Jan 4
Itemizing is an incredibly easy theory to understand, yet the strategies behind it all can be intricate and countless.
Free Quicken Online automatically categorizes your expenses.
The rule for when to itemize is simple = you do it if the total of your itemized deductions is greater than your standard deduction.
Nov 29
Hey, another Sunday and a lot of Post to read. I am throwing in a lot of articles about Finance and such because it is that time of year, and I love Christmas. Yea, December and the holiday cheer. Anyway without further chattedly conversing, “. . .and here we go.”
Compensating audited taxpayers: an idea whose time has come? Now I have always wondered if anyone has thought of this but never really realized so many have. I like the idea and have noticed that many in my field also think highly of this idea, “that the government pay taxpayers whose returns are selected for audit, especially taxpayers subjected to random exhaustive audits the IRS may conduct purely for research purposes.” Yet, there is one who thanks to Mary I know wonder about, as he is opposed the idea, to the point of accusing two highly recognized Economist of smoking, well something of unknown origins. I have enjoyed reading Mary’s post on several topics and suggest this one is a great one for all to read then consider talking to your congress people about it.
I also enjoyed this Public finance puzzle also from Mary over at Bed buffaloes in your tax code.
The Alternative Minimum Tax (or AMT) is an extra tax some people have to pay on top of their regular income tax. Okay that sounds pretty messed up, doesn’t it?
In recent years, the AMT has been under increased attention. Why? Well, put simply, because the AMT is not cataloged or set up for inflation, thus because of recent tax cuts, an increasing number of middle-income taxpayers have been finding themselves subject to this tax. Until recently, the AMT affected less than 1% of all individual taxpayers. However, since the year 2000, the AMT has steadily grown, hitting roughly 3% of all taxpayers in 2005. Moreover, if left unchanged, the AMT will penalize nearly 20% of taxpayers by 2010. Almost 95% of all married filing joint couples.
The number of taxpayers affected by the Alternative Minimum Tax (AMT) is expected to exceed 30 million in 2010. Now that is really messed up.
Click to continue reading “A brief overview of the alternative minimum tax (AMT).”
Well the IRS has released its “draft” of the 2009 Form 1040. Clicking the photo on the right will take you in a new window so you can see it if you like.
The only change in the “Income” section is line 19. It is still for “Unemployment compensation”, but they added the phrase “. . . in excess of $2,400 per recipient (see page 27)” This is done so that those who are not aware (and prepare their own returns) that this is something new. If you need clarification, please visit Unemployment Compensation at the IRS site for Tax Changes for Individuals.
Click to continue reading “Form 1040 “New for 2009, Filing””
Welcome to my new site for this blog. As you can see I have changed it around a bit. Okay a lot.
Reason for the change is, well, not sure. Basically just decided the place needed remodeled. That is what has been taking so long. Locating a theme and then tweaking it to something that is enjoyable on the eyes and easy to move around in.
I don’t have all the bugs worked out of a few things so if you experience problems please let me know.
Click to continue reading “Welcome to the new site address. .”
Including online services.
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