Today TaxMama® wants to update you on the Postcard Tax Form .
Today TaxMama® reads the Tax Prof Blog’s notes about who benefits from the mortgage deduction. According to an analysis reported in the NY Times, only 30% of Americans really benefit from this deduction. They are essentially in the “upper-middle and upper-income households.” Doesn’t that make you feel rich? What is the reality?
Today TaxMama® hears from Kim in the TaxQuips Forum with a sensible question. “I need to lower the taxes I will owe for 2012. In 2011, I owe $1,500 to IRS. I will probably take the standard deduction. Would it be best to have extra federal taxes taken out of my paycheck?”
Today TaxMama® hears from Alice in the TaxQuips Forum with a valid question. “On line 39a of the Form 1040, if a box is checked, resulting in a deduction for those over 65 years old, where do we put the amount? And what line is it deducted on from?