Tax Filing Postponed for Storm Victims
Updated April 8, 2010
Victims of severe storms and flooding beginning March 12 in Massachusetts, New Jersey, Rhode Island and West Virginia may qualify for tax relief from the Internal Revenue Service.
For taxpayers who reside or have a business in one of these disaster areas, the IRS is postponing until May 11 certain deadlines, including the April 15 deadline for filing 2009 individual income tax returns, making income tax payments and making 2009 contributions to an individual retirement account (IRA).
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Massachusetts
New Jersey
Rhode Island
West Virginia
Deduct Haiti Relief Donations on 2009 Returns
Posted Jan. 26, 2010
President Obama signed HR4462 that includes a provision for taxpayers who contribute donations toward the Haiti relief effort to be able to deduct those contributions on their 2009 tax returns rather than having to wait to do so on their 2010 returns.
"Allowing tax deductions for those who have opened their wallets for Haiti's recovery is great news for taxpayers, but it does come with some important caveats to remember," said Amy McAnarney, executive director of The Tax Institute at H&R Block. "Most importantly, the deductions are only available for taxpayers who itemize their deductions, and the contribution must have been made by Feb. 28, 2010. As always, keep a record of your donation; if you're donating by text message, your phone bill should be sufficient."
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Haiti Relief
Charitable Donations
Time Extended for First-time Homebuyers
Updated November 9, 2009
Looking to take advantage of the First-time Homebuyers Credit this year? The good news is that if you haven't found your perfect starter home yet, you still have some time to do so. A new law extends the time to buy to April 30, 2010. Also, if you enter into a binding contract to buy the home by that date you still qualify if the closing is before July 1, 2010.
A reduced credit up to $6,500 is available for long-time homeowners. These are homeowners who have lived in their homes at least 5 consecutive years out of the 8 years before buying and moving into a new principal residence. This new credit is for homes purchased after Nov. 6, 2009.
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An Overview of Home Ownership
Get a Tax Break on Your New Car
Updated July 31, 2009
No matter what state you live in, you can take advantage of a tax deduction for the purchase of a new motor vehicle.
The American Recovery and Reinvestment Act (ARRA) of 2009 offers taxpayers who buy a new motor vehicle in 2009 to deduct state or local
sales or excise taxes paid on the purchase. On June 10, the IRS and the Treasury Department said that a tax deduction is also available
in states that do not have a state sales tax.
Taxpayers in states without state sales tax may instead deduct other fees or taxes imposed by the state or local government. The fees
or taxes that qualify must be assessed on the purchase of the vehicle and must be based on the vehicle's sales price.
Also worth noting is that the IRS has formally stated that the deduction for state and local sales and excise tax paid on new
vehicles is available for multiple purchases of new cars, light trucks, motor homes and motorcycles. The $49,500 purchase limitation
is a per vehicle limitation, rather than an overall limitation on the deduction.
Save Money by Going Green at Home
Posted April 23, 2009
There are many new and expanded tax benefits on money spent to reduce energy use or create new energy sources. For example, homeowners can get bigger tax credits for making energy efficiency improvements or installing alternative energy equipment.
The American Recovery and Reinvestment Act (ARRA) of 2009 provides a uniform credit of 30% of the costs of qualifying improvements up to $1,500. Examples include adding insulation, energy-efficient exterior windows, and energy-efficient heating and air conditioning systems. It also raises the limit on the amount that can be claimed on improvements placed in service during 2009 and 2010 to $1,500.
The IRS provides a list of energy-related tax benefits in the ARRA in its
Fact Sheet 2009-10.
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