Twitter Tax Tips #19
Remember that small biz can expense some business costs in 08 rather than depreciate. Immediate savings! #TwitterTaxTip (For more on twitter tax tips, see my prior explanatory post.)
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Italian Earthquake
When I was in law school, I spent a summer studying in Italy. Though I’ve been fortunate to travel to many places, Rome and its surrounding area remain among my favorite places in the world. The area is breathtakingly beautiful and the people are just so gracious. It was with much sadness that I read…
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IRS Drops Some Tax Penalties To Woo Evaders
Last month, the Internal Revenue Service (IRS) announced a new settlement program targeted at taxpayers with offshore accounts. As previously reported, IRS has become more aggressive in their efforts to identify taxpayers with offshore accounts who have not reported those accounts to the feds. Steep civil penalties apply and, in some cases, criminal charges could…
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Tax Quote Of The Day
The wages of sin are death, but after they take the taxes out, it’s more like a tired feeling, really. Paula Poundstone
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Shutting Detroit Down
I think a lot of folks make a lot of assumptions about me based on my current demographic. But what you may not know about me is that I’m originally a country girl from the South. My first real album was Randy Travis, my first real concert was George Jones and my dog was named…
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Ask The Taxgirl: Lump Sum Repayment For Social Security
Taxpayer asks: What a great service. Hope I can explain this good enough. I have been disabled for 3 years, have received disability income from a private insurance company. This was not taxable because I paid the premiums. Was approved for disability end of 2008 and got a lump sum check. Had to then send…
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Twitter Tax Tips #18
You can deduct tax prep fees (includes tax pro costs, software, e-filing, etc) in the year you pay them if you itemize. #TwitterTaxTip (For more on twitter tax tips, see my prior explanatory post.)
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IRS Extends Due Dates For Flood Victims
There’s even more good news for the victims of severe flooding in Minnesota and North Dakota. Not only is the weather getting better but residents get some extra breathing room from the Internal Revenue Service (IRS). Since the flooding occurred so close to the April 15 due date, taxpayers and relief workers directly impacted by…
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Ask The Taxgirl: Making Work Pay Credit & Outstanding Liabilities
Taxpayer asks: What about a taxpayer who owes the IRS $$$ from previous tax years? Should they adjust their W-4 to have more taxes taken out to cover the Making Work Pay credit that will be on their paychecks? Taxgirl says: It depends. The Making Work Pay Credit is refundable, so to the extent that…
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Ask The Taxgirl: How Much Money Will I Get Under Obama’s Stimulus Plan?
Taxpayer asks: I was told that I would receive all my federal tax withholding for April, May & June. However, I just heard on the local news that it would only be $12 to $15, is that true? Thanks for your advise, Taxgirl says: The Making Work Pay Credit will decrease the amount withheld from…
