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Buy your new car before 12/31
BTT reminds individual taxpayers who are considering buying a new car that they have until Dec. 31 to take advantage of a tax break that may not be around in 2010. Image via Wikipedia Taxpayers who buy a qualifying new motor vehicle this year after Feb. 16 can deduct the state or local sales or excise taxes they paid on the first $49,500 of the purchase price. Qualifying motor vehicles include...
December 28th, 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
Internal Revenue Service is looking for taxpayers who are due refunds
The Internal Revenue Service is looking for taxpayers who are due to receive a combined $123.5 million in the form of 107,831 refund checks that were returned to the IRS by the U.S. Postal Service due to mailing address errors. “We are eager to get this money into the hands of taxpayers, so don’t delay if you think you are missing a refund,” said IRS Commissioner Doug Shulman. “The sooner...
November 5th, 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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Tax-saving Moves for the Rest of 2009
April 15 is still several months away, but it’s not too soon to give your 2009 tax situation some extra attention. Here are some pointers that could lighten your federal income-tax burden. Image by Walt Jabsco via Flickr Buy a car. State and local sales or excise taxes paid on the purchase of a new vehicle are potentially tax deductible. Tax credits are available for purchases of new energy-efficient...
October 12th, 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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Cost Basis Complications
You can sell investments held in tax-deferred retirement accounts without worrying about income taxes. But that’s not the case with investments you own outside of tax-deferred accounts. To figure your capital gain or loss on the sale of mutual fund, stock, real estate, and other investments, you have to compare the amount you realize on the sale to your “adjusted basis” in the investment. Understanding...
October 5th, 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
