The Baby Boomer GenerationThe Baby Boomer GenerationBaby Boomer Taxing Issues and Resolutions 
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We?ve Moved!!
2008-02-29 20:56:00 I’ve moved my blog to TaxResolutionaries. All my older posts are there. Come on over and have a look!!
IRS Releases Winter 2008 Statistics
2008-02-29 16:11:00 IRS Issues Winter 2008 Statistics of Income Bulletin WASHINGTON ? The Internal Revenue Service today released the winter 2008 issue of the Statistics of Income Bulletin, featuring data from 134.4 million individual income tax returns filed for tax year 2005. Of those returns, 90.6 million were ?taxable.? This means that they reported total income tax greater ...
March Madness for Stimulus Letters
2008-02-29 16:07:00 Special Economic Stimulus Letters Reach Mailboxes in March WASHINGTON ? More than 130 million American households will begin receiving Internal Revenue Service letters next week reminding them to file a 2007 tax return in order to receive a 2008 economic stimulus payment. The mailings by the IRS will begin the first week in March and continue throughout ... More About: March Madness , Madness
Tax Debt Help - Form 982 to the Rescue
2008-02-27 20:21:00 Mortgage Workouts, Now Tax-Free for Many Homeowners; Claim Relief on Newly-Revised IRS Form IR-2008-17, Feb. 12, 2008 WASHINGTON ? Homeowners whose mortgage debt was partly or entirely forgiven during 2007 may be able to claim special tax relief by filling out newly-revised Form 982 and attaching it to their 2007 federal income tax return, according to the ... More About: Debt , Rescue
Tax Debt Help - Time Limit Strategies
2008-02-27 18:35:00 The IRS has three years to give you a refund, three years to audit your tax return, and ten years to collect any tax due. Together, these laws are called the statute of limitations. They put time limits on various tax-related actions that you and the IRS can take. You have 3 years to claim a ... More About: Time , Strategies , Debt
Tax Debt Help - State Tax Amnesty Programs
2008-02-27 18:02:00 State governments sometimes offer limited-time only programs to allow people to pay back taxes and to file late tax returns with reduced penalties. Before You Apply for Tax Amnesty Find out what tax amnesty is all about, especially the difference between limited-time-only amnesty programs and on-going voluntary disclosure initiatives. Get tax relief for those tax returns you ... More About: Programs , Debt
Tax Debt Help - Making Those Estimated Tax Payments
2008-02-25 19:52:00 If you received income where taxes weren’t withheld ? such as money from self-employment, investments or alimony ? you’re generally required to pay estimated taxes. Use Form 1040-ES - Estimated Tax for Individuals to figure your estimated tax payments. If you underpay your estimated taxes, you might be subject to a penalty. What are estimated taxes? You’re required ... More About: Debt
Tax Help - Take Advantage of Job Search Expense Deductions
2008-02-25 19:47:00 With the unemployment rising on a daily basis, here is another deduction that you should consider…………̷ 0;….. Job search expenses can be deducted as miscellaneous itemized deductions if you look for a job in the same field at the same level as the one you left. The expenses are deductible ? even if you don’t get the ... More About: Search
Tax Help - Utilizing the Saver?s Credit
2008-02-25 19:42:00 The Retirement Savings Contribution Credit , known as the Saver’s Credit, allows you to get a credit for up to half of what you contribute to your IRA or other qualified retirement plan. Up to $2,000 of your annual contribution is eligible for the credit. If you are Married Filing Jointly and you and your spouse make ...
Tax Help - The Tax Advantages of Adoption
2008-02-25 19:39:00 You may be able to take a tax credit for qualifying expenses paid to adopt an eligible child. First, check with your employer about assistance, because some companies offer a program to get back a portion of adoption expenses. The Adoption Credit is not available for any reimbursed expense, but certain amounts reimbursed by your employer ...
