An above-the-line deduction for teachers and other education professionals to compensate for unreimbursed out-of-pocket expenses incurred in the course of their teaching duties. The educator expenses deduction is intended to provide a measure of tax relief for teachers and educators. This deduction is not subject to the 2% adjusted gross income (AGI) floor like most other unreimbursed employee expenses; it is a deduction for AGI and not an itemized deduction. An educator expenses deduction can be claimed by teachers, instructors, counselors, principals, and educational aides provided they work at least 900 hours in a given school year.
A refundable tax credit made available to Americans purchasing their first home. The first-time homebuyer tax credit originally applied to home purchases made by qualified first-time buyers between April 9, 2008, and July 1, 2009. However, the Obama administration extended the original time frame requiring homeowners to have a signed sales contract until May 1, 2010, and gave them until the end of June, 2010, to close the transaction. Watch: Tax Deduction Vs. Tax Credit The original tax credit implemented a credit of 10% of the home's purchase price, up to $7,500, which had to be repaid over 15 years in equal installments. However, the expanded version of the tax credit increased the maximum to $8,000 and removed the repayment requirement altogether, as long as the buyer stayed in the home for at least three years.
The final tax return filed for an individual in the year of that person's death. Taxpayers who die in any given year will have one final tax return filed on their behalf for this year. A copy of the death certificate must be attached to the return for it to be processed. The decedent's executor or personal representative is usually responsible for filing the final return for the decedent. This return pertains solely to income taxes and should not be confused with the estate tax return. Income received after the taxpayer's death is also reported on this return.
A category that defines the type of tax return form an individual will use. Filing status is closely tied to marital status. The five filing statuses are: 1. Single individual2. Married person filing jointly or surviving spouse3. Married person filing separately4. Head of household5. Qualifying window(er) with dependent child The filing status is important because a person's tax bracket (and therefore the amount he or she must pay) is determined by marital status, number of children, occupation and several other factors. You must file your status honestly, or it will be considered fraudulent and penalties will be assessed.
An exemption made to both individual taxpayers and businesses that are unable to file a tax return by the due date. Individual taxpayers can complete IRS Form 4868 for an automatic six-month extension. However, the extension of time to file does not provide a corresponding extension for payment of taxes owed. The filing extension for individuals was increased from four to six months under recent legislation. Taxpayers who cannot pay their taxes will not only gain nothing by filing an extension, they will also pay a much greater penalty than those who file and cannot pay. The failure-to-file penalty is usually 5% of the total amount owed per month, while the failure-to-pay penalty is only 0.5% of the amount owed per month.
An audit is an investigation conducted by the Internal Revenue Service (IRS) into a taxpayer's financial records and tax return(s). A field audit is a systematic investigation by the IRS that is conducted at the taxpayer's place of business or at the office of the individual who prepared the return. A field audit is a comprehensive review of the entire set of financial records. It differs from a correspondence audit in that it is conducted in person rather than by mail. In addition, a field audit is typically scheduled for more complicated audits and is more serious.
The original legislation that allows the federal government to tax businesses for the purpose of collecting revenue that is then allocated to state workforce agencies. The Federal Unemployment Tax Act works with state unemployment agencies to provide funds to workers who have lost their jobs. Employers must file Form 940 annually in order to report this tax. This tax is sometimes collected periodically throughout the year. When the economy is growing and unemployment is low, the unemployment fund tends to grow, thus creating a surplus that can be accessed during economic downturns. FUTA also pays half the cost of extended unemployment benefits. For example the FUTA tax rate was at 6.2% through 2009, and was levied only on the first $7,000 earned by each of a company's employees.
Any repair-related expenditures incurred during the process of preparing one's home for sale. This type of expense does not include major home improvements such the addition of a new room or swimming pool. Fixing-up expenses are not deducted outright, but are subtracted from the sale proceeds. The Taxpayer Relief Act of 1997 has rendered the rules surrounding fixing-up expenses less important than they were previously. Since homeowners can now exclude the first $250,000 of the gain from the sale of their homes, the reduction in sale price from these expenses is generally meaningless.
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