The IRS Deductions Blog

Posts Tagged ‘2009’

Question: Frank is a resident of a state that imposes a tax on income. The following information pertaining to Frank’s?

state income taxes is available:
State income taxes withheld in 2009$3,000
Refund received in 2009 of 2008tax300
Assessment paid in 2009 of 2006 tax800

Assuming he elects to deduct state and local income taxes, what amount should Weber use as state and local income taxes in calculating Itemized Deductions for his 2009 Federal income tax return?
a.$2,700
b.$3,000
c.$3,500
d.$3,800
e.None of the above
Would the correct answer be (b).

Answer: The answer is d. He can use the 2009 state income taxes they withheld of $3000 as an itemized deduction, and he can take the $800 he paid for 2006 state taxes as an itemized deduction also!
the $300 state refund he got for 2008 has to be reported as income, on other income!

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

Jackson Hewitt® Shares Tax Tips on Preparing for Hurricanes, Tornados and Other Severe Weather

According to The Federal Emergency Management Agency , there have already been 49 disasters declared thus far in 2010,* with several months still remaining in the year.  With annual hurricane, wildfire and tornado seasons underway and flood season just beginning, Jackson Hewitt Tax Service® shares tips for taxpayers living in areas prone to severe weather â to help them understand what steps …

The New 2009 Tax Deduction for Car Buyers

Question: Delivery Driver Tax Deductions?

I have driven 32,512 miles in 2009 for delivery.
I have a detailed mileage report of my starting miles, and ending miles each day.

Using turbo tax deluxe i am getting NO refund whatsoever when putting this data in.
I even put crazy high numbers to see what would show up, and no change….

Did some laws change or what gives?
Last year it was only like a 500$ difference, but 500$ helps alot when you spend 2,680$ on gas in 1 year….

USA, Texas, Travis county, Austin
about 16,000$ a year.
+ 4,000$ in tips

Filing single.
New home owner (got that 8k for me)
No dependents…
tips ARE reported by my employeer
So they are “added” to my paycheck, thus taxed. Then the tip is deducted from my check so i dont get double tiped

Answer: If you take the IRS standard mileage rate of 54.5 cents per mile that will be OK and you won’t have to keep track of other expenses. I’ll bet that after doing this you will find you are working for free..

http://www.taxdeductionsbenefit.com/

Items on Amazon Right Now for 2009 Tax Mileage Deduction:

ARRL Board Considers Celebrations, Changes and Conferring of Awards at 2010 Second Meeting

The ARRL Board of Directors held its Second Meeting of 2010 July 16-17 in Windsor, Connecticut, under the chairmanship of President Kay Craigie, N3KN. International Amateur Radio Union (IARU) Secretary Rod Stafford, W6ROD, and Radio Amateurs of Canada (RAC) President Geoff Bawden, VE4BAW, were guests of the Board. At the two-day meeting, the Board considered a number of reports and acted on sev…

Current Allowable Automobile Mileage Tax Deduction 2009, 2010

Question: Can I put my property tax payment for 2009 on line 7 in schedule L ?

Don’t seem to get above the 11,400 standard deduction this year itemizing this year, so can I use line 7 on schedule L to put the property tax I paid last year, which is over the line 8 entry of 1,000 and add to my standard deduction to make it 12,400 and use on my federal return? Is real estate tax and the property tax I paid on my house last year the same> Thanks

Answer: yes

Items on Amazon Right Now for Standard Deduction Federal Tax 2009:

ABCs of Post-Storm Tax Recovery: Assess, Bounce Back, Continue

Tax, Financial Information Have a Place in Emergency Kits

Tax Tip: Addilional Standard Deduction

Question: How do I claim the out-of-state sales tax on a new car purchase on my taxes?

I bought a new car in Florida but transferred a plate for Michigan. I had to pay sales tax for BOTH states at the time of purchase. I was told I would get the FL tax $ back when I filed for 2008. Can I only get it back if I have enough in itemized Tax Deductions??”

Answer: Unfortunately, this is an addon to the sales tax deduction–which only helps you if you itemize for 2008.

Items on Amazon Right Now for Sales Tax Deduction New Car:

Teams needed to support New Hope efforts

It is time for area residents to gather a team, dust off the walking shoes, and bring the best fundraising ideas to the table as the New Hope Foundation Walk is right around the corner.

Calculating Taxes : How to Calculate Auto Sales Tax

Items on Amazon Right Now for Tax Deduction Mileage 2009:

Taxes 101: H&R Block Gives High School Students, College Graduates First-Job Tax Tutorial

KANSAS CITY, MO–(Marketwire – 05/27/10) – Graduation, commencement — whatever you call it, big milestones like these require big celebrations and presents. After all the graduation money is spent and people have stopped saying “congratulations,” they may be asking about work. Not school work, but “work” work. For high school students working their first job and college graduates entering the …