Tax news and guidance for individual taxpayers — filing tips, deductions, refunds, and everything else that hits your personal return.
You know you can deduct the cost of doctor and dentist visits, right? And that you can deduct the cost of parking and transportation to and from those visits? What else is deductible? Check out this handy list: Abortion Acupuncture Alcoholism treatment Ambulance service Artificial Limb Artificial Teeth Bandages Breast Reconstruction Surgery (following a mastectomy…
In recent weeks, I’ve received a flurry of emails from parents asking about whether band uniforms, soccer cleats and other expenses related to children are deductible. I thought it might be useful to have a checklist of some child-related deductions that you may be overlooking. 1, Child tax credit. If your modified AGI (adjusted gross…
Taxpayer asks: I own a single-family home as rental property out of state that is characterized as investment property on my property insurance and as a non-owner occupied home on my mortgage. My brother manages and maintains the property for me. I bought his cell phone and pay his portion of the monthly charges on…
Taxpayer asks: Since whoever has earning in excess of $87K of AGI for singles ($174K married), they don’t qualify for rebate check. Here is the question: 2007 AGI? or 2006 AGI? (in other words, in my situation, my 2006 AGI is way less than 87K, and 2007 AGI is way more than 87$)? 🙂 so…
Taxpayer asks: I understand that one must file a tax return in order to get the upcoming tax rebate. What is the effect on the tax rebate of filing an extension and completing the return by the October deadline? Taxgirl says: Checks will be mailed beginning in May for taxpayers who timely file their tax…
Last week, hundreds of wealthy Germans had their homes and offices searched in Frankfurt, Munich, Stuttgart, Hamburg and Ulm as German officials crack down on what is perceived as massive tax fraud. The German government believes that as much as €3.4 billion ($5 billion US) have been transferred to Liechtenstein in an attempt to evade…
It sounds almost too good to be true, no? Just for filing a tax return, our government will hand over a check to you. It is, after all, merely a means of getting money into the hands of everyday Americans to stimulate the economy. Right? I received an email over the weekend with one simple…
The IRS has announced that they will begin mailing rebate checks on or about May 2. The IRS has not yet announced the order of mailing: this will be announced next week. Speculation is that it will rely on Social Security numbers, as before. I’ve received a bunch of questions about extensions. The quick answer…
I’ve received a number of questions over the past few days about the tax rebates slated to be mailed out in May. Most of the questions focus on the question of where the rebates come from and how they affect your liability or refund for 2007. The short answer is that the rebates should not…
There’s nothing like a few extra dollars – this time in the form of tax rebates – floating around to bring out the worst in people. Don’t get scammed. Know your facts. One of the biggest scam opportunities in recent tax years involves the tax rebates from the economic stimulus plan and the question of…