The IRS Deductions Blog

Posts Tagged ‘2008’

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Items on Amazon Right Now for 2009 Federal Income Tax Itemized Deductions:

Ten Tips For Deducting Your ‘Hobby’

Here’s how to keep Uncle Sam from claiming your small side business is really a hobby.

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.

Ever since the State stopped assuming that your only house is your primary residence, property tax bills shot up for everyone. Yes, if you have not declared the fact that your only residence is your primary residence ready yourself to cough up more in property taxes. The simple solution is to send in the Homestead Tax Credit Application or file an appeal.

This is turning up to be a new wave for tax assessors across the country to tackle. The figures are a deep matter of concern for the State itself. In other states in the country for example, The Wall Street Journal reported that in St. Tammany Parish, La., 15,000 residents — instead of the usual 500 — requested a review of their 2008 tax bills. Similarly the Cleveland Plain Dealer reported that Cuyahoga County, which sees approximately 1,300 foreclosures a month, faced three times as many appeals in 2007 compared with previous tax cycles.

On the other hand, while prices of residential properties dipped to 27% from the 2006 peak to the end of 2008, according to the S&P/Case-Shiller Index, while the amount municipalities collected in property taxes climbed to 12% from 2006 to 2008. These figures are a clear indication why more and more people are opting for re-assessment of their property taxes.

Of late, due to the dip in sales prices, the assessments on houses are higher for the sales price than they used to be earlier. The point here is that you possess the right to contest that your property needs to be re-assessed so that you eventually end up paying lesser taxes. For people who haven’t bought a property recently but have been staying in the same property since sometime now, the taxes soared with the incline of property rates too.

Your options:

Smart Steps

The State reviews hundreds or probably thousands of such applications on a regular basis and you need to hit bulls-eye when your case comes up. Seek advice from neighbors or friends in your area who have beaten the same path for small tips to improve your proposition. Once done, happy tax savings are just at arms length.

Items on Amazon Right Now for Tax Deductions For Individuals 2008:

IT contractors’ financial review of 2009

The year that was 2009 was certainly an unprecedented 12 months for the UK’s contractor community. What follows is a potted history for contractors of the key financial landmarks that shaped the year

2008 / 2009 Tax Tip of The Year

Question: Why do conservatives object to tax caps on health care plans?

For starters, cons, the caps was McCain’s plan.

Secondly we need not some $8000 cap, we need 0$ cap, that is the end to tax subsidies of health care. Once health care plans are no longer tax deductible, the employers will abandon group plans, and give you the cash instead. You will have to buy you insurance in individual market.

Individual market was never subsidized by Tax Deductions. The result (according to CBO) is that individual health insurance plans cost ony one third to one half of group plans.

Answer: There shouldn’t be any tax cuts for anything. Why should the government make me pay more because of the way I choose to live?

If you rent instead of buying a house, you pay more taxes. WHY? How is a renter ever supposed to afford a home when he’s paying more in taxes?

If you have kids, you pay less in taxes, yet use more government services (schools, school busses on the roads, parks, etc.). You should pay MORE when you have kids.

The list goes on and on.

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Items on Amazon Right Now for Tax Deductions For Individuals:

USCIS Grappling With The Right Of A Corporation To Petition For Its Owner For An H-1B Visa

I previously wrote an article, FURTHER AAO SUPPORT FOR THE RIGHT OF A CORPORATION TO PETITION FOR ITS OWNER FOR AN H-1B VISA , expressing optimism for then new persuasive authority in the form a non-precedent decision from the Administrative Appeals Office (“AAO”) that highlighted the legal separation between a petitioning entity, a graphic design firm, and the beneficiary/owner, which sought to …

Tax Tips – Tell me… “What are the ways to avoid undue tax deductions?”

Question: tax Q 1040 first time homebuyer?

My dad and I bought a house in 2008 .Both My dad and i are named on title and mortgage I fill up form 1040 for myself and I deduct all interest , insurance premium and tax ( itemize tax deduction) from my income but I claim 7500 tax credit ( first time homebuyer ) on my dad tax return and he use standard deduction (form 1040). Do you think I could do that?
One more question, if I buy home in 2009. Do you think I can get 8k credit as first time homebuyer?

Answer: If your dad is a home owner and his name is on the title, you will not qualify for the $7500 credit. Both of you have to be a first time home buyers. If you do qualify then you should have claimed 1/2 of the $7500 on your return and half on his. I also believe that you can claim whatt you have paid on the interest and property tax on you sch A.
You can only deduct MPI (Mortgage Premium Insurance) not casualty insurance.

Items on Amazon Right Now for Itemized Deductions 2009:

Last day for 2009 tax write-offs

Getting a little money back from Uncle Sam by donating to non-profit organizations is a way to assist those in need and also receive some Tax Deductions for your 2009 income taxes.

2009 tax changes brought to you by Corey & Associates Tax Accountant 305-823-9228