Category - Taxes

1
IRS Includes Phishing Scams Among Its “Dirty Dozen”
2
2009 New Car Purchases Qualify for Sales Tax Break
3
How Will the Obama Stimulus Package Affect You?
4
Social Security “Free Loan” Loophole Redux
5
2008 Education Tax Breaks Are Expanded in Midwest Disaster Areas

IRS Includes Phishing Scams Among Its “Dirty Dozen”

IRS phishing scamPeriodically the IRS issues a list of tax scams that it considers especially troublesome. Most of the 2009 “Dirty Dozen” Tax Scams involve fraudulent tax filings and other abuses of the tax system. However, the first item on the list is “phishing:” the use of e-mails that appear to come from the IRS but that are actually from crooks looking for ways to steal bank account information, social security numbers, and other personal information.

During periods of general economic stress, frauds like this often increase.  I wrote last summer about a bogus IRS e-mail that I received, with advice about …

Read More

2009 New Car Purchases Qualify for Sales Tax Break

new carThe IRS is reminding taxpayers that the 2009 Stimulus Bill included a little something to help boost auto sales. Those who buy a qualifying new car, light truck, motor home or motorcycle in 2009 can deduct state and local sales tax and excise taxes paid on purchase prices up to $49,500. The deduction will be available for 2009 tax returns (only) whether one itemizes or not.

Showing considerable wit (for an IRS guy, at least), Commissioner Doug Shulman wrote in the announcement of the news, “For those thinking about buying a new car this year, this deduction may give …

Read More

How Will the Obama Stimulus Package Affect You?

Making Work Pay credit

Most employees will receive a $400 ($800 for joint returns) tax credit in tax years 2009 and 2010. You should see this credit almost immediately in the form of reduced taxes withheld from your paycheck throughout the remainder of 2009. The IRS has revised the withholding schedules that your employer uses to calculate taxes withheld from your paycheck. You should receive the credit automatically. The tax credit begins to phase out if your income is above $75,000 or $150,000 for joint returns.


First-time Homebuyer credit

First-time homebuyers that purchase between January 1, 2009 and December 1,

Read More

Social Security “Free Loan” Loophole Redux

Researchers over at Boston College’s Center for Retirement Research have analyzed the “interest-free loan” opportunity presented by the loophole in Social Security that I’ve discussed before. Once their findings reach Congress, I’m betting this loophole gets closed.

Alicia Munnell and her colleagues at the Center recently published a short note in which they examine the potential impact of the loophole.  The idea is this: normally, once you retire, your Social Security retirement benefit level is locked in – other than adjustments for inflation, it can’t go higher.  The older you are when you start taking Social Security, the bigger your …

Read More

2008 Education Tax Breaks Are Expanded in Midwest Disaster Areas

education tax breaksRecently I was listening to an IRS webcast on tax law changes (yes, it’s just as exciting as it sounds!) and something caught my attention. I was already aware that people living in disaster areas are eligible for various kinds of tax relief, but I realized that I’d missed an important fact. You don’t have to live in a disaster area to get a tax break; the Heartland Disaster Tax Relief Act of 2008 includes special provisions for educational expenses incurred by students attending college in areas struck by disaster in 2008. This article will be of interest even if

Read More

Copyright 2014 FiGuide.com   About Us   Contact Us   Our Advisors       Login