Hawkins Accounting, Inc.

"Making Your Life Less Taxing"
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FAFSA
Will you be filing a FAFSA for 2010-2011?  Let us know that you would like to receive your tax return eletronically sent to you so that you can attach it your FAFSA application. CLICK HERE so that we can put you on our email list.
 
 

 Do you need to change your withholding?

  • losing a child as a dependent
  • if you work multiple jobs
  • if you receive social security and work a job

 

 Check with your human resources dept to change your W-4s

 

 

 

 

 Mileage Rate for 2010

 Business.50
Medical & Moving.165 
Charitable.14 

 American Education Credit

 

  • Maximum Credit $2,500.

  • Can be claimed for 4 years.

  • Up to 40% of credit can be refundable.

  • Qualified tuition and related materials now include books.

  • Phase out

    • Single  AGI  80,000 -90,000

    • MFJ    AGI  160,000 – 190,000

 

 

     Computation

 

  • 100% of first $2,000 of qualified expenses.

  • 25% of next $2,000 of qualified expenses.