Tax news and guidance for individual taxpayers — filing tips, deductions, refunds, and everything else that hits your personal return.
In the tradition of tax years past, it’s the season to talk about charitable contributions! Charitable donations are an excellent way to reduce your tax burden for the year, all while doing something for the greater good. But as with everything in tax law, there are rules that need to be followed. For one, you…
Taxpayer asks: I have a question about my Paycheck that will determine my Taxes in 2009/10. I get paid Bi-weekly and I get paid this Friday. The next two weeks I wrk will that check be on my 2009 Taxes or rollover into my 2010 Taxes. Taxgirl says: The general rule is that cash-based taxpayers…
It’s Fix the Tax Code Friday! This week, I wrote a piece for WalletPop about the possibility of a VAT being imposed in the US. The idea is that the VAT would be similar to those in Europe and Asia and would be imposed at each stage of a transaction in an effort to mitigate…
In this economy, folks are very happy to pass judgment about the state of other people’s finances. It has, after all, been conflicting for many (myself included) to watch the government bail out people – and corporations – that have made poor decision after poor decision. As a result, folks are eager to point fingers,…
Taxpayer asks: I haven’t seen the 2010 standard mileage rates that the IRS usually puts out at the end of November. Do you know if there was an announcement on this? Taxgirl says: You have super timing! I received this email at 8:53 a.m. today. At 2:36 p.m., an email from IRS landed in my…
Taxpayer asks: I am a single mom. My ex-husband did not pay support for his daughter for more than 5 years. He just came into some money and has recently paid almost all of his back support to me. Now I’m worried because my mom says I have to pay taxes on that money. I…
About 500 families may have a little bit less to be thankful for this morning: Swiss tax authorities have announced that they have notified the first UBS 500 clients whose names will be turned over to US government officials. The 500 clients are the first of 4,450 names to be released under an agreement reached…
Remember this post about taxing plastic surgery? Well, it appears that the Senate, in its effort to tax everything possible to pay for health care reform (you’re right, I’m exaggerating, not everything… health insurance companies will make out okay) is forging ahead with its plan to tax cosmetic surgery. Sen. Harry Reid (D-NV) has introduced…
Taxpayer asks: Several elderly friends have asked me to help them with administratrive work in there home. I would probably do this on an ongoing basis and I am sure each would end up paying me more that $600 a year. I would report all of this money (Schedule C I think) but am concerned…
It was a question posed to US taxpayers by the IRS in the wake of the UBS scandal: do you feel lucky? The US offered US taxpayers the opportunity to voluntarily disclose offshore bank accounts as part of an amnesty program earlier this year. The choice? Come forward now and escape criminal prosecution or take…