This document provides a summary of a webinar on last minute tax advice presented by H&R Block and hosted by Jenn Fowler. The webinar agenda included opening remarks, an introduction to the master tax advisor Chris Wilson, discussions on last minute tax tips, new tax credits and deductions, commonly overlooked deductions, common errors that can delay refunds, and a Q&A session. Technical assistance was provided by Paul Huffman, and participants were encouraged to submit questions via chat.

1. It’s Not Too Late … for
Great Tax Advice
March 30, 2010
Presented by H&R Block and Friends
1#dollarssense

2. Welcome
• Presentation will begin at 8 p.m. EST
• For technical assistance contact Paul Huffman at
415.984.6115 or paul.huffman@ketchum.com
• Phone lines will be muted so please use chat function to
submit questions
• Feel free to tweet using hash tag: #hrbtaxtalk
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3. Agenda
• Opening remarks from our hostess, Jenn Fowler of
Frugal Upstate
• Introduction to Chris Wilson, Master Tax Advisor
• Last Minute Tax Tips
• Take Advantage of New Credits and Deductions
• Commonly Overlooked Deductions
• Common Errors that Can Delay a Refund
• Q&A Session
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4. Jenn Fowler, Frugal Upstate
After 11 years as an Army Logistic Officer, Jenn
Fowler traded her combat boots for tennis shoes
and became stay at home mom in Upstate New
York. She combined her love of writing and saving
money to create “Frugal Upstate” in Jan 06, where
she helps teach people how to "Use what you have,
get creative and save".
Jenn is a blogger, speaker and social media
consultant working with fortune 500 companies such
as Hershey's, Tyson and Walmart. She is a
founding member of Walmart’s Elevenmoms, a
frugal living expert for Parentsask.com, a contributor
to Filife.com and on the Social Media Advisory
Board for “Life…supplemented”.
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5. Chris Wilson, Master Tax Advisor
Wilson has been a master tax advisor with H&R
Block for 7 years. He also has experience in
business management, coaching and
investing. He holds a Bachelor of Arts in
Business Administration with a concentration in
Accounting. His areas of expertise include:
investments/stock options, home ownership,
real estate rentals or vacation homes,
healthcare expenses, non-U.S. citizens, income
earned outside the U.S., small business, sole
proprietor or self-employed.
Wilson resides in Durham, NC and served as a
business mentor for Duke University Fuqua
School of Business summer leadership program
in 2006 and 2007.
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6. Last Minute Tax Tips
Taxes are complicated, but
there's help. With nearly 300
new tax law changes this year,
we’ll highlight some common
changes in the next two hours.
Life changes can mean tax
savings. If you bought a home,
invested in higher education or
became a parent, you can take
advantage of several tax
incentives on your 2009 return.
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7. Last Minute Tax Tips
It's not too late to lower your
taxes by April 15. There are three
easy things you can do now to lower
your taxes - contribute to an IRA,
health savings account or buy a
home.
Filing an extension is not an
extension to pay. If you file an
extension, you have until Oct. 15 to
submit a completed tax return. But to
avoid failure-to-pay penalties,
estimate your bill and send at least
90 percent of what you owe by the
April 15 filing deadline.
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8. Take Advantage of New
Credits & Deductions
More American homebuyers will get tax
relief thanks to changes and expansions
made to the First-Time Homebuyer
Credit. There are two major provisions
of the homebuyer credit to keep in mind.
There is a tax credit worth up to
$6,500 for existing homeowners in
the market to move.
There is a new closing deadline of
April 30, 2010 – extended from Nov.
30, 2009 – for the $8,000 First-Time
Homebuyer Credit. Also, a special
provision gives taxpayers two extra
months to close if they’ve entered
into a contract by April 30, 2010.
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9. Take Advantage of New
Credits & Deductions
The Recovery Act expands the Child Tax Credit, allowing families to qualify
for the credit with every dollar earned over $3,000. This may provide a
refundable credit of up to $1,000 for each qualifying child under 17 – even if
you have no tax liability.
If you’re in college or supporting a dependent in college, you may qualify for
tax benefits. The American Opportunity Tax Credit, with a partially refundable
$2,500 tax credit for college tuition paid in 2009, benefits more taxpayers this
year.
Taxpayers who purchased a new car, motorcycle, or even motor home can
deduct the state and local sales and excise taxes paid on the purchase of
vehicles. The vehicles must have been purchased between Feb. 17 and Dec.
31, 2009.
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10. Commonly Overlooked Deductions
Investment losses – Correctly
calculate your basis in securities you
sold, including the cost to purchase and
reinvested dividends. Capital losses
offset your capital gains. Up to $3,000 of
a net capital loss can offset other
income and will carry forward to future
years until used.
Medical expenses – Doctors,
prescriptions, and other medical costs
can be deducted once they exceed 7.5%
of AGI. Only expenses that are not
reimbursed by insurance or paid through
a tax-advantaged plan, such as a
flexible spending account, are 10
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deductible.

