A child who’s not claimed as a dependent can qualify to deduct up to $2,500 of student-loan interest
paid by Mom and Dad. And he or she doesn't have to itemize to use this money-saver.

Job-Hunting Costs    ----knowledgefinancial.com
If you’re among the millions of unemployed Americans who were looking for a job in 2010, keep track
of your job-search expenses. If you’re looking for a position in the same line of work, you can deduct
job-hunting costs as miscellaneous expenses if you itemize, but only to the extent that the total of your
total miscellaneous itemized deductions exceed 2% of your adjusted gross income. Job-hunting
expenses incurred while looking for your first job don’t qualify.

Deductible job-search costs include, but aren’t limited to --
• Food, lodging and transportation if your search takes you away from home overnight
• Cab fares
• Employment agency fees
• Costs of printing resumes, business cards, postage, and advertising

Moving Expenses to Take Your First Job
As we just mentioned, job-hunting expenses incurred while looking for your first job are not
deductible. But, moving expenses to get to that position are. And you get this write-off even if you don't
itemize.

To qualify for the deduction, your first job must be at least 50 miles away from your old home. If you
qualify, you can deduct the cost of getting yourself and your household goods to the new area,
including 16 ½ cents per mile for driving your own vehicle for a 2010 move, plus parking fees and tolls.

Military Reservists' ----knowledgefinancial.com
Travel Expenses

Members of the National Guard or military reserve may tap a deduction for travel expenses to drills or
meetings. To qualify, you must travel more than 100 miles from home and be away from home
overnight.

If you qualify, you can deduct the cost of lodging and half the cost of your meals, plus 55 cents per
mile for driving your own car to get to and from 2010 drills. In any event, add parking fees or tolls. You
get this deduction regardless of whether you itemize.

Health Insurance Deduction to Reduce Self-employment Tax
Business owners have always been allowed to deduct health insurance premiums for themselves
and their family in computing adjusted gross income on the front page of Form 1040. For 2010, they
can also deduct the cost of those health insurance premiums in calculating self-employment tax on
Schedule SE.

The IRS has hidden this write-off on line 3 of Schedule SE. On that line, you are told to add your self-
employment income from lines 1 and 2, subtract the amount claimed on line 29 of Form 1040 (your
health insurance premiums) and enter the net amount on line 3.

Child-Care Credit
It's easy to overlook the child-care credit if you pay your child-care bills through a reimbursement
account at work. Although only $5,000 of such expenses can be paid through a tax-favored
reimbursement account, up to $6,000 (for the care of two or more children) can qualify for the credit.

So, if you run the maximum allowed by your work plan, you can claim the credit on as much as $1,000
of additional expenses you pay for work-related child care. That would cut your tax bill by at least $200.

Estate Tax on Income
In Respect of a Decedent
This sounds complicated, but it can save you a lot of money if you inherited an IRA from someone
whose estate was big enough to be subject to the federal estate tax. Basically, you get an income-tax
deduction for the amount of estate tax paid on the IRA assets you received. Let's say you inherited a
$100,000 IRA, and the fact that the money was included in your benefactor's estate added $45,000 to
the estate-tax bill.   ---KNOWLEDGEFINANCIAL.COM

You get to deduct that $45,000 on your tax returns as you withdraw the money from the IRA. If you
withdraw $50,000 in one year, for example, you get to claim a $22,500 itemized deduction on
Schedule A. That would save you $6,300 in the 28% bracket.

State Tax Paid Last Spring
Did you owe tax when you filed your 2009 state tax return in the spring of 2010? Then, for goodness
sake, remember to include that amount with your state-tax deduction on your 2010 return, along with
state income taxes withheld from your paychecks or paid via quarterly estimated payments.

Finance & Investing
Refinancing Points
When you buy a house, you get to deduct points paid to get your mortgage in one fell swoop. When
you refinance a mortgage, though, you have to deduct the points over the life of the loan. That means
you can deduct 1/30th of the points a year if it's a 30-year mortgage -- that's $33 a year for each
$1,000 of points you paid. Not much, maybe, but don't throw it away.

