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Amending Your Tax Return

What should you do if you discovered an error after your tax return has been filed? Answer is filing an amended tax return.

If the error is simple math, then IRS usually corrects them or if one or two form such as W-2s or schedules is missing they will request them and you don’t file an amended tax return. However, you should file an amended return if some serious error occurs like:
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Can I Take a Home Office Deduction?

A small business owner who runs business out of their home will be temped to “write-off” many of their household expenses. But they need to be aware of what is deductible and what is not? If you use part of your home for business purposes only, then you can take a home office deduction for the expense related to that area of the house. Expenses that can be deducted include the business portion of real estate taxes, mortgage interest, rent, utilities, insurance, painting, repairs and depreciation.
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Can You Use Schedule C-EZ

Your business may be eligible to use the abbreviated Schedule C-EZ instead of the longer Schedule C when reporting business profit and loss on your 2006 Form 1040 federal income tax return. The maximum deductible business expense threshold for filing Schedule C-EZ is $5,000.
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Changes To Tax Laws In 2006

Taxpayers should be aware of important changes to the tax law before they complete their 2006 federal income tax forms. Here are some changes that may affect your return.
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Check out Free File

If you have access to a computer and the Internet you may be eligible to prepare and file your 2006 federal tax return electronically—for free. Free File is an easy way to file your taxes and get your refund in half the time.
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Choose The Simplest Federal Tax Form For Your Needs

The three forms used for filing individual federal income tax returns are Form 1040EZ, Form 1040A, and Form 1040. If you are using tax software, it will automatically select the most appropriate tax form depending on the data your enter. But if you are filing a federal income tax return on paper, use the simplest form you can. Using the simplest allowable form will reduce the chance of an error that may cost you money or delay the processing of your return. It is another reason why you should consider using a tax software.
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Claiming Tax Credit for Disability

You may be able to take the Tax Credit if you are retired on permanent and total disability. Tax Credit will give you a dollar-for-dollar reduction of your tax bill.

There are several eligibility criteria and income limits to qualify for the Tax Credit and the amount of the credit. You may be eligible for the tax credit if:
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Do I Need to File a Federal Income Tax Return?

You need to file tax return if any one of the following is true:

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E-File A Smart Way To Do Your Taxes

Every year, more taxpayers discover the benefits of filing their tax return electronically. Whether you use a professional tax preparer authorized by the IRS or do it yourself on a home computer, there are many reasons to consider e-filing your tax return this year.
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Guidelines For Roth Ira Contributions

Taxpayers confused about whether they can contribute to a Roth IRA should consider guidelines based on the following categories:
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How to determine the correct Filing Status ?

There are five possible filing statuses: Single, Married Filing Jointly, Married Filing Separately, Head of Household, and Qualifying Widow(er) with Dependent Child. Your filing status is determined by a series of tests like whether you are married, got dependent children, whether your spouse lives with you, etc. Refer publication 17 for more specifics 

How to Get a Copy of Your Tax Return Information

You missed to keep a copy of your tax return or lost it and if you need them for some purposes, check with your accountant. Most of the accountants normally keep copies of their client’s tax return. Some may charge a small fee for copying and mailing your return.
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Long-Distance Telephone Excise Tax Refund

You may be eligible for a one-time tax refund! This one-time refund of previously collected federal telephone excise taxes may be requested on your 2006 federal income tax return. Anyone who paid long-distance excise taxes on landline, cell phone, Voice over Internet Protocol (VoIP), or bundled service that was billed for the period after Feb 28, 2003 and before Aug 1, 2006 is eligible for this refund. (Bundled service is local and long-distance service provided under a plan that does not separately list the charge for local service.)
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Missing A Form 1099

If you receive certain types of income, you may get a Form 1099 for use with your federal tax return. Form 1099 is an information return provided by the payer of the income. You should receive your Form 1099-series information returns by January 31, 2007. The payer deadline to mail Form 1099-series is January 31, 2007.
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Missing W2

You should receive a Form W-2, Wage and Tax Statement, from each of your employers for use in preparing your federal tax return. Employers have until January 31, 2007 to furnish a record of 2006 earnings statement either electronically or in paper form. Allow two weeks for 2006 earning statements mailed from employers via United States Postal Service (USPS).
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Receive Your Refund Faster With Direct Deposit

Want your refund faster? Have it deposited directly into your bank account. More taxpayers are choosing direct deposit as the way to receive their federal tax refunds.

You can also electronically direct your refund to multiple accounts. With the new split refund option, taxpayers can divide their refunds among as many as three checking or savings accounts and three different U.S. financial institutions. The split refund option, using Form 8888, is also available for paper returns.

Last year, about 56.7 million people had their tax refunds deposited directly into their bank accounts. It’s a secure and convenient way to get your money in your pocket faster.
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Should You Itemize?

Whether to itemize deductions on your tax return depends on how much you spent on certain expenses last year. Money paid for medical care, mortgage interest, taxes, charitable contributions, casualty losses, and miscellaneous deductions can reduce your taxes. If the total amount spent on those categories is more than the standard deduction, you can usually benefit by itemizing.

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Tax Deduction For Home Loan Refinancing Points

Taxpayers who refinanced their homes and paid discount points may be eligible for tax deduction. The term "points" is used to describe the amount paid in advance, usually a certain percentage of the loan amount, to lower home mortgage interest rates.
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Taxable and Nontaxable Income

Generally, most income you receive is taxable. But there are some situations when certain types of income are partially taxed or not taxed at all. A complete list is available in IRS Publication 525, Taxable and Nontaxable Income.
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The Earned Income Tax Credit

The EITC is for people who work, but have lower incomes. If you qualify, it could be worth up to $4,500 this year. So you could pay less federal tax or even get a refund. That’s money you can use to make a difference in your life.

Did you know that in Tax Year 2005, over 22 million taxpayers received $41.4 billion dollars in EITC making the credit a great investment in the lives of those who claim it? However, the IRS estimates 20 to 25% percent of people who qualify for the credit do not claim it. At the same time, there are millions of Americans who have claimed the credit in error, many of whom simply don’t understand the criteria.
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Tips For Recently Married Or Divorced Taxpayers

Newlyweds and the recently divorced should ensure the name on their tax return matches the name registered with the Social Security Administration. A mismatch could unexpectedly increase a tax bill or reduce the size of any refund.

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Use EFTPS To Pay Your Taxes Electronically

If you are going to owe taxes when you file your federal tax return, consider paying through the Electronic Federal Tax Payment System. EFTPS is a fast, easy, convenient and secure service provided free by the Department of Treasury.

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What To Do If You Have Not Filed Your 2005 Return

The failure to file a federal tax return can be costly — whether you end up owing more or missing out on a refund.

There are several reasons taxpayers don’t file their taxes. Perhaps you didn’t know you were required to file. Maybe, you just kept putting it off and simply forgot. Whatever the reason, it’s best to file your return as soon as possible. If you need help, even with a late return, the IRS is ready to assist you.
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