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Is Unemployment Compensation Taxable?

Category : Tax

Short answer: Yes

Yes, your state unemployment insurance benefits (up to 26 weeks) and your extended benefits (up to an
additional 13 weeks) are taxable. You may choose to have 10% withheld for federal taxes by completing
Form W-4V. The State will provide you with a Form 1099-G prior to January 31st of each year, showing
the amount of taxable benefits paid in the prior year. → Continue

Earned Income Tax Credit

Category : Featured, Tax

Earned Income Tax Credit is one of the few refundable tax credits you can get even if you do not owe any taxes.

The maximum credit for the 2010 Tax Year has been increased to $5,666.

Earned Income Credit
Tax Year 2010
No. of Children Maximum credit Earned Income/AGI Each Less Than
0 $457 $13,460 ($18,470 if Married Filing Joint)
1 $3,050 $35,535 ($40,545 if Married Filing Joint)
2 $5,036 $40,363 ($45,373 if Married Filing Joint)
3 or more $5,666 $43,352 ($48,362 if Married Filing Joint)
Taxpayers with investment income of more than $3,100 are not eligible for the credit.

Follow San Jose Tax on Twitter

Category : Featured, Tax

Follow us on Twitter at http://twitter.com/sanjosetaxnet

We will post up to date tax news, tips to save on taxes and more.

Early Bird Special – $100 off H&R Block Prices

Category : Tax

I quit H&R Block because they charge their customers too much.

All early filers will get to save $100 off H&R Block Prices.

Offer ends February 5th, 2011.

What to bring for Tax Preparation

Category : Tax

Things to bring

  • Last year’s Federal and State tax returns (for new clients)
  • Income/Wage statements:
    • W-2’s
    • 1099’s
    • Alimony received or paid
    • Commissions received statement
    • Brokerage account year-end statements
    • ESPP statements
    • Stock options sale papers
    • Rental property income and expenses
    • Partnership, S Corp, trusts, or estate yearly statements
    • Pension or retirement income statements
    • Social security income yearly statement
    • Unemployment income yearly statement
    • State income tax refund statement
    • Lottery winnings (and lottery losses, if you have winnings)
  • Car, motor home, and boat registration paperwork
  • Donation receipts
  • IRA contributions
  • Child care expenses and provider information
  • Medical expenses
  • State taxes paid
  • Unreimbursed employment-related expenses
  • Job-related educational expenses
  • Casualty or theft losses
  • Foreign taxes paid

Homeowners

  • Mortgage interest year-end statement
  • Home equity year-end statement
  • Property tax information
  • If you sold your home, purchase and home improvement information
  • Home Loan

Businesses

  • Income and expense reports
  • Mileage logs for autos
  • Receipts for business assets purchased

Students

  • Tuition and education fees
  • Student loan information
  • Grants and scholarship information

Hello world!

Category : Tax

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