Tax Debt Help - Ways to Prevent Foreclosure
2008-02-20 01:06:00 The real estate market is an area that I have never completely understood except for the tax implications. But there is a lady who can give you the “411″ on any aspect of real estate and that is Elizabeth Weintraub, financial writer for About.com . Elizabeth has written a very in depth article on all the ways ... More About: Foreclosure , Debt
Tax Debt Help - Relief for Foreclosures
2008-02-19 19:37:00 Tax Relief for Foreclosures People who have lost their homes through foreclosure or who have restructured their mortgage loans may qualify for tax relief. Normally, debts that are canceled by a lender are considered taxable income. But a change in the tax law makes mortgages on a main home exempt from the tax on canceled debts. Related ... More About: Debt
Tax Help - You Must File for 2007 to Get 2008 Tax Rebate!
2008-02-19 19:33:00 William Perez, Tax Advisor for About.com has some great information on the stimulus package and some very valuable links for more detailed information. This is must read information for those who have been thoroughly confused over how the package will work. President Bush signed into law the Economic Stimulus Act, the legislation that provides taxpayers with a ... More About: File , Rebate , 2008
Tax Help - The Stimulus Package - More Details
2008-02-18 21:00:00 The Internal Revenue Service released additional information today about the upcoming economic stimulus payments in a specially designed section for taxpayers on IRS.gov.The new information includes an extensive set of Frequently Asked Questions about the stimulus payments, with a special emphasis on recipients of Social Security and certain veterans? benefits. Millions of people in this ... More About: Details , Package
Tax Help - Understanding Your W-4
2008-02-18 19:45:00 Claim 1 allowance on your W-4 if you’re single, work 1 job and no one can claim you as a dependent. You’re exempt from withholding if you didn’t have any federal tax liability last year, don’t expect to have any this year, your total income is $850 or less and you don’t expect to receive more ... More About: Understanding
Adoption Credits
2008-02-16 20:56:00 Claim the Adoption Credit or exclude up to $11,390 for qualifying adoption expenses. Qualified expenses include adoption fees, court costs, attorney fees and travel expenses. Claim the credit the year after you pay expenses or the year the adoption is final, whichever comes first. You may be able to take a tax credit for qualifying expenses paid to ... More About: Credits
Employee Fringe Benefits
2008-02-16 02:20:00 Fringe benefits are benefits over and above your salary provided by your employer. They include accident and health plans or group-term life insurance. The Tax Benefit A fringe benefit that meets specified conditions may be fully or partially nontaxable if it meets IRS requirements even if your employer pays the entire amount. Even if the value of ... More About: Fringe , Employee , Benefits
Taxing Those Generous Gifts
2008-02-16 02:12:00 Gifts that aren’t taxable include tuition, medical expenses, gifts to your spouse, gifts to a political organization and charitable donations. Estate tax may be applied to your taxable estate at your death. You could pay lower taxes on appreciated securities by giving them to your child. If you gave someone gifts valued more than $12,000, you must ... More About: Gifts , Generous
The Tax Effects of a Divorce
2008-02-16 00:54:00 Alimony is both deductible and taxable. Child support isn’t deductible by the payer, and isn’t taxed to the recipient. To file as Head of Household after a divorce, several factors must be met. Divorce may affect your IRAS and employer-provided retirement plans. A divorce, annulment or separation can complicate your tax return. Take an active role in how your ... More About: Effects
Disaster Tax Relief
2008-02-16 00:47:00 The IRS announces special tax relief for victims of recent hurricanes, floods, earthquakes, tornadoes, droughts and wildfires. If you are in the covered disaster areas of a recent natural disaster, you may qualify to receive an extension on your tax deadlines. Affected taxpayers include those living in the disaster areas, those outside the disaster areas whose ... More About: Disaster , Relief
Tax Help - Armed Services
