In the midst of the current economic crisis, I know that many in Congress were hoping for a smooth transition to a new administration. That may not happen. President Elect Barack Obama’s nomination to head the Treasury Department has hit a road block: revelations that Timothy Geithner had failed to timely pay $34,000 in taxes….
Taxpayer asks: I saw on twitter that you ran a race this year so maybe you can help me. I run a number of races throughout the year and I occasionally win some money. My friend told me that I have to include that money on my taxes. Can I deduct the cost of the…
As blogged previously, Obama’s proposed stimulus package is meeting resistance – on both sides of the aisle. Key members of the Senate Finance Committee have criticized plans for a $3,000 tax credit for new hires, citing that it wasn’t the most effective means of promoting employment. Sen. John Kerry (D-MA) said, “I’d rather spend the…
Taxpayer asks: Aloha I am a bookkeeper for a small company. My boss wrote a check to a restaurant for preparing food for our Christmas party and it was over the amount for a 1099. I faxed a W-9 that week and have never heard a word. We just found out that the restaurant closed…
This week, it was announced that the total job losses for 2008 were more than 2.6 million, the highest since 1945. It was no surprise, then, that Congress is rushing to approve a much touted economic stimulus package. Speaker Nancy Pelosi has said that she expected a House on the matter the week after Obama’s…
Taxpayer asks: Hi, Taxgirl – How do I confirm that I filed a federal tax return every year over the past 12 years? In college, I got a small tax refund every year, but (being in college) I was also lax about doing things I should – even those that got me a check! I…
Taxpayer asks: Hello there and thank you for answering my question. I am self-employed and contributed nearly $8,000 in cash/noncash 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 the charitable donation information. I have all proper…
So let’s see. AIG gets a bailout. Banks get a bailout. The Big 3 automakers get a bailout. Who’s next? If Larry Flynt and our old friend and alleged tax evader Joe Francis have their way, it would be porn. Flynt and Francis have penned a (no jokes, please, remember that my mom is reading)…
Settling tax debts is not necessarily high on the list of taxpayers struggling to keep their homes and who may have lost their jobs. Delinquent taxpayers are, however, getting a little bit of sympathy… from the IRS. The IRS Commish, Doug Shulman, who began his stint at the IRS in 2008, announced today that tax…
Taxpayer asks: we’ve been trained that cookie donations are not tax deductible. Can u clarify? Taxgirl says: This question is actually in response to something that I posted on twitter about the Girl Scout “Cookies from Home” program. I thought it was a good question and I posted my gut reply which was: As a…