Refund Zoom Tax Return Preparation

https://www.accountingtoday.com/opinion/2017-tax-reform-proposed-individual-tax-changes-in-the-tax-cuts-and-jobs-act?utm_campaign=daily-nov%208%202017&utm_medium=email&utm_source=newsletter&eid=69120374431ddd3e9f06e844b322c142

2017 tax reform: Proposed individual tax changes in the Tax Cuts and Jobs Act The Tax Cuts and Jobs Act makes major changes to individual income taxation.

Hi Yoel,

Hope all is good. Thank you for filing my extension, I hope that you received my paypal payment. Just have a quick question for you. I left my old job and started a new one. My old employer sent me a lump sum for my 401k (attached details). They took a lot of taxes out of this, i'm assuming I will also be charged a 10% penalty for early distribution. My question to you is, if I buy my first home this year (2013) using this 401k money as down payment, will I be able to get some of the tax dollars back? Also, if I buy a house, will this waive the 10% early distribution penalty?

Thanks,
James

My Answer:
You could still save on this tax and even get refunded what they have already taken by redepositing the funds within 60 days to a qualified IRA or other qualified retirement plan for more information see www.irs.gov/taxtopics/tc413.html or call me for details. Most banks would have a representative who have all the details about these type of accounts. Buying a house would not affect this tax as per my knowledge. There are some distributions which you could take out tax free though.
Yoel Friedman

https://www.sites.google.com/site/refundzoom/

Tax Topics - Topic 413 Rollovers from Retirement Plans A rollover occurs when you withdraw cash or other assets from one eligible retirement plan and contribute all or part of it, within 60 days, to another eligible retirement plan. This rollover transaction is not taxable but it is reportable on your federal tax return. You can roll over most distribut...

Mixing Business and Personal Expenses on Credit Cards... http://www.foxbusiness.com/personal-finance/2012/10/02/mixing-business-and-personal-expenses-on-credit-cards/?goback=.gde_4083947_member_212684772


Yoel Friedman see also http://lnkd.in/vCPGCt on this topic

Mixing Business and Personal Expenses on Credit Cards Small business owners who use personal credit cards for their business expenses could be asking for trouble without even knowing it.

TAXES
10 overlooked tax breaks
By Kay Bell • Bankrate.com



Taxes » Tax Deductions » 10 Overlooked Tax Breaks

The goal of every taxpayer is to make sure the IRS gets as little as possible. For that to happen, you need to take every tax deduction, credit or other income adjustment you can.

Here are 10 tax breaks -- some for itemizers only, others that any filer can claim -- that often get overlooked but that could save you some tax dollars.

1. Additional charitable gifts
Everyone remembers to count the monetary gifts they make to their favorite charities. But expenses incurred while doing charitable work often aren't counted on tax returns.

You can't deduct the value of your time spent volunteering, but if you buy supplies for a group, the cost of that material is deductible. Similarly, if you wear a uniform in doing your good deeds, for example as a hospital volunteer or youth group leader, the costs of that apparel and any cleaning bills also can be counted as charitable donations.

So can the use of your vehicle for charitable purposes, such as delivering meals to the homebound in your community or taking the Scout troop on an outing. The IRS will let you deduct that travel at 14 cents per mile.

2. Moving expenses
Most taxpayers know they can write off many moving expenses when they relocate to take another job. But what about your first job? Yes, the IRS allows this write-off then, too. A recent college graduate who gets a first job at a distance from where he or she has been living is eligible for this tax break.

3. Job hunting costs
While college students can't deduct the costs of hunting for that new job across the country, already-employed workers can. Costs associated with looking for a new job in your present occupation, including fees for resume preparation and employment of outplacement agencies, are deductible as long as you itemize. The one downside here is that these costs, along with other miscellaneous itemized expenses, must exceed 2 percent of your adjusted gross income before they produce any tax savings. But the phone calls, employment agency fees and resume printing costs might be enough to get you over that income threshold.

4. Military reservists' travel expenses
Members of the military reserve forces and National Guard who travel more than 100 miles and stay overnight for the training exercises can deduct related expenses. This includes the cost of lodging and half the cost of meals. If you drive to the training, be sure to track your miles. You can deduct them on your 2011 return at 51 cents per mile for travel through June 30 and 55.5 cents per mile for travel in the last half of the year, along with any parking or toll fees for driving your own car. You get this deduction whether or not you itemize, but you will have to fill out Form 2106.

5. Child, and more, care credit
Millions of parents claim the Child and Dependent Care Credit each year to help cover the costs of after-school day care while mom and dad work. But some parents overlook claiming the tax credit for child care costs during the summer. This tax break also applies to summer day camp costs. The key here is that the camp is a day-only getaway that supervises the child while the parents work. You can't claim overnight camp costs.

Remember, too, the dual nature of the credit's name: child and dependent. If you have an adult dependent who needs care so that you can work, those expenses can be claimed under this tax credit.

6. Mortgage refi points
When you buy a house, you get to deduct the points paid on the loan on your tax return for that year of purchase. But if you refinance your home loan, you might be able to deduct those points, too, as long as you use refinanced mortgage proceeds to improve your principal residence.

7. Many medical costs
Taxpayers who itemize deductions know how difficult it often is to reach the 7.5 percent of adjusted gross income threshold required before you can claim any medical expenses. It might be easier to clear that earnings hurdle if you look at miscellaneous medical costs. Some of these include travel expenses to and from medical treatments, insurance premiums you pay for from already-taxed income and even alcohol- or drug-abuse treatments.

