Taxes

• Charitable Giving
  Taxpayers can still itemize deductions, but many won’t have enough individual deductions to merit itemizing. This is also because all itemized deductions have been repealed except state and local income taxes (capped at $10,000), mortgage interest, medical expenses, disaster losses (attributable to a federally declared disaster), charitable contributions, and other deductions not subject to the 2% floor. Deductions for unreimbursed employee expenses, tax preparation fees and safety deposit boxes have been eliminated.
• Estate Taxes
• Tax Services
  Thank you for visiting file.1040.com (our "Site") and selecting the 1040.COM Online Tax Preparation service and associated services (the "Service") to prepare your tax return(s) and/or a federal tax extension of time to file a return ("extension"). This Service Agreement (the "Agreement") is a contract between you and Drake Software, LLC ("we", "us", "our" and "Drake") that describes the terms and conditions applicable to your access and use of the Site and Service. Please read the terms and conditions contained in this Agreement carefully. If you do not agree to the terms of this Agreement, you must not access or use the Site and Service. The term "Service" also includes any individual state tax returns.
• Roth IRA
  A Roth IRA shares many of the characteristics of a traditional IRA, except the contributions are taxable, while the distributions are tax-free. In order to meet the IRS test for a qualified distribution (and thus escape taxation) the distribution must be taken at least 5 years after the first contributions were made, and the beneficiary of the plan must be at least 59 1/2 years old.
• Real Estate Taxes
  The tax for your home is often included in your mortgage payment. Your mortgage holder will hold the tax amount for you until it’s time to pay the tax, and will make the payment for you. If this is the case, the mortgage holder will send you a statement showing how much real estate tax was paid for your property.
• Tax Deductions
• Income Tax
  Whether it’s about credits and deductions, states with no income tax, or supported forms, you’ve got questions – and we’ve got answers. Get information about your state’s tax forms by selecting the state below.
• Tax Return Preparation
  1. Your Right to Use the Service. You may use the Service on one or more computers through the Internet to prepare a single valid federal tax return and/or extension, and for as many state returns as needed and, after proper registration and any applicable payment, to file electronically and/or print such return(s) and/or extension. Pricing for extension preparation is separate from tax return preparation, and the purchase of one in no way is included in or counts toward the purchase of the other unless explicitly offered as such as part of a special limited offer.

Investment

• Mutual Funds
  You can set up an IRA with a bank or other financial institution, a life insurance company, a mutual fund or stock broker. You must start taking required minimum distributions from your Traditional IRA after you turn age 70 1/2. There is a 10 percent penalty for early distributions.
• Bonds

Accounting

• Accounting Services
• Payroll Services

Planning

• Retirement Planning
• Long Term Care
  Finally, we look at a few tax breaks associated with life insurance and long-term care insurance (LTC). They each have functions in a complete financial plan, and there are ways to get a tax break from them.