Did you have Federal taxes withheld from your pension and wages for this tax year and wish to get a refund back?  Are you entitled to the Earned Income Tax Credit or did you receive Advance Earned Income Credit for this tax year?  Were you self-employed with earnings of more than $400.00? Did you sell your home?

These are just a few of the questions which the IRS provides as indicators of whether you should file a 2010 Federal income tax return. Each year roughly over 140 thousand tax payers file their taxes annually, and the number will continue to grow. The rules change with each tax year as well, often leading to questions, which can delay the potential for receiving refunds, or missed tax payments.

Tax Form Receipts

In order to get help to some of the questions you might have about filing a return, the IRS offers advice and information about who needs to file a return. “Do You Need to File a Federal Income Tax Return?” (http://www.irs.gov/individuals/article/0,,id=96623,00.html) offers the answer to the essential question for anyone questioning whether they should file.

MSN also offers a full list (http://moneycentral.msn.com/content/taxes/p70634.asp) on what pieces of information you may need to provide in order to complete your 2010 Federal income tax return. Some pieces of information are:
• Social Security numbers (including spouse and children).
• Your child care provider’s tax I.D. or Social Security number. 
• W-2 forms for this year.
• Partnership and trust income.
• Pensions and annuities.
• Mortgage interest.
• Form 1099-S
• Interest income statements.
• Dividend income statements.
• Retirement plan distribution. 
• Personal property tax information. 

Be sure to consult with your financial tax advisor for any additional information that might be required, and if you require assistance with your tax filing for 2010, contact us. Also, be sure to subscribe to our newsletter for the latest in tax and CPA related news and information.

About Blackman & Sloop CPAs, P.A.:

Blackman & Sloop is a full-service CPA firm headquartered in Chapel Hill, North Carolina and is actively involved in auditing, taxation, management consulting, financial planning, and related services. The firm directs a large part of its services toward providing management with advice on budgeting, forecasts, projections, financing decisions, financial analysis, and tax developments. The firm also performs review and compilation services and prepares not-for-profit, corporate, individual, estate, retirement plan, and trust tax returns as well as technology consulting services regarding installation and training on QuickBooks. Blackman & Sloop provides services in Raleigh, Durham, Chapel Hill, RTP, Hillsborough, Pittsboro, Charlotte, and the rest of North Carolina. To find out more please visit http://www.blackmansloop.com

Contact: CPA cpa@blackmansloop.com

Toll Free: 1-877-854-7530
The Exchange West
1414 Raleigh Rd, Suite 300
Chapel Hill, NC 27517