Higher Education

Free Application for Federal Student Aid (FAFSA)
Deciding on which college to attend and how you’re going to pay for it are two very important decisions to make. Complete the FAFSA on the Web.

Education Credits and

Life changes have various tax consequences, from birth through death. During your lifetime, you may get a job, go to school, get married, start a business, change jobs, have children, send children to college, buy and/or sell a home, get …

Many people look for help from professionals when it’s time to file their tax return. If you use a paid tax preparer to file your return this year, the IRS urges you to choose that preparer wisely. Even if a …

Following is a list of the more common items you should bring if you have them.

  • Wage statements (Form W-2)
  • Pension, or retirement income (Forms 1099-R)
  • Dependents’ Social Security numbers and dates of birth
  • Last year’s tax return. If we

To qualify, the funds must be contributed directly by the IRA trustee to the eligible charity. Transferred amounts are counted in determining whether the owner has met the IRA’s required minimum distribution rules. If you had considered making a donation …

The Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 provides 100% depreciation bonus for certain machinery and equipment placed in service after 9/8/2010 through 1/1/2012. For equipment placed in service after 12/31/2011 and through 12/31/2012, the bill …

The IRS recently announced that certain parts of Montana and North Dakota have been designated federal disaster areas as a result of severe storms and flooding. Taxpayers in the federally-designated areas are granted relief from penalties associated with various return …

Article posted from WSJ.com

To save money last year, Anthony Fasano tried preparing his new business’s first tax return on his own. Then reality sank in.

“I realized I really had no understanding of the tax laws from a …

Taxman’s Kent Busek was featured on The Flag.

If you’re into numbered forms, itemized deductions, and carrying figures over from line to line, the most wonderful time of the year – tax season, of course – is approaching fast.

And if you’re not quite so enamored with the …

Taxman has hired Robert Kummeth as a tax specialist at Taxman’s office at 4840 Amber Valley Parkway, Fargo.

The Mortgage Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, qualifies for …

Taxpayers who take energy saving steps this year may get bigger tax savings next year. The Nonbusiness Energy Property Credit, a tax credit for making energy efficient improvements to homes has been increased as part of the American Recovery and

Whether paying with a timely filed tax return, or filing late and paying late after receiving a bill from the IRS (and the bill is correct), taxpayers are encouraged to pay the taxes they owe in full.

If taxes are …

Just a reminder, The Homebuyer Assistance & Improvement Act of 2010 extended the closing deadline from June 30, 2010, to September 30, 2010, for any eligible homebuyer who entered into a binding purchase contract on or before April 30, 2010. …

Do low interest rates have you considering a refinance on your home loan? Remember, when you buy a house, you can deduct points paid to obtain your mortgage in one lump sum. When you refinance a mortgage, however, the points …

Did you know the IRS is in the process of redesigning and revising its correspondence with taxpayers for clarity, effectiveness, and efficiency? Generally, the IRS will send a notice if it believes you owe additional tax, are due a larger …

Eligible taxpayers who contracted to buy a home, qualifying for the first-time homebuyer credit, before the end of April now have until Sept. 30, 2010 to close the deal, according to the Internal Revenue Service.

The Homebuyer Assistance and Improvement …

Getting married this summer? Wondering how you should file, or need help filling out a W-4 with your new marital status? Call or stop by your locally-owned Taxman, open year round! Summer Hours: Mon – Thurs 8am – 5pm.…

Did you maximize the credits or deductions you were eligible for? Let Taxman review your prior year returns for FREE! Still need to file? Received a notice from the IRS? Need to amend for the First Time Homebuyer’s Credit? Don’t …

It’s that time of year! Are you working on a summer home improvement project? If so, don’t forget that many energy efficient improvements including adding insulation, energy efficient exterior windows and doors, and energy-efficient heating and air conditioning systems are …

The IRS will host a special nationwide Open House on Sat May 15 from 9am – 2pm to help small businesses and individuals solve tax problems. “Our goal is to resolve issues on the spot so small businesses and individuals …

Didn’t file? Now what? If you owe taxes and didn’t file your tax return or request an extension by the April 15 deadline, you may face interest on any unpaid federal taxes you owe and a failure-to-file penalty. The IRS …

April 15th is right around the corner, but there is still time to file your 2009 taxes! Not quite ready? The IRS encourages all extensions be filed by April 15th. An extension gives taxpayers until Oct. 15 to file the …

With the economy, many people unfortunately found themselves unemployed at some point this past year. Did you know that one benefit of The American Recovery and Reinvestment Act of 2009 is the first $2400 of unemployment income per person is …

What deduction do millions of taxpayers who claim the standard deduction miss? A newer rule allows homeowners who don’t itemize to boost their standard-deduction amount by up to $500 if they’re single and up to $1,000 if they’re married and …

Did you purchase a new vehicle between 2/17/09 and 12/31/09? Even if you do not itemize, you may be able to deduct the state or local sales or excise taxes paid on the purchase of new cars, light trucks, motor …

Did you unfortunately suffer from flood losses last spring? The National Disaster Relief Act of 2008 changed some of the tax rules pertaining to losses resulting from federally declared disasters, such as the flooding in Cass and Clay counties in …

Are you in college, or have a dependent in college? The new American Opportunity Credit modifies the existing Hope credit for tax years 2009 and 2010, making it available to a broader range of taxpayers! Income guidelines are expanded and …

Have you recently changed jobs and are wondering about the tax consequences of the 401(k) that was sent out to you? You only have 60 days to avoid paying a penalty on those monies…so before you cash that check, call …

Have you wondered if it is better to pay for child-care expenses using a flexible spending account, or to claim the dependent-care credit on your tax return? There isn’t an easy “yes or no” answer to this. It depends on …

Did you know the Residential Energy Property Credit increases the energy tax credit for homeowners who make energy efficient improvements to their existing homes? The credit applies to improvements such as adding insulation, energy efficient exterior windows, and energy-efficient heating …

Did you know taxpayers who give to charities providing earthquake relief in Haiti can claim these donations on their 2009 tax return? Taxpayers who itemize deductions qualify for this special tax relief provision, enacted January 22, 2010. Only cash contributions …

Did you know taxpayers who already own a home can qualify for up to a $6500 tax credit if they buy another principal residence before April 30th, 2010? To qualify, individuals need to have owned and lived in their residence …