Online Tax Filing Blog

Your Standard Deduction amounts for 2010

Posted on June 27, 2011 by Administrator

Before you efile your federal taxes this year, you may want to take a moment to get to know the standard deduction a little better. A standard deduction is a dollar amount, based on filing status, which reduces income on which you are taxed, with additions for age or blindness. This differs from itemized tax deductions, which are expenses that taxpayers are allowed to claim to decrease their taxable income. The standard deduction amounts for 2010 are as follows- Single or Married Filing Separate $5,700 Married Filing Joint or Qualifying Widow(er) with dependent child $11,400 Head of Household $8,400 In some cases, you can claim additions to your standard deduction for 2010. The additions are claimed on Schedule L and add to the basic standard deduction and any incr... [Continue Reading]

Estimated Taxes- What are they and when are they due?

Posted on June 27, 2011 by Administrator

Most people are employees and their employer withholds taxes every paycheck to pay the Federal and State governments. At the end of the year you file your taxes and receive your tax refund. Happy, happy- joy, joy! You are one of the lucky ones. However, things don’t quite work out this way if you are self-employed and required to file a Schedule C. If you were one of the unlucky people that owed this year you may need to consider paying estimated taxes. Filing estimated taxes is simply a method for you to pay your taxes throughout the year on income that is not subject to withholding. That includes not only income from self-employment, but interest and dividends, prizes or awards, alimony, rent, and gains from sales of assets. Taxpayers who expect to owe $1,000 or more after ... [Continue Reading]

There’s a Pub for That

Posted on June 23, 2011 by Administrator

No matter what you could want when it comes to doing your taxes, the IRS has probably got a publication out there to explain it. Coupling your publication with TaxSlayer.com tax software makes doing your taxes online a piece of cake. Here are a few of the most popular IRS publications. 1. Publication 17: Your Federal Income Tax. This is the overall guide to help individuals with their online tax preparation. 2. Publication 3: Armed Forces’ Tax Guide. This one is tax filing for the military broken down in bite-sized pieces. 3. Publication 334: Tax Guide for Small Business. Get rid of those Schedule C nightmares by understanding taxable income and legitimate deductions. 4. Publication 463: Travel, Entertainment, Gift and Car Expenses. Do you need answers for deductible employee... [Continue Reading]

Taking Employee Deductions

Posted on June 23, 2011 by Administrator

Even if you are not the owner of a small business, you may be able to take tax deductions on the business use of your home as an employee. The rules are very similar to those for a small business owner. 1. As you complete your tax return, keep in mind the area of your home must be used as a principal place of business, such as a place for doing paperwork, meeting with clients or working on projects. 2. For you to take the tax deduction, the area must be used for regular and exclusive use, not just once every so often. In other words, you must use it for business purposes often, and it has to be a dedicated space, not a domestic area that you happen to do some work in. 3. You must use your home for the convenience of your employer. 4. You can’t get rent from your employer for... [Continue Reading]

Need Further Documentation for your Taxes?

Posted on June 15, 2011 by Administrator

We all know tax season can be a hurried and frustrating time. Getting all of the necessary paperwork, maximizing your refund, and finding the right way to file are all time consuming. Whether you were completely organized for the tax season or pulling receipts out left and right, now is a great time to take advantage of a Tax Return Transcript. Best of all, it’s free. If you were to order a complete copy of your filed tax return from the IRS, it would cost $57.00. Just like an educational transcript, a Tax Return Transcript contains a summary of the work you have done and your results. First, it has most of the line items from your tax return, including information from your 1040, 1040A, or 1040EZ. A Tax Return Transcript also contains accompanying forms and schedules. So why ... [Continue Reading]

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Form 1040EZ is the simplest form to fill out.
You may use Form 1040EZ if you meet all the following conditions:


If you file Form 1040EZ, you cannot itemize deductions or claim any adjustments to income or tax credits (other than the earned income credit).