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Archive for April, 2007

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The Days of the 4-Page 1040

By Alicia Korney, Editor, WebCPA
I

Many undocumented workers pay, hoping to gain citizenship

AMY BALDWIN
abaldwin@charlotteobserver.com
Among those lining up inside Latin & American Services for help filing their taxes ahead of Tuesday’s deadline: illegal workers.

Like others, undocumented workers want their refunds, said Eneida Orama, owner of the business nestled among Latino shops and eateries in east Charlotte. But mostly her clients, Orama said, file taxes to stay right with the law.

Many illegal immigrants hope filing taxes regularly will help them to become legal citizens if there is a future amnesty.

DEDUCTING COSTS OF REFINANCING YOUR HOME

Taxpayers who refinanced their homes may be eligible to deduct some costs associated with their loans.

The term "points" is used to describe certain charges paid to obtain a home mortgage.

Here are some things to remember when deducting points:

TAX CREDIT FOR HYBRID VEHICLES

If you bought a hybrid vehicle in 2006, you may be entitled to a tax credit on your 2006 return. The credit is worth as much as $3,150 for the most fuel-efficient models. The precise amount depends on the make and model of the vehicle and when the vehicle was purchased.

The Energy Policy Act of 2005 replaced the clean-fuel burning deduction with a tax credit known as the Alternative Motor Vehicle Credit. The tax credit for hybrid vehicles applies to vehicles purchased or placed in service on or after January 1, 2006.

TIPS FOR DEDUCTING CHARITABLE CONTRIBUTIONS

When preparing to file your federal tax return, don

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