taxgirl Talks Deductions
Yesterday, I made an appearance on the Ron Insana Show to discuss tax deductions. You can listen in here (my bit is about 6 minutes long) and you can read the article we’re discussing here.
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IRS Experiments With Pre-Paid Debit Cards
As the IRS moves to make it more difficult for tax preparers and financial institutions to issue RALs (refund anticipation loans), critics have been quick to point out that low-income taxpayers may have a difficult time taking advantage of their tax refunds. Many low-income taxpayers are “bankless” without access to banks that will cash tax…
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Tax Trivia: Refund Payments
We have a winner! See the correct answer in the comments. Our next tax trivia question for the giveaway is: For the 2010 tax season, taxpayers who claim a tax refund can opt to split their refunds into bank accounts or retirement accounts and buy up to $5000 in US savings bonds (Series I). Taxpayers…
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Ask The Taxgirl: Gambling Winnings & Losses
Taxpayer asks: I filed the 1040ez for 2009 and had gambling winnings of 2500.00. I got a notice from IRS that I owe an increase of 625.00.It was reported on a w-2g I did not file a sched. A.How can I report my gambling loss of up to 2500.00Since I have already filed the 1040ez.Or…
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Ask The Taxgirl: Making Work Pay Credit & Dependents
(Editor’s Note: Somehow, in the chaos of my Sunday morning, I didn’t paste in the second part of the question and first part of my answer. So, edited to reflect those changes… sorry about that!) Taxpayer asks: I’m 23, full time student, lived at home for free, worked…$6500 with withholding of $500. Can I file…
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Free File is Open
The IRS has announced that the IRS Free File is officially open for business. All taxpayers can use Free File in one capacity or another. The online fillable forms are available to all taxpayers at no cost. Some of the easy math calculations are included in the forms but they don’t walk you through the…
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Ask The Taxgirl: Screwy Withholding
Taxpayer asks: I am very confused. Your blog says that we will be getting back more money this year because of the payroll tax holiday. My withholding must be screwy because I am making less money. What is going on? taxgirl says: Okay, this is where tax laws can get really confusing. Yes, there is…
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Disaster Relief Available for 2010 Tax Year
With snowstorms bearing down on the east coast this week, it’s a good time to focus on disaster relief available to taxpayers. Certain tax law provisions may help you to recover from a disaster. This may take the form of additional time to file returns and pay taxes without interest and penalty. You may also…
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Tax Trivia: Timely Filing
We have a winner! See the correct answer in the comments. Our next tax trivia question for the giveaway is: To be considered timely filed, your paper tax return must be postmarked by the due date or acknowledged by a private delivery service considered acceptable by the IRS. The IRS has designated three such private…
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Tax Trivia: Home Mortgage Interest Deduction
We have a winner! See the correct answer in the comments. Our next tax trivia question for the giveaway is: According to the IRS, what percentage of those taxpayers who itemized tax deductions for tax year 2008 claimed the home mortgage interest deduction? I’m looking for answer +/- a percentage point. The first correct answer…