Democratic presidential candidate Barack Obama has released seven years of his tax individual returns this week. The Obama family reported income of $1.65 million in 2005 and nearly $1 million in 2006. During that same period, the family made $137,622 in charitable donations. Prior to 2005, the family seems to have a different financial picture….
Over the past ten years, the tax burden on wages has eased in most of the world’s industrial countries, according to the Organization for Economic Co-operation and Development (OECD). Those changes have benefited the lower and middle class, for the most part. Only, there some exceptions. The OECD pointed fingers at a small group of…
The IRS has announced that there are unclaimed refunds totaling approximately $1.2 billion for folks who failed to file a federal income tax return for 2004. However, due to the statute of limitations, in order to collect the money, 2004 federal income tax returns must be filed no later than April 15, 2008. Why would…
Taxpayer asks: I have 3 kids and this is my first year filing a 1099. Am I able to claim dependents on a 1099 misc and get a refund? Taxgirl says: There is a distinction between a form 1099 and a form 1040. There are several different types of forms 1099 – you can read…
Taxpayer asks: Hello Kelly, I have a tax question for you: -I am a normal employee and will be filing a 1040ez for that.-I also do freelance work on the side, have received 1099-MISCs for that work from clients, and will be filing a 1040 schedule C for that. Do I simply file the two…
If you’re contemplating a move in 2008 (despite the crazy housing market), consider these spots. These towns are where Money magazine says the best places to live in 2007 are: 1 Middleton, WI 2 Hanover, NH 3 Louisville, CO 4 Lake Mary, FL 5 Claremont, CA 6 Papillion, NE 7 Milton, MA 8 Chaska, MN…
Taxpayer asks: Last year, I lost my job. I haven’t found a full time job yet so I have been paying for my health insurance out of pocket by COBRA. Is this deductible on my taxes? A friend told me that it was but I thought only visits to the doctor and prescriptions were. Thanks…
Taxpayer asks: I have a question. I have been reading that you can deduct the cost of vacation homes or second homes. Each summer, our family rents out a beach home. Can we deduct this on our taxes? (I love your site – you’re very funny!) Taxgirl says: Thanks for the nice compliment about the…
Initial reports indicate that 32 people were arrested on Wednesday morning as part of protest to mark the fifth anniversary of the war in Iraq. As initially reported, the protesters blockaded the IRS building as a statement in protest of the use of tax dollars to fund the war. I am not sure how many…
If you had asked me, before today, what the single most important issue would be in the upcoming presidential election, I would have said the economy, hands down. For purposes of the election, it’s more important to voters than Iraq, than health care, than the environment (though clearly those issues are intertwined with the economy)….