It’s tax time! It’s hard to remember everything about taxes, so here is a comprehensive tax guide to get you through tax season! From important tax dates to planning for next year, and just about everything in between, we’ve got you covered! Tax Numbers 2008 Tax Information. Reference sheet for 2008 tax limits, credits, exemptions, [...]
Congress was able to put together a compromised plan of the economic stimulus plan yesterday. The final price tag is $789.5 billion. Trying to follow the stimulus plan is like following a moving target these days… but here’s what we know today! Home Buyer Tax Credit Many of you were waiting with high hopes for [...]
Here’s the 2008 tax limits, credits, exemptions, deductions, phase-out and exclusion numbers all in one place! It is a good reference and will come in handy at tax time. Last year, the list was a popular reference sheet, so I thought it would be good to publish it again. Exemptions $ 3,500 Standard Deduction Single [...]
Update: The $15,000 home buyer tax credit was eliminated in the compromised bill. It’s now an $8,000 First Time Home Buyer Tax Credit. A reader, Keith, left the following comment about the $7500 First Time Home Buyer Tax Credit: I just read that the $7500 home buyer tax credit is going to be jumping up [...]
How much money do I have to make in 2008 to file taxes? Looking for the 2008 income tax filing requirements? Here they are! 2008 Income Requirements For the 2008 tax year, you need to file taxes if your gross income meets the minimum income for your filing status and age: Filing Status Minimum [...]
TaxCut. I decided. I bought my copy of TaxCut last week. I picked the TaxCut Premium Federal + State + E-file version since I wanted the state software too. I switched back to TaxCut this year after a brief hiatus using TaxAct last year; I’m happy to be back! TaxCut Features Even though the final [...]
While I do have a lot of tax knowledge, most of it from volunteering at VITA, I am by no means an expert! Every so often, I forward a bunch of questions from readers to our local IRS agent to either answer or confirm my answers. Our contact recently retired after over 3 decades of [...]
It came to my attention recently that one of the service providers of our family does not report all of his or her income. I’ve always “known about it” in a roundabout way, but it was actually stated to me directly. I’m in a quandary about what to do…. and I’m also mad about it. [...]
UPDATE: $15,000 Home Buyer Tax Credit possible! Congress passed an $8,000 First Time Home Buyer Tax Credit for 2009. The $7,500 tax credit outlined below will still apply to homes purchased in 2008. UPDATE 2: The $8,000 First Time Home Buyer Tax Credit Extended the deadline until June 30, 2010. In addition, it will now [...]
I’ve been utilizing a tax strategy the last few years to take advantage of low tax rates. Huge deferrals and unpaid maternity leaves gave us some room in the 15% tax bracket to convert traditional IRAs to Roth IRAs, and even 401ks to Roth IRAs. Although we had to recharacterize some of it, we were [...]
