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Daily Tax Tips for 2010

April_15_calendar Need some help finishing up your 2009 tax return? Looking for some tax planning strategies to reduce your 2010 tax bill?

Then check out these Daily Tax Tips, courtesy of Bankrate's annual tax guide. A new one will be added each weekday -- like the IRS we take weekends and federal holidays off -- wrapping up on the April 15 filing deadline day.

You can find the day's featured tip in the upper right corner of the ol' blog during tax-filing season. Or you can check out our running list, also updated daily, below.

  1. 8 tax-filing moves to make now -- Procrastinate on your taxes and you could pay the price. Here's how to get a head start. (1/5/2010)
  2. Who has to file taxes? -- Believe it or not, some people make it through tax-filing season without any hassle. Are you one of them? (1/6/2010)
  3. Picking the appropriate Form 1040 -- Yes, there are three versions and the one you file could make a big difference to your tax bill. (1/7/2010)
  4. Standard or itemized deductions? -- Either option will help you reduce your amount of taxable income. Find out how to determine which works best for your filing situation.(1/8/2010)
  5. What's your filing status? -- It may sound like a simple question, but the correct answer could make a difference in your tax bill. (1/11/2010)
  6. Defining your dependents -- For most parents, children are automatic dependents for tax-filing purposes. But check out the rules just to make sure. (1/12/2010)
  7. Getting full tax credit for your kids -- All parents hope that their children will be a credit to them. That can literally be the case at tax time. Here's a tip for filling out the work sheet to figure your exact credit amount. (1/13/2010)
  8. Making the most of tax software -- Are you prepared to spend almost a full day filling out your tax return? Me neither. That's why turning to tax preparation software might be a good move. (1/14/2010)
  9. E-filing options -- You're taking your taxes to the next technological level this year and filing electronically. Here are your options. (1/15/2010)
  10. Tax help to take care of the folks -- Mom and Dad took care of you for years. Now it's time to return the favor. Uncle Sam offers tax breaks that might help. (1/19/2010)
  11. Taxable vs. nontaxable income -- Good news! While there's not much the Internal Revenue Service doesn't consider taxable income, not every red cent is taxed. (1/20/2010)
  12. Claiming the Making Work Pay credit -- Yes, this new tax break was accounted for by reduced withholding last year. But you'll still have to fill out the new Schedule M to officially claim it on your 2009 return. (1/21/2010)
  13. Multiple ways to deposit your refund -- Uncle Sam wants to help you save. He's letting you directly deposit your tax refund into up to three accounts. And new for the 2010 filing season, you can tell the IRS you want to use your refund money to buy Series I savings bonds. (1/22/2010)
  14. 'Nanny tax' deadline is Feb. 1 -- Do you have a nanny, maid or other household help? They may make your day-to-day life easier, but they also could mean you have additional tax responsibilities. (1/25/2010)
  15. Don't let your investment tax loss be washed away -- If you repurchase too quickly a stock you sold at a loss and claimed on your taxes, the wash sale rule means that your poorly timed stock transaction could cost you. (1/26/2010)
  16. Tax documents are on their way -- Still waiting for some statements so you can file your tax return? It shouldn't be long now before they show up in you e-mail or snail mail box. Here's a preview of what's coming. (1/27/2010)
  17. Working around missing 1099 forms -- If you received interest or dividend income, sold a stock or worked as an independent contractor, you should get 1099 form with your earnings info. But if the document doesn't show up, you still have options to get the tax info. (1/28/2010)
  18. What to do if you don't get your W-2 -- Still waiting for your W-2 so you can file your return (and get your refund!)? If this crucial tax document doesn't show up by mid-February, here's what you can do. (1/29/2010))
  19. Make your hobby pay for itself -- If you're making money on your hobby, maybe it's time to turn it into a business. Then you can write off associated expenses. (2/1/2010)
  20. Adjusting your withholding -- To make sure you don't over- or underpay the IRS via payroll withholding, take a look at what's coming out of your paychecks and adjust accordingly. That way you, not Uncle Sam, has use of your money all year long. (2/2/2010)
  21. Deducting job search costs -- Did you lose your job? Just decide to look for a new one? You might be able to write off some of your job hunting expenses. (2/3/2010)
  22. Homebuyer tax credit extended, expanded -- The first-time homebuyer tax credit appeared a couple of years ago. In 2009, lawmakers improved upon and expanded the original tax break. See if it can help you buy a house and save tax dollars. (2/4/2010)
  23. Don't overlook the tax savings mortgage points provide -- Points you pay to get a good mortgage deal can pay off again at tax-filing time. (2/5/2010)
  24. Report your gambling winnings! -- Lady Luck must be Uncle Sam's cousin, because taxes must be paid on all gambling winnings. This tax tips tells you how. (2/8/2010)