2008-02-16 00:41:00 If you?re a member of the U.S. Armed Forces who serves in a combat zone, you can exclude certain pay from your income. You also have additional time to make a qualified contribution to an IRA. A combat zone is an area designated by the U.S. President by Executive Order as an area in which ... More About: Services
Expiring Tax Law Provisions
2008-02-15 23:45:00 Tax laws change every year, making some provisions drop off while others get extended or even become permanent. Keeping track of which tax benefits are still around come tax time can be confusing. Check out our quick overview of expiring credits and deductions below. See which provisions have expired or are scheduled to expire. Keep in ... More About: Credit
Tax Help - Accelerated Deductions
2008-02-15 23:44:00 Itemizing Deductions Higher standard deductions ? $5,350 for Single and Married Filing Separately, $7,850 for Head of Household, and $10,800 for Married Filing Jointly and Qualifying Widow(er) statuses ? mean that fewer taxpayers benefit from itemizing deductions. (The standard deductions are even higher for taxpayers age 65 and older and those who are legally blind.) Itemizing ... More About: Credit
Tax Debt Help - Estimated Tax Payments
2008-02-10 16:57:00 If you received income where taxes weren’t withheld ? such as money from self-employment, investments or alimony ? you’re generally required to pay estimated taxes. Use Form 1040-ES - Estimated Tax for Individuals to figure your estimated tax payments. If you underpay your estimated taxes, you might be subject to a penalty. What are estimated taxes? You’re required to ... More About: Debt
Tax Debt Help - Job Deductions
2008-02-10 16:53:00 The following are some job related deductions that you need to consider for filing your tax return. Common employment deductions include your computer, mobile phone, work uniforms, union dues and professional or trade association dues. Although the cost of driving to and from work isn’t deductible, travel to secondary or temporary job locations could be. The expenses of ... More About: Debt
Tax Debt Help - Do You Owe the IRS?
2008-02-10 16:05:00 From direct debits to installment plans, there are a variety of ways to pay the IRS should you owe taxes this year. Credit Card American Express®, MasterCard®, Visa® or Discover® can be used to charge taxes due by calling either Link2Gov Inc. at 888-PAY1040 (or using the Web at www.pay1040.com) or Official Payments Inc. at 800-2PAY-TAX (or ... More About: Debt
Tax Debt Help - 15 Filing Mistakes to Avoid
2008-02-09 22:30:00 To avoid filing mistakes, review your entire return. Provide the correct mailing address if you choose to mail a paper return. Choose an alternative tax preparation method, and avoid the most common errors. Review your tax return for common errors that could delay the processing of your return and refund. Common mistakes include the following: Incorrect filing status recorded Social ... More About: Debt , Avoid
Tax Debt Help - 2007 Tax Law Changes
2008-02-09 22:21:00 Mortgage Forgiveness Debt Relief Act of 2007 President Bush signed the Mortgage Forgiveness Debt Relief Act Dec. 20, 2007. Here’s a summary of the bill’s main provisions. Income from Discharge of Indebtedness on Principal Residence This provision is effective Jan. 1, 2007, through Dec. 31, 2009. Under this provision, which adds new IRC section 108(a)(1)(E), the discharge ...
Tax Debt Help - How to File Your Tax Return
2008-02-09 22:08:00 This tax guide explains tax filing in simple easy-to-follow steps, and offers a list of tax forms and guides to complete your 2007 tax return with the maximum deductions. Expecting an income tax refund? Then don’t put off filing your return. Sure, there may be some good reasons to wait a bit longer, such as you’re ... More About: File , Debt , Return
Tax Debt Help - Confused About the Upcoming Tax Rebate?
More articles from this author:2008-02-09 22:04:00 Welcome to the club. As a tax preparer, I have had a tremedous amount of questions and have found that there are all kinds of erroneous information floating around about the advance on refunds. I hope that the following information will help enlighten folks on exactly what the outcome will be in their specific tax situation. $300 ... More About: Debt , Upcoming , Rebate 1, 2, 3 |
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