February 26, 2009 – 2:44 am
3 Important Tax Changes for 2008
Three tax law changes that you should consider before filing your federal tax return for the 2008 tax season. Some tax breaks have been renewed, the standard deduction has been increased, contribution limits have risen for many retirement participants.
1. Tax Breaks Renewed
You can still take a tax break for the state and local taxes that you paid during the tax year on your federal return. If you are an educator, you can take a deduction of supplies you purchased on the front page of form 1040. And students can still take deductions … Read more at 2008 Taxes.
February 21, 2009 – 5:23 pm
EasyTaxReturns.com Offers Free eFiling
If you’re looking for an online electronic tax return filing option, take a look at EasyTaxReturns.com as they have several very good programs which include free eFiling with your return. Their tax return application is guaranteed to be 100% accurate, it is easy to use, and you don’t need a credit card.
Two Different Packages
EasyTaxReturns.com offers two different packages depending on your needs. Their Standard option includes your 1040 federal tax return, state return support, easy to use tax forms, and around the clock support. Their Deluxe package includes the filing of you state return … Read more at 2008 Taxes.
February 18, 2009 – 7:55 pm
Federal Stimulus Bill Provides Tax Benefits
The American Recovery and Reinvestment Act also known as the Federal Stimulus Bill provides a number of new benefits for tax payers and the unemployed. Included in the new federal law is an AMT patch, First Time Home Buyer Credit, and a Car Buyer Tax Deduction.
AMT Patch
The Alternative Minimum Tax continues to affect more and more Americans as salaries gradually increase over time and the tax law does not adjust or index to inflation. In the recently enacted stimulus bill, the federal government has patched the AMT law to keep levels similar … Read more at 2008 Taxes.
February 16, 2009 – 6:03 pm
TaxSimple – Online Tax Preparation Software
Prepare your federal tax return for free and only pay a small $9.99 fee if you print of eFile your return. Why not try it before you purchase? And all versions of the software are currently priced at the low $9.99 price including Simple, Deluxe, Premier, and Ultimate. Only pay more if you have a complex business return.
Simple Edition
With the Simple edition from TaxSimple, you can prepare not only your federal tax return but also your state tax return for free. Fees only apply when printing or eFiling your returns. Your … Read more at 2008 Taxes.
February 16, 2009 – 12:58 pm
You probably know about taking deductions to reduce your tax liability. To be clear, deductions are not the same as tax credits – deductions are applied to your earned income before calculating taxes, and thus reduce the amount on which you are taxed. Tax credits are more valuable, and are a direct credit towards the tax that is due.
When you do your taxes each year, you can either take a standard deduction, or you can keep a record of tax deductible expenses and choose to use that if it is greater. For 2008 the standard deduction is … Read more at 2008 Taxes.
February 11, 2009 – 6:55 pm
5 Things about Identity Theft and Tax Returns
Five things about Identity Theft from the IRS that you need to know to avoid scams this tax season. What to expect from the IRS in the form of communication and who to contact if you think you have become a victim.
1. If you receive a letter or notice from the IRS that makes you think your identity has been stolen or someone has used your social security number illegally, contact the IRS immediately.
2. Contact the IRS right away if you receive a notice that more than one tax … Read more at 2008 Taxes.