  25. Let the IRS help you with your move -- If you relocated in connection with a job, then be sure to claim your moving expenses when you file your tax return. (2/9/2010)
  26. Employee expenses that pay off at tax time -- If you literally gave a little extra at work via job expenses for which you were never reimbursed, you might be able to deduct them on your return. (2/10/2010)
  27. Writing off a new vehicle's sales taxes -- What's almost as good as sliding behind the wheel of a new car? Deducting the taxes paid on the auto when you file your tax return! (2/11/2010)
  28. A couple's tax-filing conundrum -- Ah, the wonderful sharing of marriage. But should you be sharing a tax return? Sometimes it's wiser to file separate 1040s.(2/12/2010)
  29. Alimony affects taxes -- When the end of matrimony leads to the start of alimony, each former partner could encounter the tax effects. (2/16/2010)
  30. Using taxes to cut taxes -- Yes, there are some good taxes. They're the ones you can deduct on your federal Form 1040 to help lower your IRS bill. (2/17/2010)
  31. Getting IRS help in a disaster -- There's no way to plan for a disaster. But there is recovery help from an unexpected source: the Internal Revenue Service. In most instances, you can count unforeseen casualty losses as itemized deductions. (2/18/2010)
  32. Tax breaks for gas savers -- Green could have a double meaning for environmentally conscious motorists at tax time. Buyers of an alternative-fuel vehicle could find themselves saving money at tax-filing time. (2/19/2010)
  33. Cut your taxes without itemizing -- It used to be that taxpayers who claimed the standard deduction were left out in the cold when it came to tax breaks. That's changed. Now there are lots of ways for nonitemizers to cut taxes without filing a Schedule A. (2/22/2010)
  34. Educators, take your tax break -- There's a special tax-deduction apple for teachers and other school personnel in the form of a $250 write-off. It's not much, but at least you don't have to itemize to claim it. (2/23/2010)
  35. Writing off some college costs -- Your tax return offers a good lesson on saving taxes by deducting some tuition costs and other educational fees. (2/24/2020)
  36. Maximizing medical deductions -- Medical costs seem to increase every year. There is a way to get Uncle Sam to foot some of the doctor bills, but you need to make sure you know and follow the rules. (2/25/2010)
  37. Donating a vehicle -- Giving an old car to a charity can be a bit complicated, but in many cases the tax break (and the satisfaction of helping someone else) is worth more than the hassle and minimal cash you'd get from selling it. (2/26/2010)
  38. Where's My Refund? -- You're getting a tax refund, so you filed early. So where's your check? Find out with the IRS' online refund tracking tool. (3/1/2019)
  39. EITC pays off for lower-income filers -- If you didn't make a lot of money, then be sure to check out the Earned Income Tax Credit (EITC). It could pay off in some cash back from Uncle Sam. (3/2/2010)
  40. Clearing the miscellaneous tax deduction AGI hurdle -- You can write off myriad expenses as long as they total more than 2 percent of your adjusted gross income. That's a tough, but not impossible, tax hurdle as long as you know exactly what the IRS considers as allowable miscellaneous deductions. (3/3/2010)
  41. Using sales taxes to trim you IRS bill -- Most states and cities get a good portion of their operating revenue from sales taxes. On the federal level, Uncle Sam lets you use those taxes to help reduce their IRS bill. And this year, some folks don't have to itemize to claim some of this deduction. (3/4/2010)
  42. Special Roth IRA options in 2010 -- A Roth retirement account means no taxes due during your golden years. If you'd like to convert your traditional IRA to a Roth, then you're in luck. The income limit to do so is no longer in effect. Plus, on 2010 conversions, you can defer any taxes on the income into two future tax years. (3/5/2010)
  43. Some Social Security might be taxable -- When you were making a "to-do in retirement" list, taxes probably wasn't on it. But maybe they should be. In some cases, Social Security benefits are taxable. (3/8/2010)
  44. Tax help paying adoption costs -- Children are expensive, but if you adopt, Uncle Sam offers some nice tax breaks to help you enlarge your family. (3/9/2010)
  45. Taxpayers abroad can limit U.S. taxes -- You took that great job in London and it has done wonders for your career as well as your bank account. It could also be a boon to Uncle Sam unless you claim the foreign income exclusion. (3/10/2010)
  46. Special deduction rules for two big home-related expenses -- Homeownership offers many tax benefits. But recently, laws have been modified so that PMI and property tax costs get special treatment at tax-filing time. (3/11/2010)
  47. Tax-favored college savings methods -- It's never too early to start saving for your child's education. Kids grow up quickly, and higher education costs go up even faster. Let your Uncle Sam help you come up with college cash. (3/12/2010)
  48. Name, ID info must match on returns -- Mismatched names and Social Security numbers on a tax return could mean costly tax problems. (3/15/2010)
