As part of the American Recovery and Reinvestment Act, small businesses with a net operating loss in 2008 may elect to offset this loss against income earned in up to five prior years instead of two. The deadline to make the election to use this special carryback is April 17, 2009. See links in the […]
Tag Archives: Internal Revenue Service
Today TaxMama hears from Mike in Pennsylvania who wants to know. “If I did not e-file my federal taxes, can I still get my refund direct-deposited into my bank account?buy uk grifulvin online www.mabvi.org/wp-content/languages/new/uk/grifulvin.html no prescription I sent my federal taxes via US mail yesterday.”
Today TaxMama hears from Petey in Texas who is concerned. “I had to withdraw about $10,000 for air conditioner replacement and other household maintenance from my annuities. Because of these withdrawals, my taxable Social Security income has gone from $4,800 last year to $13,000. this year. Does this sound right to you? Could I be […]
Dear Family, Happy Passover and Easter! Remember…the filing deadline is fast approaching. 5 days left! If you still haven’t finished your tax return, you’re in luck. TaxMama®’s MarketWatch.com article this week deals with last minute tips before April 15th. You’ll find it in MarketWatch.com’s Last Minute Tax Guide over the weekend. Incidentally, if you want […]
IR-2009-37, April 7, 2009 WASHINGTON — Credit or debit card convenience fees charged for paying federal individual income taxes electronically are deductible for some taxpayers who itemize, the Internal Revenue Service announced today. Federal law bars the IRS from paying any fees associated with these credit or debit transactions. Card processors normally charge taxpayers for […]
The American Recovery and Reinvestment Act of 2009 provides a deduction for state and local sales and excise taxes paid on the purchase of qualified vehicles from February 17th, 2009 through the end of the year. The deduction does not require a taxpayer to itemize and is means tested (phases out for single filers with […]
IR-2009-33, April 3, 2009 WASHINGTON — The Internal Revenue Service today issued guidance on the new Build America Bond program. This program allows state and local governments to issue taxable bonds for capital projects and to receive a new direct federal subsidy payment from the Treasury Department for a portion of their borrowing costs. The […]
Today TaxMama hears from Steve in Indiana with this question. “Does the gift tax exclusion work like an IRA?https://isihealthone.com/wp-content/languages/new/vibramycin.html In other words, can a gift for 2008 be made in 2009 as long as it’s made before the filing of 2008 tax returns, or some other marker of time?”
Today TaxMama hears from Debbie in Washington State who tells us, “We were affected by a Federally acknowledged disaster in December of 2007. The repair costs are in 2008, but I can’’t find where to claim them. What do I do?”
IR-2009-32, April 2, 2009 WASHINGTON —Victims of severe flooding in Minnesota and North Dakota have an extra 30 days, until May 15, to file their 2008 individual tax returns and pay any taxes due, the Internal Revenue Service announced today. Because the flooding has occurred within close proximity to April 15 –– the nation’s tax […]
IR-2009-30, March 30, 2009 WASHINGTON — The Internal Revenue Service announced today that taxpayers who buy a new passenger vehicle this year may be entitled to deduct state and local sales and excise taxes paid on the purchase on their 2009 tax returns next year. “For those thinking about buying a new car this year, […]