I thought you might find this list of tax provisions expiring 12/31/07 helpful as you do year-end tax planning. TAX PROVISIONS EXPIRING 12/31/07 * Deduction of up to $2,000 or $4,000 (depending on income) for college tuition. * Option to deduct state and local sales tax instead of state income…
As you prepare for the upcoming tax year, I thought you might find this brief rundown of 2008 tax changes useful. * ADOPTION TAX CREDIT increases to $11,650 for adoption of an eligible child. * SECTION 179 maximum deduction increases to $128,000. Phase-out threshold increases to $510,000. * STANDARD MILEAGE…
Nothing strikes terror in the heart of American taxpayers quite like finding a letter in the mailbox from the IRS! In an effort to help you avoid that unpleasant scenario, provided below are examples of some common pitfalls to avoid if you don’t want the IRS lining up to be…
You’ve just picked up your mail and … uh oh, there among the ads, bills and too numerous offerings for credit cards is that official looking letter from the Internal Revenue Service. A feeling of dread comes over you…but don’t panic or toss it, and please DO open it. It…
Has it been awhile since you filed a tax return? Feeling guilty? Scared? Don’t know what to do? Do you even need to file? Many people become non-filers each year for a number of reasons. They lose the paperwork, they couldn’t pay, or they forgot about it. Sometimes illness, family…