  49. The basics of investment basis -- No one wants to pay the same tax twice, but that's exactly what a lot of taxpayers do when they don't correctly figure the cost basis of the stocks or mutual funds they sold. (3/16/2010)
  50. Writing off worthless stock -- Did one of your investments totally tank? It may become valuable as a tax break. (3/17/2010)
  51. Deducting your home office costs -- Whether you are self-employed or an employee, if you use a portion of your home for business, you might be able to deduct the associated costs. (3/18/2010)
  52. Schedule C or C-EZ -- Being your own boss means more tax filing. But depending upon your earnings and expenses, you may be able to file a much simpler form. (3/19/2010
  53. Required minimum distributions return -- When you turn 70½ you must begin taking required minimum distributions, or RMDs, from your tax-deferred retirement accounts, such as a traditional IRA or workplace 401(k). RMDs were waived in 2009. They're back in 2010 and April 1 is the deadline. (3/22/2010)
  54. Putting foreign taxes to domestic use -- Your internationally diversified portfolio spread the risk but also cost you some foreign tax payments. You can recoup those as a credit or a deduction when you file your return. (3/23/2010)
  55. Tax credits can help with higher education -- Let Uncle Sam lend a hand with those every increasing college costs via three education-related tax credits. (3/24/2010)
  56. Recovering excess Social Security payroll tax -- You might have overpaid this 6.2 percent withholding tax if your combined income exceeded the annual wage base. But you can get it back when you file your tax return. (3/25/2010)
  57. Reporting your investment earnings -- You call it making your money work for you. The IRS calls it unearned income. Regardless of the name, you owe taxes. But just how you report your investment income depends largely on how much you make. (3/26/2010)
  58. Retirement savings credit doubles payoff -- You could get a bigger bang for your retirement contribution bucks if you qualify for the retirement saver's tax credit. (3/29/2010)
  59. Tax rules for a child's investment income -- Young investors are no longer mere children when the kiddie tax rules apply. That means the IRS gets more years to tax their unearned income at higher rates. (3/30/2010)
  60. Beware the complicated and costly AMT -- This parallel tax strikes fear in the hearts of a growing number of middle class taxpayers. Find out if you're a potential target. (3/31/2010)
  61. The IRS can help you look after the kids -- Regardless of whether you paid for after-class child care during the school year or a week of day camp during summer break, you can apply the costs to the Child and Dependent Care tax credit and use it cut your tax bill at filing time. (4/1/2010)
  62. Reporting retirement plan rollovers -- When you changed jobs, you took your company retirement plan with you. Smart move. Now you've got to let the IRS know about the rollover. (4/2/2010)
  63. Reporting your capital gains (or losses) -- If you sold a stock or other property, regardless of whether you made or lost money on it, you have to file Schedule D. Don't be frightened by this daunting form; with it you can use losses to offset gains and ultimately calculate  a lower tax rate on your winners. (4/5/2010)
  64. Tax deductions for atypical donations -- There are more ways to give to a charity than just cash or a box of old clothes. And the IRS lets you write off these uncommon donations, too. (4/6/2010)
  65. Tax savings on some Savings Bonds -- Cashing in bonds to pay for college costs also could provide a tax break on the bonds' interest earnings. (4/7/2010)
  66. The Roth rules -- A Roth IRA is a great retirement vehicle for many. While there's no immediate tax break, you won't owe taxes when you take money out later. And you have until April 15 to contribute for the previous tax year. (4/8/2010)
  67. Traditional IRAs pay off for some taxpayers -- This original tax-deferred retirement plan still has a lot of appeal. It allows eligible taxpayers to build tomorrow's nest egg while reducing today's taxes, thanks to a deduction that doesn't require itemizing. (4/9/2010)
  68. Your online tax-paying options -- If you've got to send Uncle Sam some tax cash, you have several electronic payment choices. (4/12/2010)
  69. To get more time to file, just ask! -- The IRS will gladly give you six more months to get your tax return in shape and delivered. But it won't wait until Oct. 15 for its money. If you owe taxes, you need to send that along with your Form 4868 filing extension request. (4/13/2010)
  70. 10-point tax return checklist -- You finally finished your taxes. But before you drop your return in the mailbox or hit the "send" button, do a last-minute review to ensure it's really ready to go. (4/14/2010)
  71. Ways to pay your tax bill -- If you owe the IRS this April 15, you're no longer limited to sending Uncle Sam a check. You now have a variety of payment options. (4/15/2010)
  72. Maximize your deductions by bunching -- If you ended up this filing season with a lot, but not quite enough, deductions to itemize, set up your bunching strategy now. (Bonus Tip! 4/16/2010)

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And be sure to check out the rest of the news and advice at Bankrate's 2010 Tax Guide, as well as other tax tips that have appeared here on Don't Mess With Taxes over the years.