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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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Internal Revenue Service issues standard letters and notices
The Internal Revenue Service issues standard letters and notices on a routine basis. Some will require specific actions on your part if you have received one of these letters. It is of course best to act on these as soon as possible so you do not lose any of your rights. Below is a list of standard letters and notices and actions you may take regarding each: Image via Wikipedia Letter...
April 7th, 2009 by The Tax Man
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Home Based Business Tax Reminders
If you use part of your home for business, you may be able to deduct expenses for the business use of your home. These expenses may include mortgage interest, insurance, utilities, repairs, and depreciation. The Image by fensterbme via Flickr home office deduction is available for homeowners and renters, and applies to all types of homes, from apartments to mobile homes. However, the Internet...
April 2nd, 2009 by The Tax Man
2008 Standard Deduction
The basic standard deduction amounts for 2008 are: Head of household deduction is $8,000 Married taxpayers filing jointly and qualifying widow(er)s deduction is $10,900 Married taxpayers filing a separate deduction is $5,450 Single deduction is $5,450 The standard deduction amount for an individual who may be claimed as a dependent by another taxpayer may not exceed the greater of $900 or the sum of...
November 30th, 2008 by The Tax Man
