30% off coupon for H&R Block's tax prep services

With the Thursday, April 15 tax deadline literally around the corner, there's still time to take advantage of some last-minute savings from H&R Block's tax prep online services.

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According to the crew at H&R Block, the economy and recovery is topping the list of what's important to taxpayers this year.

“The questions from taxpayers certainly echoed the tough financial times we are in,” says Jennifer Love, vice president of communications for H&R Block. “Families are struggling and saw the free hotline as a valuable lifeline to some tax-related stress relief.”

Taxpayers from across the United States, as well as some in Iraq, Australia, and Hong Kong, sought advice from H&R Block tax experts during the 24-hour hotline on March 25.

Questions ranged from traditional tax topics on unemployment, energy efficiency and life changes, to the quirky, like questions from a state lottery winner or a new lawyer wondering if the bar exam qualifies as a tax deduction. (It doesn’t. The cost of the exam and any review courses, are nondeductible personal expenses. Likewise for the CPA and other professional certifying exams.)

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White House serves up online tax-savings tool

Looking for last-minute advice in the days leading up to April 15? Financial consultants at the White House have unveiled an online tax-savings tool in order to help taxpayers be aware of credits made available by the Recovery Act.

A direct response to the economic crisis, the American Recovery and Reinvestment Act of 2009 has caused the average income tax refund to increase more than $260, according to IRS data. This year, data is showing people taking advantage of the tax savings caused by the Recovery Act. Through March 12, 2010, the average refund is $3,036, up $226 from last year, according to an article on WebCPA.com.

Vice President Joe Biden says, “The big guys know all the credits and deductions to claim during tax season, but we want middle-class families to know just how much is out there for them this year thanks to the Recovery Act and how to take advantage of it,” Biden continues, “From help with college expenses to credits for cost-saving, energy-efficiency home improvements, these Recovery Act tax credits not only provide some needed relief for working Americans, but also help them invest in their families’ futures.”

As of March 22, 2010, data shows that less than half have filed their income taxes. If this is you, there is still time to take advantage of the Recovery Act. President Obama will be hosting a series of events across the nation to inform Americans of the act.

Want to check it out? Simply go to www.WhiteHouse.gov/Recovery, and answer a questionnaire. Questions asked include salary range, filing status, college expenses and recent home purchases.

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Last-minute tax advice for small businesses

With the Wednesday, April 15 tax deadline literally around the corner, there's still time to take advantage of some last-minute tax tips.

If you're really scrambling, you can file for an extension by April 15 and that will give you an additional six months to finish your returns. However, the extension doesn't allow for any additional time to pay your taxes. You still have to pay what you think you owe or face interest and penalties. With many people trying to save as much as possible and many businesses struggling this year, there are a few tips that could be particularly helpful in the days leading up to April 15.

If you own a business, for example, and it posted losses in 2008, you may be able to use those losses to offset some of the taxes you paid on earnings in the past. The rules on this can depend on both the amount you earned and your corporate tax bracket, but in some cases, you could end up with money back. This year's losses can sometimes also be used to offset future earnings, but in many cases, a company would have to lose a significant amount of money to make the effort of trying to claim this money worthwhile.

This year the government is offering a lot of incentives for small businesses to make environmentally friendly improvements and upgrades. The Database of State Incentives for Renewable Energy details many of the improvements that are available in each state. Some incentives are applicable to purchases as small as Energy Star appliances, and some states allow these environmental incentives to offset corporate and personal taxes.

No matter how tempting, it is extremely important to claim only the deductions that truly apply to you or your business. Since times are tough, the IRS is likely to be looking closely at returns that seem suspicious. Audits and penalties can be very costly, and informers get a big payout. In some cases, they can receive up to 30 percent of the additional tax collected. Though it's not always crystal-clear, you should be able to find all of the information you need to complete an accurate return at IRS.gov.

--Bridget O'Sullivan