All Posts by Suzanne Shively

Eight Facts about Amended Returns

Below is information the IRS publishes regarding amending of a return.  Remember that if you are amending to receive more of a refund, you need to wait until you receive your original refund before filing a Form 1040X.  I hope you find this information helpful!

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Standard Deductions

From time to time people will ask me what the standard deductions are for a specific year and what the difference is between taking the standard deduction or itemizing.  Basically, if you have more itemized deductions than what your standard deduction would be than it may be more beneficial for you to itemize.  For example, […]

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Eight Facts About Filing Status

Read below for more information on which filing status is best for you! Your filing status is used to determine your filing requirements, standard deduction, eligibility for certain credits and deductions, and your correct tax. There are five filing statuses: Single, Married Filing Jointly, Married Filing Separately, Head of Household and Qualifying Widow(er) with Dependent Child.

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Energy Credit for 2011

The IRS released information regarding the energy credit that is still available for 2011. Below are two credits that the IRS is allowing for 2011, the Nonbusiness Energy Property Credit and the Residential Energy Efficient Property Credit. As stated, these are credits and not deductions so they reduce the amount of tax owed dollar for dollar.

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Six Tips for Paying Estimated Taxes

Are you responsible for estimated taxes?  If so, read below! Estimated tax is a method used to pay tax on income that is not subject to withholding. You may need to pay estimated taxes during the year depending on what you do for a living and what type of income you receive.

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