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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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Tax break for the purchase of new motor vehicles
The Internal Revenue Service and Treasury Department announced that a tax break for the purchase of new motor vehicles is available in states that do not have a state sales tax. Under the American Recovery and Reinvestment Act of 2009, taxpayers who buy a new motor vehicle this year are entitled to deduct state or local sales or excise taxes paid on the purchase. The IRS and Treasury have determined...
July 10th, 2009 by The Tax Man
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2008 Interest on Education Loans
Image by Getty Images via Daylife 2008 Interest on Education Loans Maximum interest deduction–$2,500 Modified adjusted gross income phase-out range–Married, joint, $115,000–$145,000; all other filing status, $55,000–$70,000 a2a_config.linkname="2008 Interest on Education Loans"; a2a_config.linkurl="http://besttaxtips.com/2009/02/2008-interest-on-education-loans/"; a2a.init("page");
February 13th, 2009 by The Tax Man
2008 Itemized Deduction Phaseout
All filing status but married separate–$159,950; Married, separate–$79,975 a2a_config.linkname="2008 Itemized Deduction Phaseout"; a2a_config.linkurl="http://besttaxtips.com/2009/02/2008-itemized-deduction-phaseout/"; a2a.init("page");
February 9th, 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
