Posts tagged as:

1040

Making Sense of the Making Work Pay Credit

2 February 2010

So now that you’ve calculated the Making Work Pay Credit, what does it all mean?
A credit is a dollar for dollar reduction in your tax bill. So if you owed $1000 and the credit was $400, your tax bill is now $600. The tax rates didn’t change. The tax due didn’t change. The credit just [...]

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White House Releases Tax Returns

16 April 2009

No extensions necessary for President Obama and Vice President Biden. Both have their tax returns for 2008.
Here’s the scoop:
President Obama and his wife reported $2.7 million in 2008, about $1.5 million less than they reported in 2007 (I guess the recession has hit everyone). A majority of their income came from royalties from [...]

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Ask the taxgirl: Caught Cheating Red Handed

8 April 2009

Taxpayer asks:
I have been cheating on my taxes for a number of years and I never got caught. This year I got a letter from the IRS that they are denying a bunch of my deductions unless I can prove that there real. I can’t. I’m worried because I have done this [...]

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Ask the taxgirl: My Paycheck is Wrong

26 March 2009

Taxpayer asks:
I had been working for a company for a short time, it has now ended..
This is what happen…
I worked 18 hours at 11$ an hr, but was paid for 42 hrs.
They are requesting that I pay back 229.35
How do I go about with my tax information? Is there some sort of fourm that [...]

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Ask the taxgirl: Late returns

19 March 2009

Taxpayer asks:
Hi,
I’m very disorganized and still haven’t filed my 2007 taxes (as of March 2009!). I’m planning to file in April 2009. Of course, I did not receive an Economic Stimulus Payment in 2008.
I’m single, and I definitely have taxable income and will owe taxes. Will I be eligible for the Recovery [...]

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Ask the taxgirl: Social Security Overpayments

16 March 2009

Taxpayer asks:
Hi, I work for a company and am currently deployed to Iraq. I had met the Social Security Cap for withholding mid 2008 and mid year was transferred to our subsidiary. They again withheld my Social Security to the Cap so in effect I paid double the amount I should have. [...]

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Making Work Pay Credit Could Surprise Some Taxpayers in 2010

15 March 2009

Note from taxgirl: I’ve written a few pieces about the credit since this piece originally posted. Many of the questions and comments related to this post can be answered by checking out this updated post about sorting out the credit. You can find out more about calculating the credit here.
As of April 1, many [...]

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Office Depot Gives Away Free Copies of Tax Returns

8 March 2009

Office Depot will provide free copies (up to 25 single-sided pages) of 2008 tax returns for taxpayers this season. The promotion, which runs from March 22 to April 15, 2009, is available at the Design, Print, & Ship Depot center at Office Depot retail store locations nationwide.
“Office Depot is thrilled to once again help [...]

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Ask the taxgirl: Where to Report Charitable Contributions

9 January 2009

Taxpayer asks:
Hello there and thank you for answering my question.
I am self employed and contributed nearly $8,000 in cash/non cash donations this past year (goodwill, church, habitat for humanity). When my friend did my taxes on her computer program it did not reflect a deduction upon entering in the charitable donation information.
I hve [...]

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IRS Seeks Feedback

8 December 2008

The IRS is seeking feedback. Hey, it happens…
If you’re a tax practitioner who prepares federal form 1040 returns with a schedule C, the IRS would like for you to answer a completely anonymous survey for compliance purposes.
If you fit the bill and you have interest, click away.

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