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New Withholding Tables Now Available on IRS.gov; Most Workers Will See Bigger Paychecks this Spring
IR-2009-13, Feb 21, 2009 WASHINGTON ? The Internal Revenue Service today released new withholding tables that will result in more take-home pay this spring for millions of American workers. Image by Getty Images via Daylife The new tables incorporate the new Making Work Pay credit, one of the key tax provisions included in the American Recovery and Reinvestment Act of 2009 that became law earlier...
February 27th, 2009 by The Tax Man
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Tax Breaks for Active Military Personnel and Reservists
More than three million individuals are either on active or reserve duty with the U.S. armed forces. Just before Memorial Day, Congress gave these individuals and their families some important tax relief in the Heroes Earnings Assistance and Relief Tax Act of 2008. The tax incentives are targeted to military personnel on active duty, reservists called to active duty and military families. Image...
February 9th, 2009 by The Tax Man
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The Economic Stimulus Act of 2008 Business Tax Benefits
The The Economic Stimulus Act of 2008 included bonus depreciation to encourage businesses to increase investment. However, companies in a loss position cannot take advantage of bonus depreciation because they do not have any taxable income against which to take the deductions. Image by cbcastro via Flickr The housing act allows taxpayers (corporations) to use accumulated alternative minimum...
January 10th, 2009 by The Tax Man
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2008 Stabilization Act: Deduction for Educator Expenses
Teachers and other education workers, such as you, can deduct up to $250 of certain out-of-pocket classroom expenses from gross income. This deduction recognizes that many education professionals purchase classroom supplies with their own money. This popular deduction is now available for expenses incurred in 2008 and 2009. Married taxpayers who file joint returns are entitled to a total deduction...
January 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
