My inbox is already filled with taxpayers trying to wrap their heads around the Making Work Pay Credit. Yep, it’s back and just as confusing as it was last year. Here are a few tips to help you sort it out: The Making Work Pay Credit did go away under the new tax deal (it…
So now that you’ve calculated the Making Work Pay Credit for the 2010 tax year, what does it all mean? It’s important to understand what a tax credit is exactly to figure out how it applies to you. A credit is a dollar for dollar reduction in your tax bill (as opposed to deductions which…
There have been few changes in the Making Work Pay Credit since last year (look for my post later today summarizing what you need to know). Those changes are, however, enough to throw taxpayers, so I’ve updated what you need to know to calculate the credit. As it was last year, if you were paid…
Happy Valentine’s Day from the IRS! As I posted previously, the IRS had announced that it would begin processing those returns which were initially delayed beginning on February 14, 2011. If you were one of the affected taxpayers (meaning those who itemized or claimed certain deductions, including educational expenses), you were unable to submit your…
We have our winners! Lucy, Jeremy and MarvS were randomly chosen from the comments – I’ll be in touch! What could be more fun to talk about on the most romantic day of the year than taxes? Er, okay, maybe I see your point. How about instead, we have a fun giveaway that allows you…
We have a winner! Using a random number generator, our winner was comment #22. Congratulations, Patty! Thanks to all of my readers who played along and thanks to the good folks at Sentry Safe for providing the safe for the giveaway.
I think we all saw this coming. We’re easing out of a recession. The deficit is climbing. Companies *might* be hiring again, depending on the sector. Wall Street is inching back up, salaries and bonuses included. Retail sales are rebounding. It’s all good, right? We’re getting there, the President keeps reminding us, as he reiterates…
Is the IRS stepping its toes even further into the breastfeeding versus bottle fray? This week, the IRS announced that, effective as of the 2010 tax year, mothers who breastfeed can get a tax break. Under the change in policy, taxpayers may now use pretax dollars in their FSAs (flexible spending accounts) to cover the…
It’s Fix the Tax Code Friday! On yesterday, I reported on a potential tax break for companies in San Francisco (clearly directed towards Twitter) meant to encourage companies to invest in a specific part of the city. We have similar breaks in Philadelphia and indeed across the country. But is it a good thing? Is…
Okay, I’m all about Twitter. But you probably knew that already… And if you didn’t, you can follow me @taxgirl on Twitter. But how much does San Francisco love Twitter? It seems that the super trendy, quickly expanding social media site is thinking about leaving the city by the bay to move to San Bruno….