Even more important, in the year you pay off the loan -- because you sell the house or refinance again
-- you get to deduct all as-yet-undeducted points. There's one exception to this sweet rule: If you
refinance a refinanced loan with the same lender, you add the points paid on the latest deal to the
leftovers from the previous refinancing ... and deduct the amount gradually over the life of the new
loan.

Jury Pay Paid to Employer
Many employers continue to pay employees' full salary while they serve on jury duty, and some
require the employees to turn over their jury fees to the company coffers. The only problem is that the
IRS demands that you report those fees as taxable income. To even things out, you get to deduct the
amount paid to your employer.

But how do you do it? There's no line on Form 1040 labeled "jury fees." Instead the write-off goes on
line 36, which purports to be for simply totaling up the deductions that get their own lines. Add your
jury fees to the total of your other write-offs, and write "jury pay" on the dotted line.

American Opportunity Credit ---KNOWLEDGEFINANCIAL.COM
This tax credit, which has been extended through 2012, is available for up to $2,500 of college tuition
and related expenses paid during the year. The full credit is available to individuals whose modified
adjusted gross income is $80,000 or less ($160,000 or less for married couples filing a joint return).
The credit is phased out for taxpayers with incomes above those levels. This credit is juicier than the
old Hope credit – it has higher income limits and bigger tax breaks, and it covers all four years of
college. And if the credit exceeds your tax liability (regular and AMT), it is partially refundable.

Making Work Pay Credit
You’ve probably been enjoying the fruits of this credit via reduced payroll tax withholding throughout
the year. But to lock in your savings – by reducing your tax bill by $400 if you’re single or $800 if you’re
married and file a joint return – you’ll need to actually claim the credit on your 2010 tax return -- and
you'll use Schedule M to do so.

The credit is equal to 6.2% of your earned income, capped at $400 or $800. For single filers, it starts
phasing out at $75,000 of adjusted gross income and dries up at $95,000. The phase-out zone for
couples is $150,000 to $190,000.   ---KNOWLEDGEFINANCIAL.COM

Credit for Energy-Saving Home Improvements
You can claim a tax credit equal to 30% of the cost of energy-saving home improvements up to a
maximum of $1,500. This cap applies to both 2009 and 2010 combined, so if you claimed the
maximum $1,500 in 2009, you don’t get another crack at it for 2010. The credit applies to biomass
fuel stoves, qualifying skylights, windows and outside doors, and high-efficiency furnaces, water
heaters and central air conditioners.

For 2011, this credit goes back to pre-2009 limits (for example, $500 maximum credit for all years
with no more than $200 for windows).

There’s also no dollar limit on the separate credit for homeowners who install qualified residential
alternative energy equipment, such as solar hot water heaters, geothermal heat pumps and wind
turbines. Your credit can be 30% of the total cost (including labor) of such systems installed through
2016.

Finance & Investing
We’re talking about stock that a life-insurance policyholder receives when an insurer switches from
being a mutual company owned by policyholders to a stock company owned by stockholders. The
IRS’s long-standing position is that such stock has no “tax basis” so that, when the shares are sold,
the taxpayer owes tax on 100% of the proceeds of the sale. But after a long legal struggle, a federal
court ruled that the IRS is wrong. The court didn’t say what the basis of the stock is, but many experts
think it’s whatever the shares were worth when they were distributed to policyholders.

