According to a recent study by the Joint Committee on Taxation (a nonpartisan committee of the United States Congress), more than 50% of US households had zero income tax liability which means they paid no federal income tax in 2009. Almost 30% of US households got their income taxes back plus additional funds thanks to [...]
In the last week, I have received about one email per day from someone claiming to be the IRS. The messages are all the same and tell me the IRS could not process my tax return because I did not provide all of the required documents. The message has a .zip file attachment and goes [...]
Someone recently asked me, “Can I contribute to a Roth IRA if my taxable income is solely from dividends and interest?” The answer to this question is – no. In general, you can contribute to a Roth IRA if you have “taxable compensation” and your adjusted gross income (AGI) is less than: • $177,000 for married [...]
As part of the American Recovery and Reinvestment Act of 2009, taxpayers who bought a new motor vehicle this year may be entitled to a special tax deduction for the sales and exise taxes on the purchase. This deduction is available to taxpayers regardless of whether they itemize deductions or choose the standard deduction. Taxpayers [...]
We like to talk about taxes (mostly, I’d say, complain about taxes), but the truth is most Americans really just do not understand alot about taxes. I can think of no system that is so universally applicable and yet so misunderstood and under taught. Sure, the subject is politically charged, and everyone has an opinion [...]
On January 25, 2010, the IRS announced taxpayers who give to charities providing earthquake relief in Haiti can claim these donations on the tax return they are completing this season.
