Tax news and guidance for individual taxpayers — filing tips, deductions, refunds, and everything else that hits your personal return.
Office Depot will provide free copies (up to 25 single-sided pages) of 2008 tax returns for taxpayers this season. The promotion, which runs from March 22 to April 15, 2009, is available at the Design, Print, & Ship Depot center at Office Depot retail store locations nationwide. “Office Depot is thrilled to once again help…
Taxpayer asks: I have a 1099-c from a short sale on my house, I was hoping to be granted an exemption because of the Mortgage Forgiveness act of 2007, my amount in box 2 is 54809 and the amount in box 7 is 0.00 not sure what all this means. Taxgirl says: A form 1099-C…
Remember to report alimony received as income, alimony paid as a deduction but child support? It’s tax neutral. #TwitterTaxTip (For more on twitter tax tips, see my prior explanatory post.)
Out of work? You can deduct out of pocket expenses (resumes, agency fees, travel, etc.) related to your job hunt. #TwitterTaxTip
Taxpayer asks: I understand mileage rates changed in the middle of the year by the IRS. Can you offer the mileage rates for medical and for service with a non-profit. Taxgirl says: The craziness in gas prices this year did lead to a complicated mileage arrangement for 2008. The IRS normally updates mileage only once…
Looking for deductions? You can make contributions to your IRA until April 15 ’09 and still deduct for ’08 tax yr. #TwitterTaxTip (For more on twitter tax tips, see my prior explanatory post.)
There’s a bag of used clothes on my porch that it is on its way to the Salvation Army (though not in this snow!). Like many Americans, my family makes an effort to give to a variety of charitable causes throughout the year. But why do we do it? I was raised to believe that…
For fed purposes, filing status is determined as of the last day of the year (Dec 31). Jan 1 – Dec 30 are irrelevant. #TwitterTaxTip (For more on twitter tax tips, see my prior explanatory post.)
Sign your return! Sounds obvious but IRS reports it as a top filing mistake. (For more on twitter tax tips, see my prior explanatory post.)
President Obama has issued a target date for the adjusted withholding to begin as part of the stimulus package: April 1. Obama mentioned the date in his weekly radio address, saying: I’m pleased to announce that this morning the Treasury Department began directing employers to reduce the amount of taxes withheld from paychecks, meaning that…