Personal Finance Buzz

If you’re a wage earning, tax paying American resident, chances are that you’re already familiar with Form 1040, or one of its variations (Form 1040A, 1040EZ). Form 1040 is the long form for filing a personal federal income tax return.

Are you still waiting for your $8000 homebuyer tax refund from the IRS? Last year Linda and I purchase our first house. It turned out to be a great time for us to buy, home prices were pretty low, interest rates were low (and of course they both still are), and we were eligible for the $8000 first time homebuyer tax credit. Because of the nature of my business, I owed quite a bit of money to the IRS when I filed my taxes earlier this year. As a result our $8000 from the government just worked as a wash against the amount we owed.

A W-5 form needs to be filled out if you are expecting to receive the Earned Income Credit (EIC). Knowing what a W-5 form is can save you a nice chunk of change come tax time.

If you've been shopping mortgage rates or recently purchased a new home, you have probably heard about the first time homebuyer tax credit. It was planned to expire November 30, 2009 but was extended to April 2010. Whether or not you claimed this credit, there are some important facts you may need to know.

Unless you’re paying for the care of a loved one, you probably have never heard of a W-10 form, or know what it is for. W-10 forms are kept for personal records only and are not required to be filed with your income tax return.

IRS Tax Form 941 is necessary for employers who need to file employees taxes every quarter. Knowing what form 941 is can save your business thousands of dollars in underpayment penalties.