Here is what to do if you are missing a W-2

Here is what to do if you are missing a W-2 Internal Revenue Service Thu Mar 03 2011 Before you file your 2010 tax return, you should make sure you have all the needed documents including all your Forms W-2. You should receive a Form W-2, Wage and Tax Statement, from each of your employers. Employers have until January 31, 2011 to send you a 2010 Form W-2 earnings statement.   If you haven't received your W-2, follow these four steps:   1. Contact your employer if you have not received your W-2, contact your employer to inquire if and when the W-2 was mailed. If it was mailed, it may have been returned to the employer because of an incorrect or incomplete address. After contacting the employer, allow a reasonable amount of time for them to resend or to issue the W-2.   2. Contact the IRS. If you do not receive your W-2 by February 14th, contact the IRS for assistance at 800-829-1040. When you call, you must provide your name, address, city and state, including zip code, Social Security number, phone number and have the following information:   Employer's name, address, city and state, including zip code and phone number Dates of employment An estimate of the wages you earned, the federal income tax withheld, and when you worked for that employer during 2010. The estimate should be based on year-to-date information from your final pay stub or leave-and-earnings statement, if possible.   3. File your return. You still must file your tax return or request an extension to file April 18, 2011, even if you do not receive your Form W-2. If you have not received your Form W-2 by the due date, and have completed steps 1 and 2, you may use Form 4852, Substitute for Form W-2, Wage and Tax Statement. Attach Form 4852 to the return, estimating income and withholding taxes as accurately as possible.  There may be a delay in any refund due while the information is verified.   4. File a Form 1040X. On occasion, you may receive your missing W-2 after you filed your return using Form 4852, and the information may be different from what you reported on your return. If this happens, you must amend your return by filing a Form 1040X, Amended U.S. Individual Income Tax Return.   Form 4852, Form 1040X, and instructions are available at http://www.irs.gov or by calling 800-TAX-FORM (800-829-3676).

Don’t overlook these tax break

Don't overlook these tax breaks. Tax credits, deductions and exemptions available to just about every taxpayer. Thu Mar 03 2011 Every year millions of taxpayers have the opportunity to take advantage of some significant tax breaks. According to an Associated Press report, there are $1.1 trillion in tax credits, deductions and exemptions in the tax code.  Those breaks come in different forms.  2009 tax data shows that home mortgage interest deductions saved 34.6 million taxpayers nearly $77 billion.  By deducting charitable donations, 36 million families cut their taxes by nearly $35 billion.   With just a little bit of knowledge, you could take a healthy bite out of your taxes.  To get you started, here are some of the most common tax breaks:   Charitable donations – most people know to claim a deduction for a qualifying cash donation to a charity, but don't forget those donations of clothing in "good used condition or better,"  or other goods.  Just be sure to have a receipt from the charity that states the value of your donation. Childcare – for many working families, it's an unavoidable expense.  Claiming the child and dependent care credit can ease the burden.  It is important to request receipts from your childcare provider that show your payments. Work related expenses – you may be able to write off unreimbursed job search expenses if you were out of work.  These could include employment agency fees, transportation, lodging and food on overnight trips for interviews.  Or if you relocated for your job, you may be able to write off some of the relocation expenses. Energy efficient home improvements - if you're doing home improvements, consider energy efficient external windows and doors, insulation, heating and cooling equipment, and more.  You could get a tax credit up to 30% of the cost of qualifying items. You could also get a tax credit for 30% of the cost of renewable energy home additions such as a solar energy systems or a geothermal heat pump. This credit has a lifetime limit of $500 after 2010. Automobile tax credit – a hybrid gas-electric or alternative fuel vehicle could get you a 2010 tax credit if you bought a qualifying  vehicle before the end of 2010. American Opportunity Credit – you could get a tax credit for up to $2,500 for college tuition and related expenses that you paid during the year.   You can also get a deduction on the state income tax you paid the previous tax year, and any real estate or property taxes you paid during the year.  You can also claim the sales tax you paid on the purchase of a car if you itemize deductions.  And the list goes on.   Make sure you're not missing a break you have coming.  Before you complete your tax return, do a little digging.  Make a list.  Then you can sit down with your tax professional and have a discussion about everything that is available to you.   HELPFUL HINTS Understand the difference between a deduction and a credit. A deduction reduces the income on which your tax is determined..  A credit reduces your taxes dollar-for-dollar, making it the more valuable of the two.

Additional Info; Non Deductible payments for home owners

Nondeductible payments
You cannot deduct any of the following items.

• Insurance (other than mortgage insurance premiums), including fire and comprehensive coverage, and title insurance.
• Wages you pay for domestic help.
• Depreciation.
• The cost of utilities, such as gas, electricity, or water.
• Most settlement costs. See Settlement or closing costs under Cost as Basis, later, for more information.
• Forfeited deposits, down payments, or earnest money.

                        Per the IRS Pub. 530         http://www.irs.gov/publications/p530/ar02.html

Are Closing Costs Tax Deductible

Are Closing Costs Tax Deductible?

if you have to pre-pay any mortgage interest as part of your closing costs,  that interest will be tax deductible......

First Time Home Buyers > Are Closing Costs Tax Deductible?

Date: 04/03/2007

Much is said about the great tax benefits of becoming a homeowner. If you are looking to buy a house soon, you should know that the interest you pay on your mortgage loan will usually be completely tax deductible. That is, each year you can deduct the total amount of interest you have paid on your home loan. Depending on the size and terms of your loan, this could mean a deduction of several thousand dollar deduction each year. Not bad! Yet, what about any of the other fees associated with the home purchase? Are those pesky upfront closing costs tax deductible? The answer is part of them may be deductible. Closing costs are made up of a laundry list of various charges. They include things like lenders fees, real estate appraisals costs, private mortgage insurance, homeowners insurance, recording fees, title searches and title insurance, as well as many other possible costs. The unfortunate truth is that most of these fees are not deductible. There are a few exceptions however. These depend on when exactly you buy your house. For example, if you have to pre-pay any mortgage interest as part of your closing costs,  that interest will be tax deductible. You may have to prepay if you close on any day other than the first of the month. This is typically the day your future mortgage payments will be due and if your home loan closes on the 15th perhaps, then your lender will require you to prepay interest for the 15 days before the next month begins. Since this is still interest, even though it is included in your closing costs you can deduct it from your yearly tax returns. If you have to pay pro-rated property taxes, these will also be tax deductible. You pay this when the seller's property tax payment extends into the month you take possession of the home. At closing, you will be charged for the portion of the taxes due for the number of days you were the owner that month. The government then allows you to deduct this pro-rated property tax that year. And do not forget about mortgage points! These are deductible. This is a percentage of the loan amount that you pay your lender at closing to basically "buy down" your interest rate. If you are purchasing a home, the total amount of loan points are fully deductible for that year's tax returns. If you are refinancing, the points can still be deducted, but the deductions must be amortized or spread out over the course of the loan. Another exception comes if the property you are buying is a rental or investment property. In this case the transfer taxes that are a part of your closing costs will be deductible. Things like hazard insurance or association dues for rental properties are also tax deductible. Check with your financial advisor for more specifics on the tax benefits related to rental/investment home loans. So while most closing costs are not deductible, you can still enjoy the great savings that come from mortgage interest and points!

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