The IRS Deductions Blog

Archive for October, 2009

Question: With IRS energy tax breaks no longer deductible in 2009, what else can I do to write off my taxes?

2008 Income Taxes–How to negate the damaging effects of deductions that will be taken away from the IRS effective 2009.

Found out that doing energy-saving write-offs for your IRS taxes will no longer be deductible in 2009.

Answer: Read about:
- adjustments to income: http://www.irs.gov/publications/p17/pt04.html

- Itemized Deductions: http://www.irs.gov/publications/p17/pt05.html

Items on Amazon Right Now for Tax Deductions 2009 Energy:

UPDATED: Year-end tax tips from local experts

SANDUSKY ‘Tis the season to pay taxes. The April 15 deadline to file a federal income tax return looms, and the folks who give advice on such things suggest giving that fact some concentrated attention well before April 14.

2009-12-6 LBNH Energy Pros & Habitat Restore.flv

Question: Can anyone explain how the contributions under IRC Section 415(c)(1)(A) are treated?

The question is: In a Safe Harbor 401k, the regular employee deferral limit of $15,500 plus the over 50 $5,000 catch-up contribution would allow elective deferral of 20,500. Plus, if the HCE is making $200k, another $8,000 of matching contributions would be allowed for a total of $28,500. However, under IRC Section 415(c)(1)(A) the total amount contributed is limited to $46,000 for 2008 plus the $5,000 catch-up for over 50 for a total of $51,000. Where does the extra $22,500 come from (51,000-28,500)? Is it an employee or employer contribution and is it tax deductible?

Answer: It would be an employer contribution. Employers can make multiple types of contributions to a plan, not just the safe harbor. Also, an employer could have a second plan in which they make a contribution, a percent of the employees compensation, for example. All of these contributions combined cannot exceed the $51,000.

Yes they are tax deductible to the employer and the employee until withdrawn from the plan.

Items on Amazon Right Now for Are 401k Contributions Deductible:

Retirement Accounts Collecting Cobwebs

The majority of Individual Retirement Account — or IRA — investors are not contributing to them, a new ICI study shows, underscoring a looming retirement crisis. Retirement – Individual Retirement Account – United States – Seniors – People

“St. Louis Park Today” – Monday, April 20, webcast

Bergen, The 2.nd Largest city in Norway has a reputation for bad weather and not without reason. It’s raining over 260days every year with a total of 2250mm. This summer (2008) has been and are probably going to be the driest in 72years with 14mm precipitation in May.

There’s no better place to be than on Bryggen in Bergen with a cold beer , when the sun is setting behind the city fortress – Rozenkranz-tarnet.

Bergen was the largest city in Scandinavia until the 18th century. Today the latest count says that 242.158 people living in Bergen (2006).

Tourist agencies are marketing Bergen as the “City with a town feel” and it’s quite right. Very few of the buildings are more than 4stories high and there are large parts of the city that looks like they did over 150years ago. Bergen is really small, it takes around 5minutes to walk across the city center.
The fish market is a must to experience , as this is the traditional place where all the fishermen used to come from the areas around the city to sell their fish. Today it is mostly populated by tourists.

Bergen got great opportunities for hiking the seven mountains around the city , and also serves as a gateway for ferries and cruise ships that runs to the great fjords.

Thursdays are the best day to go out drinking as most of the students are going out on Thursdays. Fridays and Saturdays are nice as well, but the beer is much cheaper on Thursdays

Places around Bergen worth seeing:
Odda – For walking on the Folgafonna Glacier
Voss – For winter/summersports
Myrdal – The Flamsbanes Scenic Railway

Items on Amazon Right Now for Tax Deduction Norway:

Cleaning up oil with peat moss

Researchers have developed a peat moss product that turns out to be a highly effective absorbent for cleaning up oil spills.

Glenn Beck 20091210 Part 4/4

Question: What is the best way to get rid of old clothes, shoes, housewares, etc?

I was told to donate to charity, but how do you do that? Do I just pick a thrift store and drop my stuff off? Also what about tax credits deductions, how do I get that?

Answer: ha yea pretty much…
or a good will
or a grage sale

Items on Amazon Right Now for Tax Deduction Work Clothes:

IRS wants receipts, not your word, to value charitable giving

If you’re giving cash, cars or clothes, make certain to consider what will and what won’t work next April.

Tax Deduction Tips & Advice : How to Use Work Clothes as a Tax Deduction

What is wage garnishment?

Wage garnishment – an explanation

Items on Amazon Right Now for 2010 Standard Deduction Irs:

IRS alerts new car buyers about tax break

Taxpayers who are considering buying a new car to take advantage of a tax break for new car buyers should do so before Thursday because the benefit may not be around in 2010.