Tag Archives: returns

What is the difference between tax evasion, late tax filing, unfiled tax returns and unpaid taxes? Deliberate falsification of a tax return, either by not reporting income or claiming false expenses is defined as tax evasion. There are very severe penalties of between 50% to 200% and/or prison sentence for tax evasion offences. Late filing is filing a return after the due date is passed. Penalties for late filing are explained above. In exceptional circumstances the penalties and interest could be waived. We can assist in this area if you qualify. Unfiled tax returns will normally lead to late tax filing and therefore penalties. Unpaid taxes result in interest charges on the balance owing. What happens if I don’t have all of my records? We can help you in getting as much as information possible regarding your prior year taxes. Give us a call.
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Income Taxes Changes for 2010: Standard Deduction Increased The standard deduction for those not filing Schedule A has increased. The new standard deduction amount depends on your filing status. First Time Homebuyer Credit You may be able to claim this credit if you entered a written binding contract before May 1st, 2010 to buy the home before July 1, 2010 and completed the purchase before October 1, 2010. Certain members of the armed forces and other taxpayers have additional time to buy a home and take the credit. Repayment on First Time Homebuyer Credit If you claimed the First Time Homebuyer Credit for a home you bought in 2008, you generally must begin repaying it on your 2010 Tax Return. In addition, you generally must repay any credit you claimed for 2008 or 2009 if you sold your home in 2010 or the home stopped being you main home in 2010. If you claimed the First Time Homebuyer Credit after January 1, 2009, you are not required to pay it back. Roth IRA’s Beginning in 2010, you can make a qualified rollover contribution to a Roth IRA regardless of the amount of your Modified Adjusted Gross Income. Also, half of any income that results from a rollover or conversion to a Roth IRA from another retirement plan in 2010 is included in income in 2011, and the other half in 2012 unless you elect to include all of it in 2010. Self-Employed Health Insurance Deduction If you were self-employed and paid health insurance premiums, you may be able to include with your self …
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