Self-employed taxpayers who are not covered by any other employer-paid plan, for example, one carried by a spouse, can deduct 100 percent of health insurance premiums as an adjustment to income in the section at the bottom of Page 1 of Form 1040.

8. Retirement tax savings
The Retirement Savings Contribution Credit was created to give moderate- and low-income taxpayers an incentive to save. When you contribute to a retirement account, either an IRA (traditional or Roth) or a workplace plan, you can get a tax savings for up to 50 percent of the first $2,000 you put into such accounts. This means you get a $1,000 tax credit, which is a tax break that directly reduces dollar for dollar any tax you owe.

9. Educational expenses
The Internal Revenue Code offers many tax-saving options for individuals who want to further their educations. The tuition and fees deduction can help you take up to $4,000 off your taxable income and is available without having to itemize.

The Lifetime Learning Credit could provide some students (or their parents) up to a $2,000 credit.

Don't forget the American Opportunity tax credit, which offers a dollar-for-dollar tax break of up to $2,500. This education tax break was created as part of the 2009 stimulus package as a short-term replacement for the Hope tax credit and subsequently was extended through tax year 2012.

10. Energy-efficient home improvements
Generous tax breaks for energy efficient home improvements expired at the end of 2010, but some homeowners still might be able to pocket a tax credit of up to $500 on their 2011 returns for a few common residential energy upgrades.

The bad news is that the tax credit is just a third of what was previously available. You also now must pay attention to specific spending limits, such as $150 for high-efficiency furnaces and boilers, $300 for air conditioners and heat pumps and $200 for replacement windows. And the overall $500 tax credit cap applies to anyone who received any previous energy tax credit since Jan. 1, 2005.

But if you qualify, the tax break is a tax credit, giving you a dollar-for-dollar reduction of your tax bill. And when it comes to taxes, every dollar saved helps.


Veteran contributing editor Kay Bell writes Bankrate's tax stories from her Austin, Texas, home. She also writes two tax blogs, Bankrate's Taxes Blog and Don't Mess With Taxes. She is the author of the book "The Truth About Paying Fewer Taxes."

Updated: Oct. 10, 2012

Read more: http://www.bankrate.com/system/util/print.aspx?p=/finance/money-guides/10-overlooked-tax-breaks-1.aspx&s=br3&c=taxes&t=story&e=1&v=1

Friday, November 30
Hi.
Got a letter from the IRS about late filing fees etc etc ???
Wait a minute. Don't pay. I helped someone today to reduce the balance due from $1,950.00 to ZERO. Congratulations!

my messages log...
John Doe
Hey, you gone still help me pay my Light Bill? They said its $250
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Jane Doe
lol
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Yoel Friedman
John Doe, Please view my few earlier posts today. you could get all these bills free. I live just afew blocks away and I have them all free for over a year. if you sign up before midnight today I could show you sunday how you could get the whole enrollment fee back (i did) today I can't discuss it anymore over the phone because shabbath is in minutes
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John Doe
^^^^um... what?
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Yoel Friedman
listen to that business conference call that I posted in my events today. then check out my business presentation at www.energygoldrush.com/a1ambit or at www.a1ambit.energy526.com & if you sign up before midnight today I'll meet you Sunday at my office at 344 Roebling St. Brooklyn, NY 11211. and I'll explain you all details. (i say before midnight because whoever signs up before is still eligible for the Double Bonus which allows you to get back your whole investment very quickly.
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John Doe
im not workin with any esco's im good thanks though the status was a joke
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Yoel Friedman
Well. A lot of people became rich from such jokes! After 12 years of Real Estate Management, dealing with 250 tenants every month, I know exactly what you mean by not dealing with ESCO's because I've seen what people went through with ESCO's & I that's why I didn't want to deal with them. However in July-August '11 I was for summer vacation in Fallsburg, NY and I met there another person of my community. one day I asked him what he's doing for a living so he sent me to his Ambit website I viewed the presentation & for some reason it made sense for me. I spent a few more days on research on reliability, lawsuits etc about the company. At the end of August '11 I got enrolled. in October I had my whole investment back in addition to a free gas & electric bills. I'm very happy about it.
I helped a lot of my tenants doing the same however a lot of others just wanted to save on their bills so they just switched over without enrolling for Consultant. Anyway, I wish you and all others seeing this post a lot of good luck. If you want to discuss this with me I'm available. just text me a few minutes before at 718-614-4477
— at Refund Zoom Tax Return Preparation.

YOEL FRIEDMAN | EnergyGoldRush.com “I am a high school basketball coach of 26 years and my kids are my world. As a Dad I want to give them everything and anything they could ever want. Ambit is financially awarding me that opportunity. Even during the rigors of basketball season I still have time to work Ambit.”Coach Allen Johnston -...

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Dear Friends/Clients

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Some of the differences between this company and others is:
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2. They guaranty with the NYS public service commission that the customer will pay at least one percent less than what they would pay with ConEd or National Grid. In the event it is higher they refund a check to match the 1% guarantee.
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P.S. if you have a few extra minutes and you're interested to earn additional money take a look at this website www.a1ambit.whyambitworks.com or for a more detailed version at www.a1ambit.energy526.com/Home.aspx and let me know what you think about it.

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Refund Zoom Tax Return Preparation Tax Return Preparation