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Five Important Changes for Taxpayers

February 5, 2009

Here are a few tax law changes you may want to note before filing your 2008 federal tax return:
1. Expiring Tax Breaks Renewed
The following popular tax breaks were renewed for tax-years 2008 and 2009:

Deduction for state and local sales taxes on Form 1040 Schedule A, Line 5

Educator expense deduction on Form 1040, Line 23 or [...]

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Claiming Girlfriend

January 15, 2009

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Today TaxMama hears from Sharon in North Carolina with this challenge. “One of my colleagues and I got into a “heated” discussion last night and I wanted to get your take on this filing status question. On a 1040, can a “boyfriend” claim a “girlfriend” if she lived with him all year and makes [...]

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Stimulus vs Child Tax Credit

November 5, 2008

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Today TaxMama hears from Cho in New York, who says. “My 2008 tax rebate check included $300 per child. Do I still expect $1,000 Child Tax Credit for each eligible child when I file my 2008 federal tax return? Or, just $700 per child?”

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Amending to Separate Returns

October 23, 2008

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Today TaxMama hears from Dana in Florida with this question. “I am in a very nasty divorce. We were separated for the past 7 years and for 4 of those years I agreed to file as married filing joint. Can I now go back and re-file as married filing separate? It [...]

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Divorce Status

October 2, 2008

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Today TaxMama hears from Mike in Texas who wants to know. “If I were to file for a divorce on Oct 1, 2008, what will be my tax status on Jan 1, 2009?”

Dear Mike,
Does your wife know about your plans? Ah well, all good things must end someday.
Actually, we don’t care what your tax [...]

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Marriage License

September 2, 2008

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Today TaxMama hears from Jerry in California who asks, “Do you need to attach a marriage license when filing a joint federal or state tax return?”

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Claiming Niece

August 26, 2008

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Today TaxMama hears from April in Kentucky who tells us, “My boyfriend has lived with me since Feb 2008. He has supported the household, and also my niece, who lives with us and I have legal custody of. I was wondering, can he claim my niece on his taxes?”

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His and Her Businesses

August 4, 2008

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Today TaxMama hears from Jason in Arizona who says “My wife and I both started businesses in 2007. My wife sells candles and I do accounting. I know since we do joint taxes that normally you can file your business taxes with our personal taxes. But how does it work when filing for [...]

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Real Estate Activity

July 30, 2008

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Today TaxMama hears from Jean in Texas who asks. “How can I assure I meet the qualifications of a real estate professional. I am a landlord, not a real estate broker or agent.”

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Separate but Unequal

April 15, 2008

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Today TaxMama hears from Mark in MA, with this question: “My tax software suggested filing married separate to save money. Can I use all the itemized deductions with one return, and the dependants on the other? It seemed to work on the software with no alerts.”

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