Taxpayer asks: hi taxgirl , i have a question, i bought a 2009 nissan on january 17 2009,do i qualify for the sales tax deduction? Taxgirl says: Don’t hate me but no. The law says that the new car must be purchased after February 16, 2009, and before January 1, 2010, to qualify for the…
Following up on my earlier post about the IRS taxation of cell phones, I’m curious to know what the average cell phone bill is for my readers. The cost of the phone service will be a consideration for purposes of taxation – I’m guessing the cost of the phone will be included, as well. JD…
Some of us consider employer-provided cell phones a much-appreciated necessity. Some of us consider them a burden. The Internal Revenue Service (IRS) considers them income. I previously blogged that the IRS considers employer-provided cell phones a fringe benefit subject to reporting and consequently, taxation. The initial buzz on this issue, which started about a year…
It’s not just NJ facing higher taxes these days. Nearly 20 other states are considering raising or adding more taxes and fees to close gaping holes in state budgets. There are a number of reasons for increased deficits at the state level. Among them are flat revenues as the economy overall takes a dive; reduced…
NJ is not exactly known for affordable living – especially when it comes to taxes. It appears that will only get worse in 2009 as lawmakers scramble to close holes in the budget. The state budget currently sits at $28.6 billion, about $4 billion less than last year. Faced with flat revenues, the legislature has…
The good news under ARRA (American Recovery and Reinvestment Act of 2009): if you buy a qualifying new vehicle after February 16, 2009, and before January 1, 2010, you can deduct state or local sales or excise taxes paid on the purchase. The deduction is available whether or not you itemize. The bad news under…
Editor’s Note: I’ve given a lot of thought to whether I believe this post is appropriate. I’ve decided that it is. History is important. Context is important. If we don’t expose lies and hatred for what they are, they grow, kind of like a fungus. Ignorance leads to more intolerance. So below the fold is…
I know, I know. This doesn’t even feel like news. We’ve seen it coming for a while now, ever since Jenkens & Gilchrist made an announcement on its web site in 2007. At the time of the closing, Jenkens agreed to pay a civil penalty of $76 million and cooperate with the IRS and the…
Earlier today, ten of the nation’s largest banks received permission from the Treasury to repay a fraction of the amounts loaned out. I know, it’s kind of bizarre. Permission to pay back a loan early? You’d think the feds would be thrilled. Here’s the scoop. While some of the banks were begging for funds, others…
Taxpayer asks: If I pay my son’s huge medical expenses can he deduct same as if he paid them himself?Thanks for your reply. Taxgirl says: Sorry, no. Your son may not claim a deduction for medical expenses that he did not pay. However, you might be able to claim a deduction for paying those expenses,…