IRS announces last date as October 17th for Businesses that are planning to make a claim for work opportunity tax credit that is eligible for veterans who are unemployed and disconnected young workers who were hired before mid of September. You have to really hurry if you want to get the certification for these workers.

A notice that was released in August announced the extension of last date from August 17th to October 17th and also clarified all doubts regarding the definition of disconnected youth.

One can use the revised Form 8850 on the IRS.gov website to fill the details regarding the request of certification from one’s state workforce agency.

Normally businesses are expected to file for this form within 28 days after the worker who is eligible starts working. But now you can file it for eligible employers who have begun work between January 1st 2009 to September 17th 2009,in a couple of days.There is a separate instruction form alloted in the IRS website to guide you through the process.

Take advantage of this  extension of last date and hurry to claim for the certification!!!

Wish to save some money on your tax? Then check if you fall under the categories mentioned below:

Are you a first time home buyer?

Taxpayers who have not bought a residential property for past three years from the date of December 1st 2009 are eligible to receive up to $8000 as an original or amended return for tax. The credit can be claimed for either 2008 or 2009.

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Every year the taxpayers receive millions of notice from the Internal Revenue Service but many of them don’t know how to respond to these notices and letters. Most of these notices are received towards the end of summer. There are certain things that every taxpayer should be aware of and this can be very helpful in responding to the IRS notices.

The most common reaction when taxpayers get any IRS notice is that they start to panic without even going through its content. You must not panic whenever you receive any of the IRS notices. These letters generally consists of few clarifications which can be dealt without getting scared.

The Internal Revenue Service may send notices and letters due to various possible reasons. These include a request for the payment of taxes in time or a notification for some needful changes required for your account and so asking for some additional information. So generally these notices are sent in case of any issue with your tax return or account.

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What are Hobbies? The Universal gist is that “It is a leisure-activity pursued for Pleasure.” For some people hobbies are for fun, for passing time. For a few others hobbies can mean earning some amount of money. Even small businesses are sometimes considered as hobbies. And for the majority of the population summer is the only time for hobbies. For people who consider hobbies as a non-profit activity, here is an information- interests like photography, woodworking, stamp-collecting and scrap-booking can help you make money.

Conditions to test if your hobby could be deemed as a business:

If your hobby is accomplished with reasonable anticipation to make earnings.

If you depend on the proceedings earned from your hobby.

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IRS cautions individual taxpayers to keep a check on the levels of their federal tax income in order to avoid any shock next spring. With the current fiscal year almost nearing its 3rd quarter, its high time for us to start doing the needful regarding our tax payments.

Work Pay Credit Plan has reduced the tax levels of about 120 million American families. However people who fall under specific categories are advised to check their tax levels. I would like to direct my attention towards people who hold multiple jobs, families where the couple is engaged in employment and individuals who have been certified as dependents by other pensioners  and tax payers. These people are to review their withholding.

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