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Software cos. and IRS partner for free filing

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Good news for taxpayers making $57,000 or less during 2009: Your tax preparation is on the house once again. The Free File Alliance, a coalition of leading tax software companies, partnered with the Internal Revenue Service, and wants qualifying taxpayers to take advantage of the IRS Free File program. All taxpayers with an adjusted gross… Continue Reading Software cos. and IRS partner for free filing

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IRS offers tips on alternative minimum tax

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The Internal Revenue Service has made changes to the alternative minimum tax for 2009. Here are seven facts the IRS wants you to know about AMT changes. 1. Tax laws provide tax benefits for certain kinds of income and allow special deductions and credits for certain expenses. These benefits can drastically reduce some taxpayers’ tax obligations.… Continue Reading IRS offers tips on alternative minimum tax

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IRS tax tips for taxpayers with disabilities

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The Internal Revenue Service has tax tips for taxpayers with disabilities or parents of children with disabilities. Below are seven tax credits or benefits that are available if someone on your federal tax return has a disability. 1. Standard deduction Taxpayers who are legally blind may be entitled to a higher standard deduction on their… Continue Reading IRS tax tips for taxpayers with disabilities

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Tax changes for 2009 returns

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By now the W-2s and 1099s have arrived via mail. But before you file taxes, be aware of tax changes. This is the Internal Revenue Service’s top five tax changes for 2009. 1. The American Recovery and Reinvestment Act of 2009 ARRA has several tax provisions that affect individual tax returns, which are due April… Continue Reading Tax changes for 2009 returns

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Haiti donations qualify for 2009 tax relief

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Donations made to earthquake relief efforts in Haiti qualify for special tax relief provision on 2009 or 2010 tax returns. The Internal Revenue Service said that taxpayers who itemize deductions on Schedule A may qualify. A new IRS law, enacted Jan. 22, allows for special tax relief for cash (not property) contributions to specific charities… Continue Reading Haiti donations qualify for 2009 tax relief

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IRS debuts new home credit form

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The Internal Revenue Service has released the new home buyer credit Form 5405. The IRS will begin processing those tax returns in mid-February, after completion of testing and updating of systems to meet new requirements and deter fraud. The Worker, Homeownership, and Business Assistance Act of 2009 extended credit to a broader range of home… Continue Reading IRS debuts new home credit form

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Tax criminals beware Song, Raven

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With news and names strong enough to send chills to even the toughest of tax-evading mobsters, the Internal Revenue Service this week announced new criminal investigation chiefs. Victor Song will be the new chief of  criminal investigations, and Rick Raven will serve as criminal investigation deputy chief. Criminal investigation is the IRS’ law enforcement arm. Its worldwide staff investigates and assists in… Continue Reading Tax criminals beware Song, Raven

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Time running out to claim 2005 tax money

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About 23,700 Coloradoans would be eligible for $20.7 million – a median amount of $532 per individual – if only they would file a 2005 tax return. The Internal Revenue Service announced Tuesday that taxpayers must file returns by April 15 in order to collect a refund for 2005 taxes. It’s not exactly chump change,… Continue Reading Time running out to claim 2005 tax money

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