Tips for Avoid delays in refund for Economic Recovery Payment
As a reminder for those individuals who received an economic recovery payment in 2009 be sure to include this amount when completing Schedule M, Making Work Pay and Government Retiree Credits. Many working taxpayers that received a $250 economic recovery payment from either the Social Security Administration, the Department of Veterans Affairs or the Railroad Retirement Board are having their...
February 18th, 2010 by The Tax Man
Here are the top five changes that may show up on your 2009 return.
1. The American Recovery and Reinvestment Act ARRA provides several tax provisions that affect tax year 2009 individual tax returns due April 15, 2010. The recovery law provides tax incentives for first-time homebuyers, people who purchased new cars, those that made their homes more energy efficient, parents and students paying for college, and people who received unemployment compensation. 2....
February 17th, 2010 by The Tax Man
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Scam E-mail Sends Malicious Software to Recipients’ Computers
In recent weeks, a phony e-mail claiming to come from the IRS has been circulating in large numbers. The subject line of the e-mail often states that the e-mail is a notice of underreported income. The e-mail may contain an attachment or a link to a bogus Web page directing taxpayers to their “tax statement.” In either case, when the recipient opens the attachment or clicks on the link,...
December 29th, 2009 by The Tax Man
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IRS Announces 2010 Standard Mileage Rates
The Internal Revenue Service today issued the 2010 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Image via Wikipedia Beginning on Jan. 1, 2010, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 50 cents per mile for business miles driven 16.5...
December 4th, 2009 by The Tax Man
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Tax rate brackets and various tax benefits will remain unchanged
Tax rate brackets and various tax benefits will remain unchanged or change only slightly in 2010 due to inflation, the Internal Revenue Service announced. Image via Wikipedia By law, the dollar amounts for a variety of tax provisions must be revised each year to keep pace with inflation. As a result, more than three dozen tax benefits are subject to inflation adjustments each year, but because...
November 28th, 2009 by The Tax Man
Business Assistance Act of 2009
The Worker, Homeownership, and Business Assistance Act of 2009 (2009 Worker Act) extends the first-time homebuyer credit (FTHBC), which was due to expire after November 30, 2009, to qualified purchases of a principal residence on or after April 9, 2008, and before May 1, 2010. In addition, the 2009 Worker Act allows a reduced credit for long-time residents who purchase a new principal residence; creates...
November 15th, 2009 by The Tax Man
Senate Moves to Unemployment Extension with Tax Amendments, (Oct. 28, 2009)
The Senate on October 27 easily overcame a procedural hurdle by an 87-to-13 margin that clears the way for lawmakers to take up the Unemployment Compensation Extension Bill of 2009 (HR 3548) extending unemployment benefits and several tax-related amendments. Senate Majority Leader Harry Reid, D-Nev., was forced to call for a vote to take up the measure after Republicans repeatedly blocked attempts...
October 30th, 2009 by The Tax Man
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New Municipal Bond Benefit
Municipal bonds offer investors three significant tax advantages. Municipal bond interest is exempt from regular federal income taxes. Image via Wikipedia Because it is exempt, the interest does not have any effect on adjusted gross income (AGI). Keeping AGI as low as possible is often a tax planning goal. Many states do not tax their residents on the interest they receive from in-state...
October 8th, 2009 by The Tax Man
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Tax Consequences Of Retirement Plan Hardship Distributions For Employees And Employers
Tax Consequences Of Retirement Plan Hardship Distributions For Employees And Employers During the economic slowdown, many individuals are looking to their retirement savings to augment their unemployment benefits or help carry them through a period of hardship. With a lack of other cash sources, individuals are taking plan loans and hardship distributions from their retirement funds. The IRS recently...
October 1st, 2009 by The Tax Man
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Warning from the IRS regarding Suspicious e-Mails and Identity Theft
The Internal Revenue Service has issued several recent consumer warnings on the fraudulent use of the IRS name or logo by scamsters trying to gain access to consumers’ financial information in order to steal their identity and assets. When identity theft takes place over the Internet, it is called phishing. Image via Wikipedia Suspicious e-Mail/Phishing Phishing (as in “fishing for information”...
October 1st, 2009 by The Tax Man
