The IRS Deductions Blog

Posts Tagged ‘2009’

Question: MIleage reimbursement/tax deduction?

I know that the federal rate for tax deduction is 58 cents per mile driven for work related expenses. For my job, I have to take consumers from their home to doctor appoints, grocery shopping etc, and my company only reimburses me 34 cents per mile. Can I deduct the missing 24 cents per mile on my taxes if I have proof of my mileage driven?

Answer: Yes, if you have a log book with dates time and miles on the vehicle at start and finish of the jobs.

Items on Amazon Right Now for Tax Deduction Miles:

Automatic Mileage Logger For years independent business owners have relied solely on pen, paper and sheer will to deduct mileage at the end of every tax year. As the government raises mileage rates, now at $.505, it’s becoming more and more appealing for micro business owners to keep legitimate mileage log books. You of course know what increases in mileage tax rates mean…increased IRS audit scrutiny. Until recently …

Drew Miles on Maximizing Business Tax Deductions and Tax Write-offs

Question: Tax Deductions for a former RE agent?

I was a real estate agent at the beginning of the year of 2009, but unfortunately due to the slow market, I made no sales but racked up a ton of related bills. I understand that these things are tax deductible, but I made no income from my brief time there. Am I still eligible for any deductions seeing as how I made no income from the job and still had to pay bills and taxes, etc. Thanks in advance for any and all pertinent answers.
To clarify, I only started as an RE agent this year and since I made no headway I had no choice but to find a new job in order to recoup my losses incurred while being an RE agent.

Answer: If you had income last year from being an RE agent, the IRS is going to understand if you had no sales this year.

In fact, if you have substantial negative income, you may have a Net Operating Loss that you can carry back to prior years.

Items on Amazon Right Now for Sales Tax Deduction 2009:

Taxes 2009 For Dummies (Taxes for Dummies) $1.95 The one-stop tax guide for the first-time or last-minute filerUpdated and revised for the 2008 tax year, Taxes 2009 For Dummies is the only tax guide on the market that walks readers through the major tax forms line by line, including the 1040 Schedules A through E. Filled with helpful tips and strategies for filing income tax returns accurately and on time, this book is aimed at individuals who w…

TurboTax Home & Business Federal + E-file + State 2011 $63.99 This tax software features the EasyStep® Interview for a step by step guide to efficient calculations in deductions, investment sales history and other tax-related issues. Ideal to use if you are a sole-proprietor, consultant, 1099 contractor, self-employed or a single-owner of LLCs; this software features ItsDeductible®, Audit Risk Meter® and Cost Basis Lookup to help accurately calcu…

TurboTax Home & Business Federal + e-File + State 2010 – [Old Version] $5.50 Designed for sole proprietors, self-employed, consultants, 1099 contractors, and single-owner LLCs. Expanded interview walks you through entering business income and expenses to help you maximize business and personal deductions, home office deductions, depreciation and more. Create W-2 and 1099-MISC forms for your employees and contractors. The Intuit TurboTax Home & Business Tax Year 2010 Softwa…

H&R Block At Home 2010 Deluxe Federal + State + eFile [Old Version] $1.79 The right choice for customers with more complex tax situations to easily complete their federal and state returns. Includes the H&R Block tax expertise your customers trust plus our Maximum Refund Guarantee.H&R Block At Home Deluxe includes everything your customers need to easily complete their federal and state taxes with the tax expertise they trust. With an easy-to-use interface H&R Bloc…

Michael Mille & Jesse Duplantis Using Church Funds For Personal Gain (Lee Zurik Investigation)

Question: hwo much of the refund is taxable on her 2009 return?

