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Last Minute Tax Tips
A few last minute tax tips this year. You do not want to miss these items on your tax return as you finish things off these last few days. Bigger standard deduction Image by Getty Images via Daylife Homeowners who pay state and local real estate taxes but don’t file an itemized return will receive a larger standard deduction. Besides the standard deduction, you can get the amount...
April 13th, 2009 by The Tax Man
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Property deduction for non-itemizers.
Significantly less complicated is a new standard property deduction for taxpayers who do not itemize deductions. Image by farlane via Flickr Before the new law, only itemizers could deduct state and local property taxes. The housing act gives non-itemizers a limited deduction for state and local property taxes by increasing the amount of their standard deduction by the lesser of the amount...
December 21st, 2008 by The Tax Man
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Alternative Minimum Tax (AMT)
Image via Wikipedia The Alternative Minimum Tax parallels the regular income tax: taxpayers whose AMT liability exceeds their regular tax liability pay the difference as AMT. The AMT replaces personal exemptions and some deductions (most notably, the standard deduction and the deduction of state and local taxes) with an AMT exemption and applies two tax rates-26% on the first $175,000 and 28%...
December 4th, 2008 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
