If you changed your home or business address, you’ll want to remember these six tips to ensure you receive any refunds or correspondence from the IRS. 1. You can change your address on file with the IRS in several ways: Correct the address legibly on the mailing label that comes with you tax package Write […]
Category Archives: IRS News
Bartering is the trading of one product or service for another.buy generic cymbalta online blackmenheal.org/wp-content/languages/new/buygeneric/cymbalta.html no prescription Usually there is no exchange of cash. It is the most ancient form of commerce. Any business owner or professional who has a product or service to offer can barter. While our ancestors may have exchanged eggs for […]
by David & Mary Mellem, EAs Overview The 1st Time Homebuyer Credit was created in 2008. Basiically it allows a refundable credit of 10% of the cost of a principal residence, up to a maximum credit of $7,500 ($3,750 for MFS). The credit is reported on the Form 1040, line 69. (The credit is […]
Free File Alliance Kicks Off 7th Year of Free Tax Preparation Services for 70 Percent of Americans More than 98 Million Taxpayers Making $56,000 or Less are Eligible for Free Tax Assistance and E-Filing Through www.IRS.gov WASHINGTON, DC (January 16, 2009) – The Free File Alliance (www.freefilealliance.org), a coalition of 19 private tax software companies […]
In this year’s annual report to Congress from Nina E. Olsen, the Taxpayers Advocate, she touches upon areas that have been troubling TaxMama for quite some time. In particular, the fact that millions of taxpayers will be facing potential cancellation of debt issues, hardships paying last year’s taxes, and unregulated tax professionals. IRS Commissioner Doug […]
EITC Due Diligence Compliance Program IRS is taking a multi-prong approach to reduce the number of erroneous EITC claims. The agency estimates that 23 to 28 percent of EITC claims filed for tax year 2007 were erroneous and resulted in overpayments of $11 billion to $13 billion. IRS adopted the EITC Paid Preparer Compliance Program […]
IR-2008-132, Nov. 24, 2008 WASHINGTON — The Internal Revenue Service today released the fall 2008 issue of the Statistics of Income Bulletin, which features information on 138.4 million individual income tax returns filed for tax year 2006. Adjusted gross income less deficit (losses) reported for 2006 totaled $8.0 trillion, an 8.2 percent increase from the […]
IR-2008-133, Nov. 25, 2008 WASHINGTON –– Taxpayers who make qualifying cash contributions for disaster relief efforts in the Midwest could benefit from a recently passed law that suspends the percentage-of-income limits that would normally apply when taxpayers deduct the contributions on their 2008 federal tax returns. Under the Heartland Disaster Tax Relief Act, an individual […]
IR-2008-131, Nov. 24, 2008 WASHINGTON — The Internal Revenue Service today issued the 2009 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2009, the standard mileage rates for the use of a car (also vans, pickups or panel […]
IR-2008-130, Nov. 19, 2008 Washington — The Internal Revenue Service Advisory Council (IRSAC) today released its recommendations on a wide range of tax administration issues at the 2008 public meeting in Washington, DC. IRSAC was established in 1953 as the Commissioner’s Advisory Group (CAG), a national policy and issue advisory committee. Renamed in 1998 to […]
Despite the billions of dollars placed into the hands of banks so they could re-start the economy by providing life-giving loans to businesses – and to help potential homeowners…hardly any of that money has reached the people who need it. In the meantime, the SBA’ Business.gov site has launched a new Loans and Grants Search […]
FS-2008-24, July 2008 Retirement plans are not just for big businesses. They are also available for sole proprietorships. If you are self-employed small business owner, you can set up a qualified retirement plan for yourself and your employees. If you are a sole proprietor, you can deduct contributions you make to the plan for yourself. […]