Taxpayer asks: Obama is saying he wants to give us tax breaks retroactive to 2008. Should we wait to do our taxes until we see what he is going to do? Thanks, Taxgirl says: Don’t wait to file! The current proposal being offered by the House doesn’t offer any credits or tax breaks retroactive to…
Remember this question from a reader asking about a second stimulus check? She said that she had recently heard on the news that there would be a second stimulus check in February. I received a slew of similar emails from folks swearing that the news had reported that a second stimulus check was a certainty….
Taxpayer asks: I saw on the news that we will have a second check in February. I can’t find it again. Can you help? Taxgirl says: Wow. Just wow. I’ve received a slew of similar emails over the weekend. I don’t know where this info is coming from – or what news program might have…
Remember when I said that it was going to be a long January? I wasn’t kidding. Just before the long break, Democrats in the House revealed their tax plans as part of a new stimulus package. And if you’re expecting a quick “yes” vote, don’t hold your breath. The plan includes a whopping $275 billion…
This week, it was announced that the total job losses for 2008 were more than 2.6 million, the highest since 1945. It was no surprise, then, that Congress is rushing to approve a much touted economic stimulus package. Speaker Nancy Pelosi has said that she expected a House on the matter the week after Obama’s…
President Elect Barack Obama has promised that he will do “whatever it takes” to stimulate the economy. While he hasn’t laid out the entire plan, Obama has put an economic team in place to begin work on a stimulus package. Calling the potential package “costly” (imagine that!), Obama refused to put a price tag on…
AIG has revealed that they are suing the IRS for $329 million, claiming a refund for back taxes and penalties. Hmm, I wonder if they’ll return some of that bailout money if they win? Oh wait. They won’t win. That’s because the IRS has already labeled the transactions “abusive” and penalized the company for taking…
If you watched President Elect Obama’s first press conference, you might have heard him say: The one thing I can say with certainty is that we are going to need to see a stimulus package passed either before or after inauguration. For some, that translated to: another check is on the way. Not so fast….
Remember when YOU saved Fannie Mae and Freddie Mac? Well, apparently your generosity knows no bounds. In response to taxpayer demands, the Justice Department is currently investigating whether there was any wrong doing leading up to the collapse of the mortgage industry. And naturally, executives at companies like Fannie Mae and Freddie Mac are scrambling…
It’s Fix the Tax Code Friday! As the economy continues to sour, Congress and the White House both agree that some measure of economic stimulus is needed. The problem? They can’t agree on what would work best. So, I’m taking it to you, the taxpayers… Which of the following scenarios currently being contemplated by Congress…