2010 may be a great time to consider converting your regular IRA to a Roth IRA.  The income limitations have been abolished and you may also elect to pay the tax in 2010 or report the taxable amount over two years in 2011 & 2012.  However, be sure to remember that as of today, the [...]

If you are already or will be over 70 ½ years of age by the end of 2010, you need to be receiving distributions from your IRA account.  The holder of your account should be providing you specific information

If you were retired during 2009, you may have received a $250 Economic Recovery check.  This payment is not taxable.  However, if you are also eligible for the Making Work Pay credit, that credit will be reduced by the amount of your Economic Recovery Payment.

If you used your personal auto for business, medical or non-profit purposes and were not reimbursed or reimbursed and a rate below what the IRS allows, you may be able to deduct the difference.  For 2009, the business mileage rate is $.55, the medical mileage rate is $.24 and the non-profit contribution mileage rate is [...]

If you purchased a plug-in electric automobile in 2009 or converted a non-plug-in vehicle to a plug-in vehicle after 2/17/09, you may be eligible for a credit on your 2009 taxes.

If you made contributions to an IRA, 401(k), government Thrift Savings Plan or other retirement funds, you may be eligible for a tax credit if your Adjusted Gross Income on your tax return is less than $27,750, $55,000 if married or $41,625 if you qualify as Head of Household.

If you made improvements that made your primary home much more energy efficient, you may be eligible for a 30% credit up to a total of $1,500.  Some of the qualifying improvements are:  new insulation, replacing exterior doors and windows, putting in a sky light, metal or qualifying asphalt roof, heat pumps, air conditioner, water [...]

If you were issued a Mortgage Credit Certificate on a new 2009 mortgage on your primary residence, you may be eligible for an additional tax credit.

If you are deducting the mortgage points you paid in a previous year, over the life of your loan, you can deduct the remaining balance of those points this year if you sell or refinance your home.  If you refinance with the same mortgage company, however, you must deduct the remaining balance over the [...]