If you sold stock in 2010 that you received in a demutualization, be sure to claim a basis to hold down
your tax bill. ---KNOWLEDGEFINANCIAL.COM

Tax Credits That Anyone Can Claim
Tax forms can be complicated, but don't let the complexity scare you
away from tax credits that are legally yours to claim.
Tax deductions and credits aren't just for big companies and
finance-savvy folks. You might be surprised how many tax breaks - in the
form of both credits and deductions - can be applied to your tax return.
--KNOWLEDGEFINANCIAL.COM

If the thought of doing taxes makes you break into a cold sweat, you're
probably like many of us; fearful of making a mistake and having the IRS
show up at your door. Tax forms can be complicated, but don't let the
complexity scare you away from tax credits that are legally yours to claim.
Tax deductions and credits aren't just for big companies and
finance-savvy folks. Look over the list below; you might be surprised how
many tax breaks - in the form of both credits and deductions - can be
applied to your tax return. (For more, see Tablets To 1040s: How Taxes
Began.)

1. Charitable Donations --knowledgefinancial.com
Most cash donations made to charity in the tax year can be claimed as an
itemized deduction on your tax return, but many folks don't realize that
non-cash contributions can be claimed as well. If you've donated to a
charity or non-profit organization using your credit card, you can claim
that donation.

If you've donated material goods or services, be sure that you have a
receipt from the charity stating the value of the goods or services you
donated. You can claim that value as a charitable deduction. (For more,
see the Top 5 Most Charitable American Cities.)

2. Child Care Credit
If you pay for child care regularly while you are at work, you may be
eligible for a tax credit. The amount of care covered can be up to $6,000
for the care of two or more children, according to Kevin McCormally, the
Editorial Director of Kiplinger.com. Be sure to keep clear records; paying
your child care provider in cash while keeping no traceable record of the
payment will make it extremely difficult to claim the amount on your tax
return.

3. Home Energy Efficiency Improvements
If you have to make any home improvements, go with the energy efficient
options. Consumers can claim 30% of the cost, up to $1,500, of energy
efficient home improvement items, such as "energy-efficient windows,
insulation, doors, roofs, and heating and cooling equipment in existing
homes," according to the Department of Energy. So replace those doors
and windows by the end of the year and get a break on your taxes.

4. Residential Renewable Energy Tax Credits
Another "green" tax break is for renewable energy additions made to
your home. The Department of Energy includes "solar energy systems
(including solar water heating and solar electric systems), small wind
systems, geothermal heat pumps, and residential fuel cell and
microturbine systems".

Home owners can get a tax credit of up to 30% of the cost of these
improvements. When you consider how much money this type of
renewable energy will save you in lower electric bills over the years and
combine that with the 30% tax credit, greening your home begins to look
like a pretty smart move. (To learn more, check out the Top 10 Green
Industries.)

5. Automobile Tax Credits-knowledgefinancial.com
Get green on your commute and you could see more green on your tax
return. Purchase a hybrid gas-electric or alternative fuel vehicle before
the end of 2010, and you can get a credit on your taxes.

Amounts vary according to what type of vehicle you purchase and some
credits are phased out as dealers sell a certain amount of cars, so be
sure to ask your car dealer before you purchase. If you're a DIY person,
you can also get a tax credit for 10% of the cost of a plug-in hybrid
conversion kit.

6. Relocating for Work
Whether you're moving for your very first job, for a new job or for
relocation with your current employer, you can recover some of your
relocation expenses.

You have to validate your move by passing a couple of "tests". The first
test involves the distance. The distance from your new work location to
your former home has to be at least 50 miles longer than your previous
commute.

The second test is just a way of proving that you actually moved for the
job; you have to be employed for at least 39 weeks out of the 12 months
immediately following your move, in the vicinity of your new job. You don't
have to actually be employed with the same company, just in the same
general area. (Looking for a job? Check out 4 New Job-Search Trends.)

Bottom Line ---KNOWLEDGEFINANCIAL.COM
Don't be fooled into thinking that tax credits and deductions are for
everybody but you. Simply donating, working and improving your home
can add up to significant savings on your taxes, so start getting out those
receipts and adding up the numbers.

Document what you claim on the deductions and ask your tax
professional if you have any questions about what you can claim. Then go
for it; you might be getting a much bigger refund than you thought.
KNOWLEDGEFINANCIAL.COM

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Required Documents to bring to the office:

To help save you time and money, review the following list before visiting
Discount Tax & Insurance Services for your income tax preparation.

