Got Questions? The IRS has got answers!

Tax Center to Assist Unemployed Taxpayers
The “What Ifs” of an Economic Downturn The Internal Revenue Service recognizes that many people may be having difficult times financially. There can be a tax impact to events such as job loss, debt forgiveness or tapping a retirement fund. If your income decreased, you may be newly eligible for certain tax credits, such as the Earned Income Tax Credit. Publications to assist unemployed taxpayers Publication 4128 , Tax Impact of Job Loss Publication 4128(SP), Tax Impact of Job Loss (Spanish version) Publication 4763, Job Related Questions During an Economic Downturn Publication 4763(SP), Job Related Questions During an Economic Downturn (Spanish version) Assistance with filing and paying taxes If you have troubles paying your tax bill, contact the IRS immediately. There are steps we can take to help ease the burden. You should file a tax return even if you are unable to pay so you can avoid additional penalties. Free Tax Help Publication 1546, The Taxpayer Advocate Service at the IRS – How to Get Help with Unresolved Tax Problems Payment Plans, Installment Agreements Offers in Compromise IRS Help for Financially Distressed Taxpayers Starting your own business Some taxpayers may see unemployment as an opportunity to start their own businesses. Starting a Business Self-Employed Individuals Tax Center Small Business Tax Workshops Learn the basics by taking a free Virtual Small Business Tax Workshop. Business.gov Business.gov guides you through the maze of government rules and regulations and provides access to services and resources to help you start, grow, and succeed in business. Health insurance COBRA Health Insurance Workers who lose their jobs may qualify for a 65% reduction in health insurance premiums for up to 15 months. Health Coverage Tax Credit - Trade-affected workers and PBGC payees receive an 80% credit for health insurance premiums. Other Resources Publication 908, Bankruptcy Tax Guide Canceled Debt – Is it Taxable or Not? Publication 4705, Overview: Mortgage Debt Forgiveness Publication 4705(SP), Overview: Mortgage Debt Forgiveness (Spanish version) Bartering Income Bartering for goods or services? Know the rules. Videos What If ...                                          text only Earned Income Tax Credit           text only Job Search Expenses                  text only Call us today!     770-949-1127   Anyone that mentions our ADS on @ Facebook , Twitter or  LIKE us on our Darlene S. Stone EA, CPA   page, will receive a 10% discount on their 2010 Tax Preparations! Call us or come in. We'd love to hear from you! Call Darlene S.Stone, EA, CPA @770-949-1127 and schedule an appointment. With over 30 years of award winning excellence, Darlene S. Stone will help you "profit from our knowledge"!

Wanna Give? Donations for Japan Relief may be Tax Deductible

Charitable Contributions

Many people may wish to contribute to relief funds for the victims of Japan's recent earthquake and tsunami. The IRS reminds taxpayers there are some simple steps they can take to ensure that their contributions go to qualified charities. Taxpayers who have a specific charity in mind can make sure that it is a qualified charity by doing a search on IRS.gov.  Some organizations, such as churches or governments, may be qualified even though they are not listed on IRS.gov. The IRS reminds donors that contributions to foreign organizations generally are not deductible. To get a tax benefit for making a charitable contribution, taxpayers must itemize their deductions on Schedule A for the year in which they made the contribution. IRS Publication 526, Charitable Contributions, provides information on making contributions to charities. Publication 3833, Disaster Relief: Providing Assistance through Charitable Organizations, explains how the public can use charitable organizations to help victims of disasters, and how new organizations can obtain tax-exempt status. Both publications are available on IRS.gov.  (Article from IRS.GOV) For more interesting facts and on how you can save more money on your taxes this year, contact Darlene S.Stone, EA, CPA @770-949-1127 and schedule an appointment. We would love to talk to you. Follow us @ Facebook or Twitter. Also, LIKE our Darlene S. Stone EA, CPA   page! With over 30 years of award winning excellence, Darlene S. Stone will help you "profit from our knowledge"!