Tax Filing Tip for 2010

 

On our latest appearance on WWLP "In Focus" we go over the latest changes you should be aware of in filing your 2010 tax return.

Some of the topics we cover are:

• Long Term Capital Gains
• Changes in Itemized Duductions and Standard Deduction
• Tax Credits on purchase on Hybrid vehicle
• First Time Homebuyers
• Child Care Credit
• Making work pay tax credit
• The documented support you should have for your deductions

Also we cover the most common errors that people make when they self prepare their own returns. 

We also cover issues that every business owner should hear.

Issues we cover here include:

• Bonus Depreciation
• Health Insurance Credits 
• New Self Employed Individuals Deductions

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2010 Tax Season Tips

This week I sat down with Ashley Kohl on WWLP Mass Appeal to go over the key items to pay attention to this year, new deductions, and  other new changes to 2010 tax returns. Check out this short interview to make sure you have your records together to have us complete your 2010 tax return in a timely manner.

Mass Apeal

If you are by the TV today, check out my appearance on Channel 22's show Mass Appeal at 11:00 am this Friday Jan 21, 2011.

Mass Appeal on WWLP Channel 22 

Breaking down 2011 tax changes

Breaking down 2011 tax changes: wwlp.com

Rich Tettemer of 22 News

(WWLP) - New rules will allow some people to wait until late February to file their taxes. Certified Public Accountant Andy Pignatare, of Pignatare & Sagan in West Springfield came to 22News Friday morning to explain some of the changes.

Pignatare said that people who are itemizing have to wait because of a state sales tax deduction. Some people can use that over the state income tax if there is more sales tax.

He said that this is the first time in about 40 years that there has been a more than a one or two day delay in itemized deductions, and that due to IRS re-tooling, there could be even more of a delay.

The amount of money most people pay into Social Security (currently 6.2%) has been lowered to 4.2%. That averages to about $20 more per week for a person who makes $50,000 per year.

April 18 will be the federal tax deadline, instead of April 15, due to Emancipation Day in Washington, D.C. In Massachusetts, due to the Patriot’s Day holiday, the deadline could be pushed back to April 19. Pignatare added that there may also be a backlog in e-filing.