If you have any of the items listed below available, bring them to your tax
interview and let us prepare your income tax return that results in the
largest allowable refund for you.

•Social Security Card(s) ----KNOWLEDGEFINANCIAL.COM
•Driver’s License(s)
•Dependents’ Social Security Numbers & Dates of Birth
•Last Year's Federal and State Tax Returns

•Wage Statements - Form W-2
•Pension or Retirement Income - Form 1099-R
•Interest and Dividend Income - Form 1099-INT/Form 1099-DIV
•State Income Tax Refund Amount - Form 1099-G
•Social Security Income - Form SSA-1099

•Unemployment Income - Form 1099-G
•Commissions Received/Paid
•Information on sales of Stocks or Bonds - Form 1099-B
•Self-Employed Business/Farm Income & Expenses - Form 1099-MISC

•Lottery or Gambling Winnings - Form W-2G
•Lottery or Gambling Losses
•Income and Expenses From Rentals
•Income from Partnerships, S Corporations, Trusts, and Estates - Schedule
K-1

•IRA Contributions ---KNOWLEDGEFINANCIAL.COM
•Alimony Paid or Received
•Child Care Expenses & Provider Information
•Medical, Eye Care, and Dental Expenses
•Cash and Noncash Charitable Donations (Learn how to maximize this

deduction at Jackson Hewitt)
•Record of Purchase or Sale of Residence
•Mortgage or Home Equity Loan Interest Paid - Form 1098
•Real Estate and Personal Property Taxes Paid
•State or Local Sales Taxes Paid

•Unreimbursed Employment-Related Expenses
•Job-Related Educational Expenses
•Tuition and Education Fees - Form 1098-T

•Student Loan Interest - Form 1098-E
•Casualty or Theft Losses
•Estimated Taxes
•Foreign Taxes Paid

KNOWLEDGEFINANCIAL.COM

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original W-2, in case you misplace,
never received, or simply need
additional copies of the original tax
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If your employer has made any
corrections to your original W-2, those
corrections will be included with your
W-2 reprint.

Access to your W-2 Wage and Tax Statement, as well as a
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Changes to the Tax Code For This Year to
Keep in Mind When Filing
At over 4 million words and an edit rate of more than once per day, the U.S.
Tax code is a constantly evolving labyrinth of exceptions, special
conditions, and byzantine bureaucracy that (let’s face it) most people don’t
understand.

If you’re like most Americans, though, you just bite the bullet, hire a
professional, and wipe your hands of the whole mess. According to a report
from Nina Olsen, the National Taxpayer Advocate, 60 percent of Americans
hire a professional to shoulder the soul-crushing burden of tax preparation.
This is great, if you can afford it. What’s 25 hours of your time worth?

For those who can’t or don’t want to use professional assistance, there are
really just two roads to follow. Either you resign yourself to your fate and,
like 10 percent of Americans, file your taxes without any assistance — or
you use commercial software that can help expedite the process.
Whatever road you take, though, it helps to have a certain level of
background knowledge about the tax code. In particular, it helps to know
which taxes or deductions (especially those that apply to you) are changing.

1. Additional Medicare Tax
You are probably already familiar with the Medicare tax. Historically, Uncle
Sam has charged a 2.9 percent tax to fund the healthcare service that
was flat across all income levels.

Half of it, 1.45 percent, is withheld from your paycheck, while the other
half is paid by your employer. Those of you who are self employed know
that you have to shoulder the whole 2.9 percent yourself.

2. Capital gains and dividends
This is one of the more straightforward changes that happened Last Year.
If you are a single filer earning for than $400,000 or a couple earning more
than $450,000, your capital gain and dividend tax rate will increase from
15 percent to 20 percent.
This doesn’t apply to the vast majority of Americans. People in the lowest
two income tax brackets — below $36,250 for a single filer and $72,500
filing jointly — will pay no taxes on investment income, and most
everybody else will pay 15 percent.

