Tax Tips for the Unemployed

As millions of people lost their jobs in 2008, one big question is how do I account for this when I file my tax return? Below is a list of answers to some top concerns:
Do I still have to pay tax if I was out of work in 2008?
Probably. The IRS requires anyone who [...]

Important Tax Changes for 2008

The IRS has released it’s ever helpful tax guide for the individual. Below are highlights of the tax changes for 2008:
Economic stimulus payment. Any economic stimulus payment you received is not taxable but reduces your recovery rebate credit.
Recovery rebate credit. If you did not receive the full economic stimulus payment, you may be able [...]

IRS Offers Tips for Year-End Donations

Individuals and businesses making contributions to charity should keep in mind several important tax law provisions that have taken effect in recent years.
One provision offers older owners of individual retirement arrangements (IRAs) a different way to give to charity. There are also rules designed to provide both taxpayers and the government greater certainty in determining [...]

Tax Relief in Disaster Situations

With Hurricane Gustav making land fall and more storms to come, the IRS is keeping a watchful eye on the damage and encouraging taxpayers in vulnerable areas to protect their financial records. To keep an eye on the developing tax relief options, visit www.IRS.gov.

For those whom were affected by Hurricanes Katrina, Rita and Wilma, [...]

Tax Rebates With Conditions

Starting this May, tax rebate checks will be mailed to approximately 117 million middle-and low-income taxpayers as part of the 2008 Economic Stimulus Act.
How Much Will You Get? Qualifying single filers (AGI less than $75,000) will get a rebate of up to $600. Qualifying joint filers (AGI less than $150,000) will get a rebate of [...]