Do You Know Where Your Tax Info Is?
Today was the deadline for submitting certain tax information, including federal forms W-2 and 1099. Tax season is just beginning!
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Saying No To Gas Guzzlers May Put More Money In Your Pocket
In addition to the obvious (gas savings), buying a fuel-efficient car can put more money back into your pocket. Congress has finally gotten its act together and is offering tax breaks for certain vehicles for 2006. Beginning in January 2006, those who purchase eligible vehicles will receive a tax credit, as opposed to a tax…
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When Life Gives You Lemons…
Don’t assume that you can just make lemonade. The IRS announced that they will not recognize certain deductions related to the sale/auction of used vehicles. Here’s the PR in its entirety: IRS Warns of Questionable Deductions for Donated Vehicles IR-2005-145, Dec. 22, 2005 WASHINGTON — Internal Revenue Service officials announced today that the IRS will…
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Tax Relief For Rita
The IRS has announced tax relief for victims of Hurricane Rita. Briefly, the relief includes extensions (in some cases, automatic) for filing returns and making estimated payments. In most cases, the extension date is February 28, 2006. Automatic extensions are granted for Texas residents of the following counties: Angelina, Brazoria, Chambers, Fort Bend, Galveston, Hardin,…
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IRS Ups Mileage Rate
The IRS has increased the mileage rate for the business use of a car, to 48.5 cents per gallon, from 40.5 cents per gallon effective September 1, 2005. The rate is only good through December 2005. The IRS anticipates that it will, later in the fall, make the annual adjustment for 2006.
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Some Federal Relief Is On the Way
From irs.gov: Katrina Victims Will Have Until Jan. 3 to File and Pay Taxes, IRS Says IR-2005-96, September 8, 2005 WASHINGTON – Victims of Hurricane Katrina will have until Jan. 3, 2006 to file any returns, pay any taxes or make any deposits due, the Internal Revenue Service announced today. This extends and expands relief…
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So Time Really IS Money…
From irs.gov: Treasury, IRS Announce Special Relief to Encourage Leave-Donation Programs for Victims of Hurricane Katrina IR-2005-97, Sept. 8, 2005 WASHINGTON — Department of the Treasury and Internal Revenue Service officials announced today special relief intended to support leave-based donation programs to aid victims who have suffered from the extraordinary destruction caused by Hurricane Katrina….
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Swift Charity
From irs.gov: IRS Expedites Charity Applications, Urges Use of Existing Charities IR-2005-93, Sept. 6, 2005 WASHINGTON — The Internal Revenue Service will provide an expedited review and approval process for new organizations seeking tax-exempt status in order to provide relief for victims of Hurricane Katrina. However, the agency encourages people to use existing organizations currently…
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IRS Disaster Relief Toll Free Number
Announced today: IRS Creates Disaster Relief Toll-Free Number IR-2005-88, Sept. 1, 2005 WASHINGTON — The Internal Revenue Service announced today the establishment of a special toll-free telephone number for use by taxpayers affected by Hurricane Katrina. People affected by Katrina who need help with tax matters can call 1-866-562-5227. Beginning today, taxpayers can call the…
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Tax Relief For Hurricane Victims
From irs.gov: IRS Grants Tax Relief for Hurricane Katrina Victims IR-2005-84, Aug. 30, 2005 WASHINGTON — The Internal Revenue Service today announced special relief for taxpayers in the Presidential Disaster Areas struck by Hurricane Katrina. These taxpayers generally will have until Oct. 31, 2005, to file tax returns and submit tax payments. The IRS will…