3. Net investment income tax
According to Pew Research, less than half of Americans are invested in
the stock market. If you’re a member of this fortunate minority, the past
few years have been good to you — really good. The S&P 500 is up over
116 percent over the past five-year period, making this past half decade
one of the most profitable for America’s investment class in history.

4. Personal exception
The tax code may be packed full of unfair exemptions and
loopholes for certain businesses and the super wealthy,
but the average Joe has at least one thing going for him:
the personal exemption.

The personal exemption acts like a tax deduction, meaning
it reduces your total taxable income. It is regularly adjusted
upwards, and 2013 was no exception. The personal
exception increased by $100 — to $3,900 — so make sure
you take every dollar you can get when you file in April.

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When it comes to filing your taxes, we want you
to be comfortable. So we offer easy ways to
securely file with confidence.

Simple Rules to Follow When Amending Your
Tax Return

You forgot to report some income on your 1040 or just got a corrected Form
1099 or K-1 in the mail. What should you do? Here are 5 tips for amending
returns.

1. Amended returns aren’t mandatory. You might
be surprised to find you are not obligated to file an amended return, even
though tax advisers may tell you it’s a good idea—that’s because the IRS will
probably send you a bill based on the revised Form 1099 or K-1 once IRS
computers match that form against your Form 1040. For more on IRS
computer matches, click here.

Amended returns are not mandatory even if something happens after you file
that makes it clear your original return contains mistakes. Ask if the return
you filed was accurate to your best knowledge when you filed it.

If it was, you are probably safe in not filing an
amendment.

Conversely, if you knew your return was inaccurate when you filed
it, you should amend it to make it accurate without delay.

The IRS rarely brings up an originally filed return in civil audits or criminal
prosecutions once the taxpayer attempts to correct it by filing an amended
return. But to take advantage of this rule, you need to be proactive, and you
need to make the correction before the IRS finds your error.

2. You can’t cherry-pick what you correct. You
don’t have to file an amended return, but if you do, you must correct
everything. You can’t cherry-pick and only make corrections that get you
money back and not those that increase your tax liability. If you amend, you
must correct all errors, not just the ones in your favor. See Beware
Amending Tax Returns.

--------------------

3. Some errors don’t merit amending. Math errors
are not a reason to amend, since the IRS will correct math errors on your
return. Likewise, you usually shouldn’t file an amended return if you discover
you omitted a Form W-2, forgot to attach schedules, or other glitches of that
sort. The IRS can process your return without them or will request them if
needed.

Certain parts of your original return can’t be changed by an amended return.
For example, you can change your filing status on an amended return from
married filing separate to joint, or from qualifying widow(er) to head of
household status. However, you cannot change from married filing joint to
married filing separate after the due date for the original return (usually April
15) has passed. For more on filing status, see Consider Tax Filing Status
Carefully.

4. Timing counts. You must file a Form
1040X, Amended U.S. Individual Income Tax Return, within
three years from the date you filed your original return or within two years
from the date you paid the tax, whichever is later. This either/or test can give
you extra time, but it is safer to amend within three years of your original
return so there’s no dispute. See IRS Tax Topic 308, Amended Returns.

How soon is too soon to amend? You can file an amended tax return right on
the heels of your original return if you like. However, if you are filing to claim
an additional refund, you should wait until after you have received your
original refund before filing Form 1040X. You may cash the first check while
waiting for any additional refund.

5. Only paper will do. Amended returns are only filed on
paper, so even if you filed your original return electronically, you’ll have to
amend on paper. Amended returns are prepared on Form 1040X. You must
use this form whether you previously filed Form 1040, 1040A or 1040EZ.
Label the top of the 1040X very clearly with the tax year you are amending.

HERE, YOU CAN LEARN EVERYTHING
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Federal Tax Filing Season

The Internal Revenue Service
(IRS) will begin accepting and
processing federal tax returns for
tax year 2013 on January 31, 2014.

