Tag Archives: Adjusted Gross Income

Deducting Computer

Today TaxMama hears from Jeff in DC, who tells us: “I teach online for a college. I want to purchase a computer for only this use. Can I deduct the entire price of the PC for 2007, if I purchase before the end of the year? What IRS form do I use?”

Plan Now to Get Full Benefit of Saver’s Credit

Tax Break Helps Low- and Moderate-Income Workers Save for Retirement IR-2007-187, Nov. 9, 2007 – Courtesy of the Internal Revenue Service WASHINGTON — Low- and moderate-income workers can take steps now to save for retirement and earn a special tax credit in 2007 and the years ahead, according to the Internal Revenue Service. The saver’s […]

IRS National Standards Update for October 1, 2007

Redesigned Allowable Living Expense Standards Effective Oct. 1, 2007 Courtesy of IRS IRS released the 2007 Allowable Living Expense standards Oct. 1. The standards are used to help determine the ability of a self-employed or individual taxpayer to pay a delinquent tax liability. http://www.irs.gov/individuals/article/0,,id=96543,00.html There is a more detailed breakdown of Food, Clothing and Other […]

IRS Issues Spring 2007 Statistics of Income Bulletin

WASHINGTON — The Internal Revenue Service today announced the release of the spring 2007 issue of the Statistics of Income Bulletin. Highlights include articles on high-income individual income tax returns, taxpayers reporting noncash contributions, farm proprietorship returns, qualified zone academy bonds, international boycott reports and S corporations. The article on farm proprietorship returns is the […]

Generous Contribution

Today TaxMama hears from Bob in CT, who tells us. “I arranged a grant for $40,000 for a 501©(3) organization. Normally I require a finder’s fee of 20%. This time, I did not charge a fee to this organization, and essentially gave it back. Is the $8,000 I actually donated by not taking it, a […]

Unemployment IRAs

Today TaxMama hears from Tom in Oklahoma, who’s had a bad year. “Due to unemployment and high child support payments, I’ve had to draw money from my IRAs. I know the exclusions for penalty purposes…but is there anything else I’m missing to avoid the penalty. For instance, suppose I owe taxes this year because no […]

List of Business Deductions

Today TaxMama hears from Sylvia in Laguna Hills, CA who asks, “Is there a list of deductions we can take being self employed? Any website?”

Your Tax Rates

Today TaxMama hears from Joe in Montevallo, NY who wants to know, “Is my income tax rate, including social security, and other income based on my adjusted gross income or gross income?”