Sandra Williams is single. She Itemized Deductions, including state and local income taxes, for 2008. She will not itemize for 2009. Her 2008 itemized deductions exceeded her standard deduction by $470. On March 2, 2009, she received a $520 state income tax refund, for which she did not receive a Form 1099-G. How much of the refund is taxable on her federal 2009 return? $0 $235 $470 $520

Answer: It doesn’t matter that she didn’t get a 1099. The full state taxes were claimed as a deduction, so the full amount of refund is income. $520

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

H&R Block At Home Deluxe 2011 Win [Download] $22.94 H&R Block At Home: Deluxe–Homeowners/Investors, Federal H&R Block At Home Deluxe is the right choice for those with more complex tax situations to easily complete their federal returns. It includes the H&R Block tax expertise you trust–plus H&R Block’s maximum refund guarantee. H&R Block At Home Deluxe includes everything you need to easily complete your federal taxes–with the tax expertise y…

H&R Block At Home 2010 Basic Federal + eFile [Download] $6.94 H&R Block At Home Basic The right choice for customers with simple tax situations to easily complete their federal returns. Includes the H&R Block tax expertise your customers trust–plus our Maximum Refund Guarantee. H&R Block At Home Basic includes everything your customers need to easily complete their federal taxes–with tax expertise they trust. Ideal for simple tax situations and easy for …

Senate Session 2011-06-30 (09:29:51-10:31:19)

Question: What is the Standard Deduction Amount on Federal Income taxes?

I was wondering what is the standard amount allowed. I was also wondering if it has changed for inflation in the last 10 years? I am disabled for 10 years (almost) and I am disabled so its been a long time since I had to file federal and state income taxes. I came into some inheritance money in 2009. So I was wondering what is the standard itemized deduction for myself that uncle sam gives me? That is to say: What does the government give for one individual in terms of dollars amount? I think I recently heard it was around 5,000. Thanks! Person who addresses ALL points here gets the best rating. Peace and Prosperity!

Answer: The standard deduction for 2010 if you file as a single, is $5700. If you file as head of household, it is $8350. If you file married, joint return, it is $11,400. The standard deduction may be increased up to $1000 if you paid real estate or property tax in 2009. You must file as single if you were not married or were married but legally separated under divorce proceedings on the last day of the year. You cannot file as head of household unless you meet all three of the following criteria:

* You are “considered unmarried,”
* You paid more than half the cost of keeping up a home for the year, and
* A “qualifying person” (usually a dependent) lived with you for more than half the year.

These amounts are not money “given to you”, rather they are used as credits to reduce the taxable amount of your income.

As far as your inheritance being taxable, it depends on how you received it. If part of an estate and distributed that way, the estate tax has already been paid and you will not pay taxes on it. If given to you as a “gift” separate from the estate, you will not have to pay tax unless the gift exceeds $13,000. If you received a 1099 form in conjunction with your inheritance, some or all of the money you received may be taxable.

You should also be aware that some states impose inheritance taxes (not to be confused with estate taxes), and are usually levied on a percentage based on your relationship with the decedent.

Items on Amazon Right Now for 2009 Standard Deduction Rates:

New tax rules to remember when filing returns this year

Tax rules are changing, and taxpayers should tune in as they prepare their 2010 returns and think about the coming year.New tax benefits for individuals and small businesses will help reduce tax burdens. “The good news is that tax rates are not going u

Income Tax Changes for 2011 (2010 Tax Returns)

Question: On what amount rs 547 is deducted as Income tax?

There is a deduction of 547 from my Apr 08 salary as income tax. it is said that the new 2008-09 slabs are not applied(Parliment is not confirmed the new slab) can any body tell me on what amount it is calculated?

Add Info: CTC 3.25 l
Investment Declaration 40 k
House rent 72k
please see the link for details

http://www.geocities.com/krishna_yess/untitled.JPG

Answer: Dear Krishna, my sincere advise, not to put this on the yahoo questions, it is better if you can consult an auditor.

Items on Amazon Right Now for Income Tax Deduction Slabs:

Couples can claim tax benefits separately

Success and a comfortable professional life is what most of us look for in our career cycle. While rising double incomes lead to both spouses paying their taxes individually, it also enables claiming of exemption/deductions separately by the couple.

FM goes easy on personal tax