IRS Announces 2010 Standard Mileage Rates
The IRS issued the 2010 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. The standard mileage rates are optional.
Federal Tax Deduction For Buying New Automobile
If you're looking at buying a new car this year you'll likely be able to deduct the sale tax you pay on your federal income taxes for the 2009 tax year.
IRS announced seven things you should know about this new deduction:
Don't Miss First Time Home Buyer Tax Credit
First-time home buyers, pay attention! If you buy a new home in 2009, and close on or before December 1, 2009, you may qualify for an $8,000 tax credit.
The National Association of Home Builders has created a number of resources to help Americans understand current conditions in the housing market…
Beware of IRS’ 2009 “Dirty Dozen” Tax Scams
As that April 15 tax deadline edges closer and closer, the IRS has released a list of top tax scams to watch out for. Whether you've already sent off your return or you're one of the last minute filers, make sure you don't get trapped by any of these scams:
Beware of IRS’ 2009 “Dirty Dozen” Tax Scams…
IRS reminds tax payers to file on time by April 15 to avoid penalties.
Check out our previous blog entry on how you can now deduct credit and debit fees when you pay your taxes using these payment methods.
In addition to paying using credit or debit cards, you can also pay your taxes using the…
Use a Credit Card to Pay Your Taxes And Write Off the Interest
And they said it would never happen. The IRS has reconsidered its position on allowing taxpayers to deduct the interest and fees paid on a credit card that is used to pay one's federal income tax bill. Here's the news release from IRS.gov.
Credit and Debit Card Fees Related to Tax Payment are…
Tax Tips For Last Minute Filers
With the tax filing deadline close at hand, the IRS offers ten tips for those still working on their tax returns:
Multimedia IRS.gov Web Site Sees 24 Percent Increase In Visitors
The U.S. Internal Revenue Service reported today that traffic to IRS.gov has increased by more than 24 percent since last year.
More than 138 million taxpayers have visited IRS.gov this year, up from 111 million for the same time period in 2008.
IRS encourages taxpayers to visit the site to obtain…
First $2,400 Of Unemployment Benefits Will Be Tax Free In 2009
WASHINGTON — All or part of unemployment benefits received in 2009 will be tax free for many unemployed workers, according to the Internal Revenue Service.
“This morning we learned that a record 5.6 million people were receiving unemployment benefits in the middle of March. This underscores the need…
IRS Seeks Volunteers For Taxpayer Panel
If you've ever thought you'd like to rewrite the tax code or share your opinion on taxes with the IRS, here's your chance.
The Internal Revenue Service seeks volunteers for its Taxpayer Advisory Panel. TAP provides feedback to the Treasury Department, the IRS and the National Taxpayer Advocate, an…
10 Tax Tips For Donations To Charity
April 15 is approaching quickly. As you're gathering your tax documents or preparing your taxes, don't forget to claim eligible contributions to charity.
The Internal Revenue Service released 10 tips this morning to help you take advantage of these when filing your taxes:
Contributions must be made to…
How to Maximize the $8,000 First-Time Home Buyer Tax Credit
The IRS issued guidance on how to make the best use of the $8,000 first-time home buyer tax credit. This tax credit, which is available to first-time home buyers who purchase a home before December 1, 2009, can be taken on your 2008 or 2009 federal income tax return. But you'll get the money faster…
If you earn less than $42,000 a year you're eligible for free help in preparing your tax return.
The U.S. Internal Revenue Service offers help to low-income tax payers under a program called the IRS Volunteer Income Tax Assistance (VITA) Program. The IRS program to help elderly tax payers, age 60 or…
IRS Doesn't Renew Private Debt Collection
It used to be if you owed the federal government back taxes you'd be contacted by either the U.S. Internal Revenue Service itself or a private debt collection agency.
Going forward you will only be contacted the IRS. Citing a cost effectiveness review, the IRS announced today that it isn't renewing…
IRS Wants To Give You A Refund From 2005
Do you ever stick your hand into the pocket of a pair of jeans you haven’t worn in a while and find a long-forgotten $20 bill? I think it’s absolutely one of the best feelings in the world. It’s already your money. It’s not like you earned anything extra. It’s just the feeling of, “Surprise! Free…
IRS Releases Tax Statistics For 2006
The U.S. Internal Revenue Service recently released statistics for the 2006 tax year, based on 138.4 million individual income tax returns.
Here are some of the findings:
Of those returns, 93 million, or 67 percent were taxable, which means that the tax payer reported income greater than zero.
More tax…
The IRS has published the 2008 versions of some important Tax Publications:
Publication 523 Selling Your House Publication 544 Sale of Rental Property Publication 946 How to Depreciate Property Publication 4681 Cancelled Debts, Foreclosures, Repossions and Abandonments Publication 527 Residential…
Special TAX Show From 9am To 11am Eastern On WSB Today
We're talking tax this morning. My tax experts are:
Bill Nemeth, currently president of the Atlanta Metro chapter of the Georgia Association of Enrolled Agents. He and Merry Brodie, an accountant and EA, are married and you can find him at WGnemeth@aol.com.
Chet Burgess, EA and currently state…
Top 3 Things The IRS Wants You To Know About Identity Theft
As tax season kicks into gear in the New Year, the IRS has released a list of the Top Ten things you should know about identity theft and how to protect yourself.
If you receive a letter or notice from the IRS which leads you to believe someone may have fraudulently used your Social Security Number…
IRS Announces Help For Taxpayers Who Owe Back Taxes
Looks like the Internal Revenue Service is following the example of financial institutions like banks and agreeing to work with people in financial distress who owe them money. The bottom line is that you should call IRS and talk to them if you cannot make payments. Tell them about your specific…
We had a question earlier about the rules regarding IRA withdrawals for a first home purchase.
Go to IRS.gov and download publication 590.
January 4, 2009
Do you have to make a required distribution in 2009?
From Don: I've heard that the requirement to make Required Minimum Distributions from an IRA has been "waived" for calendar year 2009. I've looked diligently for confirmation of this in some official publication; but, to no avail. As I'm not a very trusting soul, could you guide me to an official…
Brightly decorated trees, freshly baked cookies, eggnog, giving and receiving. When it comes to the holiday season, vehicle donations are a way to help others less fortunate and get in some end of the year tax deductions. However, you should take some things into consideration to make sure that your…
IRS Announces Help For Homeowners In Financial Trouble
The U.S. Internal Revenue Service just announced that it will allow homeowners to apply to make their mortgage loan the primary lien against their homes and if they have a tax lien on the home as well, it can become the secondary lien.
A lien is a claim that another party has on your property. Your…
IRS Announces 2009 Mileage Rates
The Internal Revenue Service announced the 2009 optional standard mileage rates for 2009, which are used to calculate deductible costs on taxes. The rates can be used when operating a vehicle for business, charitable, medical or moving purposes.
The 2009 rates, which go into effect on Jan. 1, are…
