Kiplinger tracked down the tax implications of the health care reform bill Barack Obama signed into law Tuesday. [More]
taxes
Tax Tips: The Vegas Rule of IRAs
By 3.24.10
We’ve all heard the slogan “What Happens in Vegas Stays in Vegas.” When it comes to an IRA, the same rule — What Happens in Your IRA Stays in Your IRA — applies for income tax reporting. [More]
Tax Tips: Commuting Isn't Deductible
By 3.23.10
You can’t claim a business travel deduction for commuting — driving from home to your place of business, or your first business stop of the day, and from your place of business, or your last business stop of the day, back home. [More]
Tax Tips: Gas Money from Uncle Sam
By 3.22.10
While you might pay more at the pump if you live in California instead of Missouri, you’re going to get the same mileage deduction for business travel in both states. Here are the other key facts you should know about business travel deductions. [More]
Tax Tips: Home Office Deductions
By 3.19.10
Some employees don’t work in an office, store or other business location. A good example is commission salesmen for out-of-state companies — they work out of their homes. They may be able to claim their home office as a miscellaneous deduction on Schedule A. [More]
Tax Tips: Road Warrior Deductions
By 3.18.10
If you use your car for business, and are not fully reimbursed by your employer, you can claim a deduction as an employee business expense on Schedule A. [More]
IRS Raids Car Wash To Collect On 4 Cents
By 3.16.10
Two IRS spooks descended on Harv’s Metro Car Wash in midtown Sacramento to collect on a four-cent debt. “They were deadly serious, very aggressive, very condescending,” the owner of Harv’s said. [More]
Stay On Top Of New And Overlooked Deductions
By 3.15.10
Are you up-to-date with all the tax code changes this year? The TurboTax blog rounds up some of the newest tax credits and highlights deductions that people sometimes sleep on, like the long-term resident credit and unemployment and job search deductions. More coin in your coinpurse means you can buy all the churros you want this year! Update: Looks like we broke their blog. Here’s a cached copy of the post in question. [More]
Are You Eligible For Tax Credits? Follow This Handy Flowchart
By 3.12.10
Do you suspect you may be eligible for tax credits for to purchasing a new home or remodeling an existing one, but would like a sleek, simple infographic to guide you? Fixr is here to help, with a simple guide to this year’s tax credits. [More]
Use This Calculator To Set Your Paycheck Withholdings
By 3.12.10
Tax refunds are fool’s gold, because they’re interest free loans you’ve been floating to the government all year long. The ideal move is to have just the right amount deducted from your paycheck each week so you’ll pay a small amount come tax time. [More]
Making The Most Of Medical Expense Tax Deductions
By 3.10.10
Kiplinger has advice on on how to maximize your medical expense deductions at tax time. You can only deduct out-of-pocket expenses that exceed 7.5% of your adjusted gross income, so you should try to bundle medical procedures in the same year if possible. [More]
Amazon Cut Ties With Affiliates In Yet Another State Over Taxes
By 3.9.10
The ongoing debate about whether or not to levy sales tax on online purchases got another talking point yesterday, as Amazon.com reacted to one such law in Colorado by completely dropping all of its affiliates in the state. [More]
Will The Soda Tax Do Anything To Curb Obesity?
By 3.1.10
There’s a movement in New York to have the state pass a so-called “soda tax” that impose taxes on soft drinks containing more than 10 calories per 8 ounces. Among the beverages included would be just about all non-diet sodas, sports drinks, energy drinks, sweetened coffees and teas (only in bottles), and fruit and vegetable juices containing less than 70% natural juice. According to the ads being run by the supporters of the tax, the goal is to curb childhood obesity. But will it really work? [More]
Tax Tips For Gay Couples
By 2.26.10
There’s a reason why same-sex couples end up spending an average of $12,300 more over the course of a lifetime in tax prep fees: it’s more complicated! To help guide gay couples through the murk and mire, NYT Bucks Blog has a comprehensive guide to pitfalls and considerations to keep in mind when filling out those forms. Gay rights may divide our country, but nobody likes doing taxes.
Tax Tips for Same-Sex Couples [NYT Bucks Blog]
5 Tax Changes The IRS Thinks You Should Know About
By 2.25.10
The IRS tells Tax Cat that the rules have changed slightly this year. Learn how you can benefit. [More]
TurboTax Stuck My Friend With $15 Fee For Service He Didn't Use
By 2.23.10
Norbert says he spotted a $15 fee for “Unlimited Ask a Tax Expert” on his friend’s return, and customer service told him he’d either have to pay the fee or re-do his return. The friend paid the fee and are now awaiting the refund. [More]
10 Ways To Provoke An IRS Audit
By 2.22.10
Life can get a little humdrum sometimes, so why not shake things up with an IRS audit? You can’t just check off a box and get an audit, you’ve got to earn it. You’ve got to provoke them. Here’s 10 ways to get some IRS agents knocking on your door: [More]
I Owe More Taxes Than I Expected: Should I Hire An Accountant?
By 2.19.10
Tax Cat here! Filing your income taxes can be even more unpleasant than going to the vet for shots. Especially if, like reader Fletcher, you dutifully filled out your tax return and discovered an ugly surprise: you owe more money than you expected. A lot more. [More]