You will have until April 15, 2014,
to file your tax return unless you
file for an extension.

You can file your tax return with
the Internal Revenue Service by:

•Going online at IRS e-file
•Preparing it yourself
•Going to a Tax Preparer
•Requesting help at a local IRS
office (or volunteer site)

The IRS offers free tax help, and if
you owe the IRS money, payment
options are available.

FINANCIAL KNOWLEDGE:
Important Tax Dates for 2016 that
people need to know about.
Certain key dates that may affect
your filing. COURTESY OF FEM
KONSA CAPITAL INVESTMENT -
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1.For example, Jan. 15 is the deadline for self-employed
workers and others who pay quarterly estimated tax to pay
their fourth-quarter tax payment for 2015. However, you can
skip this estimated payment without penalty if you file the
return and pay the balance in full by Feb. 1—yet another
deadline to remember.
COURTESY OF VISIONONE HOLDING COMPANY -
www.visiononeholding.blogspot.com

2. Monday, Feb. 1. Take note, early-bird filers. Companies
have until this day to mail out W-2 forms to their employees.
This is also the deadline for businesses to send 1099
statements that report non-employee compensation, bank
interest, dividends and distributions from a retirement
plan. These forms help to calculate your total taxable
income.
http://www.knowledgefinancial.com/NEWS-LETTER

3.This is also the deadline for self-employed individuals to
file and pay in full their fourth-quarter estimated tax
payment to avoid a penalty. http://www.knowledgefinancial.
com/institute
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Tuesday, Feb. 16. Financial institutions must mail out 1099-
B, 1099-S and 1099-MISC forms by this date. 1099-B forms
detail sales of stock, bonds or mutual funds through a
brokerage account. 1099-S forms relate to real estate
transactions. 1099-MISC forms show other income such as
rent and royalty payments or prizes and awards from TV or
radio shows.

www.facebook.com/buyheremarket
4. Monday, Feb. 29. Farmers and fishermen who have a
balance due on their taxes must file their individual tax
returns and pay the balance by this deadline to avoid late-
payment penalties.
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5. Monday, April 18. This is the deadline to submit individual
tax returns for the year 2015 or to request an automatic
extension, which provides an additional six months to file
your return. However, your tax payment is still due by April
18 and can be submitted with the extension form.
www.facebook.com/visionairebiz

Typically, the tax deadline falls on April 15. But
Emancipation Day — a Washington, D.C., holiday — is being
officially celebrated on Friday, April 15, this year, pushing
the tax deadline to the following Monday for most of the
nation.
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This is also the last day to make a contribution to a
traditional IRA, Roth IRA, Health Savings Account (HSA), SEP-
IRA or solo 401(k) for the 2015 tax year. If you file an
extension, you have until Oct. 15 to fund a SEP-IRA or 401(k).
www.financialacademyschool.blogspot.com

For those who are years’ behind on their taxes, this is also
the final deadline to file an original tax return for 2012 and
still claim a tax refund. Generally, refunds expire three
years from the original due date of the tax return. This is
also the deadline to file an amended tax return for 2012 and
still claim a refund.
www.knowledgefinancial.blogspot.com

Tuesday, April 19. Due to Patriots Day on April 18, the
deadline to file federal income tax returns in Maine and
Massachusetts is pushed to this day.
www.twitter.com/visionairebiz

7. Wednesday, June 15. U.S. citizens living abroad must file
individual tax returns and pay any tax due by this deadline,
or file a four-month extension.
www.twitter.com/financialschool

8. Saturday, June 30. For taxpayers who have over $10,000
in total in foreign bank accounts, this is the deadline to file
a Foreign Bank Account Report for the tax year of 2015.
These forms must be filed electronically and extensions
aren’t allowed.
www.twitter.com/agentantony

9. Monday, Oct. 17. If you filed for an extension, this is the
final deadline to file your individual tax return for 2015. This
also applies to U.S. citizens living abroad who filed an
extension.
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What you need to know
about 1099-C, the most
hated tax form...