11. Commonly Overlooked Deductions
State and local taxes – Property
taxes, real estate taxes, and state/local
income taxes are deductible in the year
they’re paid. It may be better to deduct
state and local sales taxes instead of
state and local income taxes.
Charitable contributions – Clothing
and household items donated to charity
must be in “good used condition” to
qualify. If the item could be re-sold at a
thrift store, it may be safe to deduct. If
you give cash, be sure to get a receipt
from the charity. Using a check or
credit card is a good idea because the
financial record serves as proof of the
donation.
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12. Commonly Overlooked Deductions
Out-of-pocket job expenses – Uniform
costs, union dues, auto mileage, and
other expenses not reimbursed by
employers may be deductible. The total
employee business expenses added to
other miscellaneous itemized deductions
must exceed 2% of adjusted gross
income in order to benefit.
Self-employed – Business owners may
deduct half of their self-employment
taxes, all of self-employed health
insurance premiums and all contributions
to self-employed retirement plans.
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13. Commonly Overlooked Deductions
Higher education – Up to $2,500 of
student loan interest may be
deducted for 2009. Interest on
savings bonds may be excluded
when the interest is used to pay
higher education expenses. A
deduction also is available for up to
$4,000 of higher education tuition and
fees may be claimed.
Educator expenses – Primary and
secondary school teachers can
deduct up to $250 of unreimbursed
classroom expenses.
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14. Commonly Overlooked Deductions
Military – Reservists can deduct
non-reimbursed travel expenses
for reporting to National Guard or
military reserve duty at least 100
miles from home.
Moving expenses – The cost of
moving to a new job location may
qualify for a deduction. The move
must meet time and distance
criteria so a tax professional
should be consulted to determine
what qualifies.
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15. Common Errors that Can Delay a Refund
Selecting the incorrect filing status – single, married, head of
household, etc.
Claiming ineligible dependents.
Transposing Social Security number(s) or mixing up names and
Social Security Numbers.
Forgetting to submit
required documentation.
Transposing amounts
or making math errors.
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16. Common Errors that Can Delay a Refund
Incorrectly calculating important tax benefits, such as the first-time
homebuyer credit or the child tax credit.
Not signing the tax return. On a joint return, both the taxpayer and
spouse must sign. If a tax professional prepares the return, the
taxpayer must still sign the form.
Mailing the return to the wrong
IRS address.
Waiting until the last minute to e-
file with tax preparation software.
High Internet traffic has prevented
taxpayers from meeting the filing
deadline.
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17. Your Questions
Send questions or comments for Chris and Jenn to the
facilitator via the chat feature
Paul Huffman is available for technical assistance by calling
415.984.6115
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18. Thank You For Participating
H&R Block Website (www.hrblock.com)
H&R Block Get It Right Community
(http://getitright.hrblock.com/)
On Twitter @HRBlock
Speical thanks to our guest Chris Wilson and our
hostess, Jenn Fowler.
www.frugalupstate.com
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