The IRS Deductions Blog

Posts Tagged ‘2007’

Question: Help on Schedule A – Itemized Deduction?

How do I get the value to put on Federal Schedule A – Itemized Deduction under taxes You Paid , Line 5 – State and Local Income Taxes? Where can I get the numbers to put there? Is it on my W2 Form? If yes, which boxes in W2 I need to add?
Thanks, I checked on PUBLICATION 17… it says add box 14 17 19. Thanks for confirming this!

Answer: That amount is found on your W-2 under “state income tax” (box 17). If you have local taxes as well (box 19), you add them to your state taxes to get a total.

Items on Amazon Right Now for Federal Income Tax Itemized Deductions:

IRS rule change may mean refund

Recently, in a surprise move, the IRS reversed its position regarding the tax reporting of community property income by registered domestic partners.

TaxPlus – Tax Information By Subject

Items on Amazon Right Now for Tax Child Deduction:

Wyden, Gregg Propose 24% Top U.S. Corporate Tax Rate (Update1)

Two senators proposed a bipartisan overhaul of the tax code that would reduce the top U.S. corporate tax rate to 24 percent from 35 percent in exchange for eliminating special breaks.

Paying Taxes : How to Determine When Alimony or Child Support is Taxable

Items on Amazon Right Now for Sales Tax Deduction Calculator:

Ten for ‘10: Follow these practical tips for stabilizing your finances

Breathe a sigh of relief. The financial rocky road of 2009 is nearly at an end. If you’ve weathered this year’s wallet-squeezing, here’s some how-to advice for keeping more money in your pocket in 2010. Take your pick from our “Ten for ‘10″:

Every single small and home-based business owner can easily save thousands of dollars each year in tax savings alone. “You have got to be cRaZy not to have one” says me.

Congress passed legislation that allows HUGE tax savings to encourage your success. They’ll even let you take Tax Deductions on losses from your home-based business, year after year, as long as you are actively and legitimately pursuing to make a profit.

Individuals who run a part-time or full-time home-based business qualify for a greater range of tax deductions than any other category of taxpayer! Even the super-rich can’t get the tax savings that YOU can get, simply by managing a home business that in all actuality may only take a small amount of your time to run. You could be saving yourself a lot of cabbage!

Did you know that in most cases the majority of wealthy individuals, along with the “rich and famous,” pay less than 15% in taxes, while the “average North American” pays upwards of 50% in Federal, State and Social Security Taxes? (This infuriates me!)

However, did you know that 70% of the job growth is coming from small businesses? Yeah that’s right! People are starting to catch on and the home-based business, industry has never seen such highs! People are really starting to take advantage of these tax savings and that’s always fantastic to see! Power to the people!

For the most part people, just like yourself are overpaying their taxes by thousands of dollars, or more, every year, and they don’t even realize it! Get this, the average tax payer actually believes that getting a refund from the IRS is a good thing!

The fact of the matter is, if you are getting a refund every year you are actually giving Uncle Sam an interest-free loan. Yep! He gets to keep your hard earned money (tax refund) throughout the year and can use it for whatever the legislators feels fit to do with it. This is money you could be putting back in YOUR own pocket to help YOU build and grow YOUR own home-based business! These are YOUR tax savings people, wake up! Stop complaining and do something about it!

I’m sorry…I’m screaming at the computer now, I’m just trying to get my point across here, actually NO, I’m not sorry. Can you tell I’m passionate about this? I’m not an overly religious person but this quote just seems fitting. “God Helps Those Who Help Themselves”

In order to ensure that you don’t miss some large tax deductions that could save you a great deal of money, it is wise to consult with an income tax professional so that you don’t miss any of commonly missed tax deductions.

Go get what is rightfully yours….Tax Savings!

Items on Amazon Right Now for 2008 Tax Itemized Deductions:

Charities benefit from end-of-year giving

A constant stream of cars and SUVs approached the loading dock at the back of the Goodwill store in Annapolis early yesterday afternoon, and employees were gearing up for even greater numbers today.

TaxPlus – Tax Information By Subject

Question: Can someone need help with a real estate tax question?

So, I paid my home’s 2008 real estate tax bill in January 2009. Can I claim the real estate taxes I paid in my Itemized Deductions for tax year 2008?

Answer: No, you can only claim it in the year that you paid it. If you pay your 2009 taxes before Dec 31, 2009 you can claim both 2008 and 2009 next year.

Items on Amazon Right Now for Itemized Deductions 2008:

For-profit health care

The dilemma seems to be whether to look at health care as a commodity to be traded in the market or as a human right to be guaranteed and protected by our government.