In a recently released report, TIGTA (Treasury Inspector General for Tax Administration) estimated that more than 15.4 million taxpayers could unexpectedly owe taxes for tax year 2009 as a result of underwitholding due to the Making Work Pay credit. The credit, created in the stimulus bill, is in effect for 2009 and 2010. TIGTA identified [...]

On November 6, 2009, President Obama signed into law the Worker, Homeownership, and Business Assistance Act of 2009. The new law liberalizes and extends the first-time homebuyer credit, amends and extends the rules for five-year net operating loss carrybacks, increases the penalties on S corporations and partnerships for failure to file returns, and mandates electronic [...]

The Internal Revenue Service recently announced a new Tax Benefits for Education webpage on IRS.gov.  This new section of the IRS website includes tips for taking advantage of long-standing education deductions and credits.
 
 
The “one-stop” location for higher education information includes a special section highlighting 529 plans and frequently asked questions. The web section also [...]

The nonbusiness energy property credit equals 30 percent of what a homeowner spends on eligible energy-saving improvements, up to a maximum tax credit of $1,500 for the combined 2009 and 2010 tax years. The cost of certain high-efficiency heating and air conditioning systems, water heaters, and stoves that burn biomass all qualify for the credit, [...]