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Personal Taxes

• Do I need to declare Tip Income?
  

  If you work in an occupation where tips are part of your total compensation, you need to be aware of several facts relating to your federal income taxes. Here are four things the IRS wants you to know about tip income:

• Medical and Dental Tax Deductions
  

  If you itemize your deductions on Form 1040, Schedule A, you maybe able to deduct expenses you paid in 2010 for medical care – including dental – for yourself, your spouse, and your dependents.

• Are Social Security Benefits Taxable?
  

  The Social Security benefits you received in 2010 may be taxable. You should receive a Form SSA1099 which will show the total amount of your benefits.

• First Homebuyer Credit
  

  If you purchased a home in 2010, you may be eligible to claim the First-Time Homebuyer Credit, whether you are a first-time homebuyer or a long-time resident purchasing a new home. The purchaser must have been at least 18 years old on the date of purchase; for a married couple, only one spouse must meet this age requirement. A dependent is not eligible to claim the credit.

• Lost W2? Here's what you need to do
  

  Before you file your 2010 tax return, you should make sure you have all the needed documents including all your Forms W-2. You should receive a Form W-2, Wage and Tax Statement, from each of your employers. Employers have until January 31, 2011 to send you a 2010 Form W-2 earnings statement.

• Child Tax Credit
  

  The Child Tax Credit is an important tax credit that may be worth as much as $1,000 per qualifying child depending upon your income.

• Capital Gains and Losses
  

  Did you know that almost everything you own and use for personal or investment purposes is a capital asset? Capital assets include a home, household furnishings and stocks and bonds held in a personal account. When a capital asset is sold, the difference between the amount you paid for the asset and the amount you sold it for is a capital gain or capital loss.

• How do I check my tax refund status with the IRS ?
  

  If you already filed your federal tax return and are due a refund, you have several options to check on your refund.

• Free Tax Filing Advice
  

  The IRS offers free assistance by computer, telephone and in person. The IRS can also help find free tax preparation sites for those who qualify.

• Tax Credits you need to know about
  

  You might be eligible for a valuable tax credit. A tax credit is a dollar-for-dollar reduction of taxes owed. Some credits are even refundable, which means you might receive a refund rather than owe any taxes at all.

• Mortgage Debt Forgiveness - IRS Tax Relief
  

  f your mortgage debt is partly or entirely forgiven during tax years 2007 through 2012, you may be able to claim special tax relief and exclude the debt forgiven from your income.

• Seven Tips from the IRS about Rental Income and Expenses
  

  Do you rent property to others? If so, you’ll want to read the following seven tips from the IRS about rental income and expenses.