February 26, 2009 – 3:08 am
2 Important Changes in the Tax Law this Tax Season
The Standard Mileage Rates for travel in 2008 have improved to help compensate for higher gas prices experienced during the year. While the Kiddie Tax has been adjusted to include more children.
1. Standard Mileage Rates Change
The only standard mileage rate to not change is the mileage rate for volunteer travel. But all other forms including business and medical travel have increased. The mileage rate for business travel increases to 50.5 cents a mile for the first half of the year while the second half of the year gets … Read more at 2009 Taxes
February 23, 2009 – 1:22 pm
If you are one of the millions affected by the housing crisis, and last year managed to get your home sold to another buyer in a pre-foreclosure or short sale, then I have some good news and some bad news. If the amount that the sale was short of the mortgage debt was forgiven by your lender, as commonly happens, and you walked away from the house owing nothing, then the bad news is that the canceled debt which was forgiven is viewed as ordinary income by the IRS. It does not matter that you never saw any money, … Read more at 2009 Taxes
February 21, 2009 – 5:54 pm
Free e-File with EasyTaxReturns.com
Sign-up to prepare your taxes with EasyTaxReturns.com and get free e-filing. You’ll receive great help with your tax forms for your federal and the state returns and be able to check your refund status online.
Tax Forms and Help
EasyTaxReturns.com has all the tax forms you will need including all 1040 forms, 1098, 1099, and W2 forms. All common forms are included in their two separate packages, the Simple and Deluxe. Get your return fast and you will not need a credit card.
Tax Refund Status
Through EasyTaxReturns.com you will be able to check your refund … Read more at 2009 Taxes
February 18, 2009 – 7:36 pm
Tax Changes in the American Recovery and Reinvestment Act
A number of tax law changes were made in the recently passed and signed American Recovery and Reinvestment Act also know as the Federal Stimulus Bill. Those changes include Income Tax reductions, Unemployment taxes, Cobra Health Insurance subsidies, and number of other important changes.
Income Tax Reduction
Individuals and couples will get a $400 income tax reduction through their payroll per person for the 2009 and 2010 tax years. The reduction phases out for individuals that make more than $75,000 or couples earning over $150,000 a year.
Unemployment Tax
Those … Read more at 2009 Taxes
February 16, 2009 – 6:23 pm
TaxSimple Offers Premier and Ultimate Returns for $9.95
If you are looking to prepare your federal and state tax returns for free, TaxSimple has the online services for you. And now not only are their Simple and Deluxe packages priced at $9.95 but their Premier and Ultimate solutions are priced the same for when you are ready to print or eFile your return.
Premier Package
If you own stocks, bonds, or mutual funds. Or if you have a rental property business on the side for extra income and appreciation, not to mention tax deductions, then TaxSimple Premier is for you. … Read more at 2009 Taxes
February 11, 2009 – 7:09 pm
5 IRS Identity Theft Tips
There are a number of organizations with helpful resources if your identity has been stolen this tax season or you feel that your identity might be misused. And do you know what kinds of emails to expect from the IRS so you know that the communication is legitimate?
1. The IRS has a special office called the IRS Identity Protection Specialized Unit which can assist you if you feel your identity might be misused due to the loss of personal information. Contact them at 1-800-908-4490.
2. The IRS never initiates contact with taxpayers through email. … Read more at 2009 Taxes
