http://taxsos.com/blog Tax problem resolution: IRS levy; IRS wage garnishments; innocent spouse relief; offer in compromise; tax liens and other solutions to your tax problems. Thu, 01 Mar 2007 16:07:32 +0000 http://backend.userland.com/rss092 en Issue Number:   TT-2007-43 Inside This Issue    ARE YOU ELIGIBLE FOR A TAX CREDIT? Taxpayers should consider claiming tax credits for which they might be eligible when completing their federal income tax returns.  A tax credit is a dollar-for-dollar reduction of taxes owed. Some credits are refundable – taxes could be reduced to the ... http://taxsos.com/blog/2007/03/01/are-you-eligible-for-a-tax-credit/ Issue Number:   TT-2007-42 Inside This Issue    VOLUNTEER TAX RETURN PREPARATION Are you puzzled by the tax law and which credits and deductions you can take? If so, then why not look into the free, IRS-sponsored, volunteer tax return preparation services? In addition to tax preparation, many also offer free electronic filing of tax ... http://taxsos.com/blog/2007/03/01/volunteer-tax-return-preparation/ Issue Number:   TT-2007-40 Inside This Issue   FREE TAX HELP FOR THE MILITARY If you, or your spouse, are a member of the military, you may be eligible to receive free assistance with the preparation and filing of your federal tax return. The U.S. Armed Forces participate in the Volunteer Income Tax Assistance Program. ... http://taxsos.com/blog/2007/02/27/free-tax-help-for-the-military/ Issue Number:   TT-2007-39 Inside This Issue   GIFT TAXES If you gave any one person gifts in 2006 that valued at more than $12,000, you must report the total gifts to the Internal Revenue Service and may have to pay tax on the gifts.  The person who receives your gift does not have to report ... http://taxsos.com/blog/2007/02/23/gift-taxes/ Issue Number:   IR-2007-38 Inside This Issue    IRS TOLL-FREE HELP Free tax help from the IRS is just a phone call away. The IRS provides various services through its toll-free telephone numbers.  Some of these services are available 24 hours a day. Ask questions about your tax return. You can call the IRS Tax Help ... http://taxsos.com/blog/2007/02/22/irs-toll-free-help/ Issue Number:   TT-2007-37 Inside This Issue   TAX RATES FOR A CHILD’S INVESTMENT INCOME Part or all of a child's investment income may be taxed at the parent's rate rather than the child's rate. Because a parent's taxable income is usually higher than a child's income, the parent's top tax rate will often be ... http://taxsos.com/blog/2007/02/21/tax-rates-for-a-child%e2%80%99s-investment-income/ Issue Number:   TT-2007-36 Inside This Issue   INCOME FROM FOREIGN SOURCES Many United States citizens earn money from foreign sources. These taxpayers must remember that they must report all such income on their tax return, unless it is exempt under federal law. U.S. citizens are taxed on their worldwide income. This applies whether a person ... http://taxsos.com/blog/2007/02/20/income-from-foreign-sources/ Issue Number:   TT-2007-35 Inside This Issue   TAXES ON EARLY DISTRIBUTIONS FROM RETIREMENT PLANS Payments that you receive from your IRA or qualified retirement plan before you reach age 59½ are normally called ‘early’ or ‘premature’ distributions. These funds are subject to an additional 10 percent tax and must be reported to the IRS. There ... http://taxsos.com/blog/2007/02/19/taxes-on-early-distributions-from-retirement-plans/ Issue Number:   TT-2007-34 Inside This Issue   TAX FACTS ABOUT CAPITAL GAINS AND LOSSES Almost everything you own and use for personal purposes, pleasure or investment is a capital asset. When you sell a capital asset, the difference between the amounts you sell it for and your basis, which is usually what you paid ... http://taxsos.com/blog/2007/02/16/tax-facts-about-capital-gains-and-losses/ Issue Number:   TT-2007-33 Inside This Issue   GAMBLING INCOME AND LOSSES Gambling winnings are fully taxable and must be reported on your tax return. Gambling income includes, but is not limited to, winnings from lotteries, raffles, horse and dog races and casinos, as well as the fair market value of prizes such as cars, ... http://taxsos.com/blog/2007/02/15/gambling-income-and-losses/