What Is a 1099-C?

“A 1099-C is a document sent by a bank
when they have canceled a debt,”
Craig W. Smalley, EA, founder and CEO
of CWSEAPA, LLP and Tax Crisis Center,
LLC, said.
“For instance, if you have negotiated
with your credit card company to pay
them a lesser amount than you owe
them, the difference would be reported
on this form.”

Bruce McClary, the vice president of
communications at the National
Foundation for Credit Counseling, said
this is an important reason to “be
familiar with the tax consequences
when considering debt settlement as
an option.

You don’t want to be blindsided by a
costly IRS bill when you may already be
struggling financially.

Why did I get a 1099-C?

If you have had a canceled debt, expect to see a 1099-C arrive in your mail, as “the bank is required to
send this form, because it is taxable income,” Smalley said.

According to the IRS, lenders file a 1099-C if you have $600 or more of debt that is canceled. Here are
four common reasons that may be the case.

You settled a debt for less than what you originally owed and the creditor picked up the remaining
balance (debt forgiveness).
You did not pay on a debt for at least three years, and there was no collection activity for the past
year.

Your home was foreclosed and your deficiency (the difference between what was owed and the value
of the home) was either forgiven or you haven’t paid it.
Your home was sold in a short sale, and you made a deal with your lender to pay less than what was
due.

Still not sure why you received this form? Look for Box 6, which will give you a code explaining why
the lender sent it. To decipher the code, you can reference Publication 4681 on the IRS website.

Do I have to fill out a 1099-C if I filed for bankruptcy?

Just like with most things, there is an exception to the rule of all canceled debts requiring a 1099-C.
Smalley said that “if a debt is canceled because of bankruptcy, you do not have to pay tax on it.”
(Remember: Bankruptcy does have a major negative effect on your credit scores.)

If I receive a 1099-C, does that mean my debt is paid?

This depends on why you received the 1099-C in the first place. If it’s because you settled your debt,
then yes, your debt is resolved.
However, if it’s because you haven’t made any payments on a debt for three years and the debt
collector hasn’t tried to collect recently (noted in Point Two above), then your debt is not in the clear
and you may still owe.

What do I do if I get a 1099-C for a debt I paid?

“First and foremost, contact the issuer of the 1099-C and ask them to make the necessary
corrections,” McClary said. “They will need to send you a corrected 1099-C in time for you to file taxes.”

McClary also noted that if this request doesn’t work, “the IRS has a dispute process you can use.

This requires that you reach out to the IRS and let them know you wish to submit a complaint about an
incorrectly issued 1099-C.

They will provide you with Form 4598 that you will have to attach to your tax return, along with any
additional documentation that supports your claim.”

Do I have to file a 1099-C in the tax year I receive one?

Smalley said that, yes, you do have to file a 1099-C in the tax year you receive one. You can visit the
IRS website for more details on filling out a 1099-C and getting it filed.

Is there a statute of limitations on a 1099-C?

“There is no statute, as the form is to be issued in the year that the debt is canceled,” Smalley said. If
this isn’t the case for the 1099-C you received, contact the issuer or the IRS immediately to find out the
reason you were sent a 1099-C and to remedy any problems.

If I get a 1099-C, is that the amount I owe or the amount I’m paying taxes on?

“It is the amount that you are paying taxes on,” Smalley said. “However, if you are insolvent, meaning
you have more liabilities than assets, certain cancellations would not be taxable.

You have to fill out another form, and you have to make sure that you have evidence to support that
you are insolvent.”

How does a 1099-C affect my credit?

The 1099-C form itself won’t have a direct impact on your credit scores. However, whatever behavior
lead you to receive the 1099-C likely will be affecting your credit.

For example, say you didn’t pay your debt and it was sent to collections. Having an account in
collections can have a negative effect on your credit.

You can read this guide for more information about how 1099-Cs (and the financial choices that led
you to receive one) can impact your credit.

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