Many people are unable to have their 2011 1040 tax returns prepared because they are still gathering and compiling tax documents such as W-2s, 1099s and other records. If you are late in filing your 1040 individual income tax return with the Internal Revenue Service, we highly recommend you do everything possible to prepare your...
Generally cancelled debt, which is reported on IRS form 1099 C is taxable. An exception does exist to homeowners whose mortgage debt was forgiven between the tax years of 2007 and 2012. Under the Mortgage Forgiveness Debt Relief Act of 2007, a taxpayer may be able to exclude up to $2 million of mortgage debt...
When filing your 1040 individual income tax return and necessary state return, one of the first steps will be determining your filing status. There are five possible filing statuses, those being, single, married filing joint, married filing separately, head of household and qualifying widow. Your filing status will determine certain tax filing requirements, deductions, eligibility...
Taxpayers are required to file a 1040 tax return if their income exceeds a specific amount. The amount of income, which requires a tax return to be filed varies depending upon the taxpayer’s filing status, type of income received and age. Even if a taxpayer is not required to file a tax return because of...
Small employers paying at least half of the premiums for employee health insurance under a qualified arrangement may be eligible for the small business health care tax credit. This credit may allow certain small businesses and small tax exempt organizations to offer health insurance where offering these benefits before would not have been affordable. Further,...
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Englewood, Colorado
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