Florida's tax amnesty program is an opportunity for taxpayers to voluntarily pay overdue taxes with no penalty and reduced interest. Florida's Tax Amnesty Days start July 1 and end on September 30, 2010.
All taxes administered by the Department of Revenue are eligible, except unemployment tax and Miami-Dade County Lake Belt Fees.
Taxpayers eligible for amnesty are ones with liability for tax, penalty, or interest due before July 1, 2010 and:
•have completed a Tax Amnesty Agreement.
•have liability not already covered by a settlement or payment agreement.
•are not under criminal investigation, indictment, information, or prosecution regarding a Florida revenue law.
•are not under a pretrial intervention or diversion program, probation, community control, or in a work camp, jail, state prison, or another correctional system regarding a Florida revenue law.
Wednesday, July 14, 2010
2010 Sales Tax Holiday
Just in time for Back to School Shopping.....
Florida law directs that no sales tax or discretionary sales surtax will be collected on sales of books, clothing, footwear, and certain accessories selling for $50 or less, or on certain school supplies selling for $10 or less. This three-day tax exemption is in effect from 12:01 a.m., Friday, August 13, 2010, through midnight, Sunday, August 15, 2010.
The sales tax exemption applies to each eligible book or item of clothing selling for $50 or less and to each eligible school supply item selling for $10 or less. The exemption will still apply no matter how many items are sold on the same invoice to a customer as the limit is applicable on a per item basis.
Florida law directs that no sales tax or discretionary sales surtax will be collected on sales of books, clothing, footwear, and certain accessories selling for $50 or less, or on certain school supplies selling for $10 or less. This three-day tax exemption is in effect from 12:01 a.m., Friday, August 13, 2010, through midnight, Sunday, August 15, 2010.
The sales tax exemption applies to each eligible book or item of clothing selling for $50 or less and to each eligible school supply item selling for $10 or less. The exemption will still apply no matter how many items are sold on the same invoice to a customer as the limit is applicable on a per item basis.
Tuesday, January 26, 2010
Education Tax Break for 2009 & 2010
The American Recovery and Reinvestment Act (ARRA) allows for the American Opportunity Credit, to pay for college expenses.
The American Opportunity Credit modifies the existing Hope Credit for tax years 2009 and 2010, making the Hope Credit available to a broader range of taxpayers, including many with higher incomes and those who owe no tax. It also adds required course materials to the list of qualifying expenses and allows the credit to be claimed for four post-secondary education years instead of two. Many of those eligible will qualify for the maximum annual credit of $2,500 per student.
The full credit is available to individuals whose modified adjusted gross income is $80,000 or less, or $160,000 or less for married couples filing a joint return. The credit is phased out for taxpayers with incomes above these levels. These income limits are higher than under the existing Hope and Lifetime Learning Credits.
The American Opportunity Credit modifies the existing Hope Credit for tax years 2009 and 2010, making the Hope Credit available to a broader range of taxpayers, including many with higher incomes and those who owe no tax. It also adds required course materials to the list of qualifying expenses and allows the credit to be claimed for four post-secondary education years instead of two. Many of those eligible will qualify for the maximum annual credit of $2,500 per student.
The full credit is available to individuals whose modified adjusted gross income is $80,000 or less, or $160,000 or less for married couples filing a joint return. The credit is phased out for taxpayers with incomes above these levels. These income limits are higher than under the existing Hope and Lifetime Learning Credits.
Saturday, January 23, 2010
Haiti Earthquake Relief -Donate Now and Claim Deduction in 2009
People who contribute in 2010 to charities providing earthquake relief in Haiti can take a tax deduction for the contribution on their 2009 tax return instead of their 2010 return. This means you can receive an immediate tax benefit, rather than having to wait until you file next year’s return.
Note that only cash contributions made to these charities after Jan. 11, 2010, and before March 1, 2010, are eligible and the contributions must be made specifically for the relief of victims in areas affected by the Jan. 12 earthquake in Haiti.
You may deduct these contributions on either your 2009 or 2010 returns, but not both.
Source: www.irs.gov
Note that only cash contributions made to these charities after Jan. 11, 2010, and before March 1, 2010, are eligible and the contributions must be made specifically for the relief of victims in areas affected by the Jan. 12 earthquake in Haiti.
You may deduct these contributions on either your 2009 or 2010 returns, but not both.
Source: www.irs.gov
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