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
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Itemized deductions
If you have claimed the standard deduction in the past, you may be surprised to discover that by accelerating certain deductions into the current year, you are able to itemize deductions and decrease your tax liability. Even if you are not able to itemize, you may benefit from an additional standard deduction for state and local real property taxes and net disaster losses available for the 2009 tax...
September 27th, 2009 by The Tax Man
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Paying taxes by credit card has just gotten cheaper
Taxpayers may deduct convenience fees charged for paying individual income taxes electronically by credit or debit cards. The convenience fees are deductible in the tax year in which they are paid as a miscellaneous itemized deduction subject to the two percent of adjusted gross income (AGI) floor. This treatment is available to individuals who itemize their deductions and will be able to take advantage...
September 7th, 2009 by The Tax Man
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UBS settlement
High-level negotiations between the U.S. and Switzerland have resulted in an out-of-court settlement in the IRS’s dispute with Swiss banking giant UBS AG over the identities of U.S. account holders. The U.S. and Switzerland agreed to resolve the dispute under the framework of their existing tax treaty. The Swiss Federal Tax Administration (SFTA) will expeditiously process requests for information...
August 29th, 2009 by The Tax Man
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Amending a Tax Return
Taxpayers who need to make a change or adjustment on a return they already filed can do so by filing an amended return. Here are the top 10 things every taxpayer should know about amending your federal tax return. 1. Taxpayers needing to amend their return use Form 1040X, Amended U.S. Individual Income Tax Return. Image via Wikipedia 2. Taxpayers can use Form 1040X to correct previously filed...
July 5th, 2009 by The Tax Man
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Rights on an IRS Appeal
The IRS has an appeals system for people who do not agree with the results of an examination of their tax returns or with other adjustments to their tax liability. Here are the top six things to know when it comes to your appeal rights. When the IRS makes an adjustment to your tax return, they will send you a report or a letter explaining the proposed adjustments. This letter will alert you of your...
July 2nd, 2009 by The Tax Man
