Tax news and guidance for individual taxpayers — filing tips, deductions, refunds, and everything else that hits your personal return.
If you’re opposed to extending the first time homebuyer’s credit (I am), you’re probably in the minority. And you’re definitely not in the Senate. The Senate voted unanimously to approve the bill and the House is expected to follow suit (at least the approval bit). Under the new law, the first time homebuyer’s credit would…
You know what they say in Congress, if it’s not broke (enough), keep trying until it is… So, with that in mind, Senate Majority Leader Harry Reid (D-NV) has announced an extension of the first time homebuyer’s credit. Despite evidence that the credit has been used inappropriately – and perhaps criminally – lawmakers have agreed…
So, who among us didn’t see this coming? IRS Commish Doug Shulman has announced the establishment of a new enforcement unit targeting the very wealthy. The group, called the Global High Wealth Industry, will specifically investigate partnerships, offshore trusts and other techniques used by the wealthy to hide income. How wealthy is wealthy? Unlike a…
Taxpayer asks: Last year, I moved in with my boyfriend at his condo. He lost his job so I paid most of the bills. I paid the mortgage direclty for most of the year. I also paid some of his credit card bills, the car payment and some of his child support paymnets so he…
Taxpayer asks: I don’t even know how to start. Last year, I found out that I was adopted. My parents have no interest in helping me find my birth mother but it something that I have to do. I have found a lawyer that says he will help me find her but it is very…
Taxpayer asks: Thanks for taking my question. I moved back home last year after I lost my job. I’ve been paying my parents some rent but I can’t afford to pay the original amount that we agreed on. Can they take the difference between what I promised to pay and what I actually paid as…
It’s somehow appropriate that the IRS would release a private letter ruling regarding a double mastectomy in October (in case you’re not aware, it’s Breast Cancer Awareness month). Here are the facts: Taxpayer had a double mastectomy. She later gave birth to a healthy baby. As a result of the mastectomy, she was not able…
Are we one step closer to health care reform? The Senate Finance Committee sure gave that impression by putting forth a $829 billion health care bill today. The bill passed in committee by a vote of 14-9 with Sen. Olympia Snowe (R-ME) representing the lone committee member to not vote along party lines. What does…
Happy Columbus Day! It’s a holiday for many across the country. I can think of a bunch of fun ways to spend a day off. However, if you’re one of those taxpayers who filed an extension waaaay back in April to get a little extra time to file your federal income tax return, you might…
Taxpayer asks: I have a difficult situation. I won a lot of money in my church’s 50/50. I know I have to report it as income but when I asked for written information from my church, they asked me not to report it. They say they aren’t legally allowed to run a 50/50 and if…