Alternative Minimum Tax – facts

Alternative Minimum Tax (AMT) attempts to ensure that anyone who benefits from certain tax advantages pays at least a minimum amount of tax. Here are seven facts about the AMT and changes to this special tax for 2009. Tax laws

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Posted in Alternative Minimum Tax (AMT)

up to 15% of your Social Security benefits can be levied by IRS

Through the Federal Payment Levy Program (FPLP), Social Security benefit payments outlined in Title II of the Social Security Act, Federal Old-Age, Survivors, and Disability Insurance Benefits, are subject to the 15-percent levy, to pay your delinquent tax debt. However,

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Posted in IRS Levy, Social Security

Missing a W-2 form – what to do

Getting ready to file your tax return? Make sure you have all your documents before you start. You should receive a Form W-2, Wage and Tax Statement from each of your employers. Employers have until February 1, 2010 to send

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Posted in Taxable Income

Tax implications of unemployment benefits

Taxpayers who received unemployment benefits in 2009 are entitled to a special tax break when they file their 2009 federal tax returns. This tax break is part of the American Recovery and Reinvestment Act of 2009.  Here are five important

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Posted in Unemployment

Tax Credits for Education Expenses

College can be very expensive. To help students and their parents, the IRS offers the following five ways to offset education costs. The American Opportunity Credit This credit can help parents and students pay part of the cost of the

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Posted in Dependent, Education Expense, Student Loan, Tax Credit

Taxpayers with disabilites – tax credits and benefits

Taxpayers with disabilities may qualify for a number of IRS tax credits and benefits. Parents of children with disabilities may also qualify. Listed below are seven tax credits and other benefits that are available if you or someone else listed

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Posted in Dependent, Disabled Tax Credit, Tax Credit

What income is taxable?

While most income you receive is generally considered taxable, there are some situations when certain types of income are partially taxed or not taxed at all. To ensure taxpayers are familiar with the difference between taxable and non-taxable income, the

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Posted in Accounting Method, Business Expense, Capital Gain, Capital Loss, Deductible Expense, Moving Expenses, Net Operating Loss, NOL, Tax Guidance & Preparation, Tax Problems & Requests, Taxable Income

New Vehicle Sales and Excise Tax Deduction

If you bought a new vehicle in 2009, you may be entitled to a special tax deduction for the sales and excise taxes on your purchase. Here are eight important facts the Internal Revenue Service wants you to know about

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Posted in Sales Tax

Sex Change Surgery Is a Deductible Medical Expense (But Not Breast Augmentation)

Tax Court: In a long-awaited decision, a fractured (8-5-3) Tax Court today ruled in O’Donnabhain v. Commissioner, 134 T.C. No. 4 (Feb. 2, 2010), that male-to-female gender reassignment surgery qualifies as a deductible medical expense under § 213, reversing the

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Posted in Deductible Expense, Medical Expenses

Aliens and ‘Taxation Without Representation’

Erin E. Stefonick (J.D. 2008, Florida Coastal) has published Note. Find 10 Fla. Coastal L. Rev. 691' target=_blank>The Alienability of Alien Suffrage: Taxation Without Representation in 2009, 10 Fla. Coastal L. Rev. 691 (2009). Here is part of the Introduction:

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Posted in Tax Abuse, Tax Court, Tax Guidance & Preparation, Tax Problems & Requests, Tax Relief, Undocumented Alien
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