E-File Magic 1099 Software – Blog

The wait is finally over! The 2011 E-File Magic Software is now available for download!  This launch is not much different from a new Apple Product launch, there have been many people anxiously awaiting the new software to become available! And here at E-File Magic headquarters, we are anxiously awaiting the new year, when your orders will be pouring in.

Click here to Download the 2011 E-File Magic Software!

Happy Downloading!

I honestly could fill all of my evenings up with Yoga, Pilates, and Zumba classes. If my husband would let me, I would.  But unfortunately costs are an issue, and since I can’t use the excuse that these classes are deductible as an itemized medical expense deduction. I have to limit how many classes I take.

The other day I was reading through the lists of things that qualify for as a itemized deduction for medical expenses and one of them is a membership to a Weight-Loss Program.  You cannot deduct the price of food for the Jenny Craig program but you can deduct the monthly dues and meeting dues they charge to belong to the program.

So I’ll hold onto this little bit of information and anxiously wait for congress to pass the membership of gyms and fitness classes as an itemized deduction (I might be waiting a long time).

Something else I’m anxiously waiting for ~ and the wait is almost over! Is the 2011 E-File Magic Software!!

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As the Oregon weather gets more and more gray, I’ve been thinking about going on a vacation… Somewhere warmer, somewhere brighter, and hopefully somewhere affordable.  Now, trips lately to Las Vegas have been extremely well priced. You can fly down for the weekend, eat awesome food, catch a few shows, soak up some of the heat from the desert sun, and gamble if you like.

Well, if you did gamble, and you won enough for some tax withholding’s, you will probably end up with a W2-G for you to apply on your tax return.  The W2-G looks a lot like a regular W2, but it’s all about “Certain Gambling Winnings.”  The W2-G lists your gross winnings, type of wager (with many different codes to categorize what type of wager it may have been), federal income tax withheld, and a few items to verify the winners I.D.

The E-File Magic website has a complete list of different codes you can use for wager type for your reference.

E-File Magic has it all!!  Download our W2-G software!

I have a friend who is thinking about taking a new job (don’t worry devotees, my friend is not me, I promise!) and she will need to move to a new town because the distance between where she lives currently and the new job is too far away.

She asked me the other day if she moves, will her moving expenses be deductible, and exactly what part of her moving expenses will be deductible.  I told her that deductible moving expenses can be complicated, the IRS has a publication that is 19 pages long and devoted solely to moving expenses, but I would give her a quick overview and then after I shared this information with her, I thought I should share it with you while it’s still fresh on my mind.

You first have to pass the distance test. Your new job has to be 50 miles farther from the distance between your former residence and your old Job.  Basically if your morning commute was 10 miles, your new job has to be 60 miles away for you to qualify for moving expenses.

The next test is the Time Test.  If you are an employee you need to work full time for at least 39 weeks during the first 12 months after you move.  These 39 weeks do not need to be consecutive.  If you are self employed you must work for 39 weeks during the first 12 months AND for at least 78 weeks for the first 24  months.

Okay, if you can pass both the distance and the time test, you will be able to deduct some of your moving expenses.  Remember to keep your receipts!!

You can deduct moving household goods, personal effects and traveling to your new home.  Lodging, as long as it’s reasonable, is deductible, but meals are not.

If you are traveling by car, you can deduct the mileage at 16.5 cents per mile for 2010.

I was surprised to find out you can also deduct the cost of shipping your dog or cat!  This maybe one of the only places you’ll be able to get a deduction for owning a pet ever!

Well, that was my quick overview of deductible moving expenses, if you want to read more, grab an extremely large coffee and IRS Publication 521.

But for something a little bit more exciting, check out the E-File Magic website.  This site is full of wonderful screen shots of our software, and let’s face it, the E-File Magic Software is just pretty to look at.

Aw, fall, although the weather starts getting colder, there are a lot of things that happen every year that make this season magnificent ~ apple picking, leaves changing color, and the new E-File Magic Software..

Every year in September we start receiving phone calls at the E-File Magic headquarters asking when the next years’ software will be available for download.  Well, today I am happy to announce that the updated version of the software will be available for download on October 24th!

So, in the mean time while you are waiting anxiously to download, enjoy the beautiful fall foliage and tasty fall harvest!

If you want to learn more about E-File Magic – Click Here!

Although many Americans have a hard time agreeing on many things when it comes to politics, most of the people I have spoken to recently are not pleased with the way that the politicians handled the debt crisis a few months ago.  Well, here is a way that each person can help with the US debt… Buy a US Savings Bond!

A lot of times the people who buy US Savings Bonds are grandparents for their grandchildren. And when the grandchildren finally cash the bonds in, who is responsible for the income tax that needs to be paid with the bond?  This explanation should help clear up some of the confusion on who is responsible…. If the grandparent buys a bond in their name and in the name of their grandchild, but the funds are supplied solely by the grandparent, the grandparent is responsible for paying for the taxes when the bond is cashed.  If the grandparent buys a bond for the grandchild and the grandchild is the only person on the bond, then the grandchild is responsible for the taxes.  And lastly, if two people purchase the bond together, each contributing a share of the bond, then when the bond is cashed the two owners must split the tax due.

I hope this clears up some confusion on who is responsible for paying for the income tax owed on a bond when the bond is cashed.

Download E-File Magic Software! It’s easy and fun to use!!!