The IRS Deductions Blog

Posts Tagged ‘2009’

Question: New Car Credit Questions regarding taxes.?

When I was trying to file my taxes last night, I put in the deduction for the right off on the sales tax for buying a new car last year. I noticed that when I put the deduction in, it only gave me $200 extra back for sales taxes paid of 2500. I was expecting to get the full credit back. can anyone explain if I’m doing something wrong? Should I receive the total sales tax back or not? Thank you all for your help! = )

Answer: It’s not a credit, it’s a deductions. At best, you only get your tax rate times the deduction. You are in the 10% tax bracket, so you only got $200.

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

Bolt into an electric car

From an unassuming office in South Melbourne, Singaporean-Australian businessman William Tien plans to help write the next chapter of automotive history.

McGeorge Tax Story_Track1.asf

Question: Will Obama’s Making Work Pay tax credit result in lower 2009 tax refunds?

In 2008, my wife and I both had federal exemptions and we ended up owing the IRS about $200. For 2009 we set all of our exemptions to 0, hoping to get a bigger refund, and now it’s looking like we are owing $1000. We made a little more, we had more deductions. Is Obama’s tax credit really hurting us that bad? Are most people going to be in the same boat?

Answer: In a short answer, yes. What the “Economic Stimulus Package” did do was what it intended – it gave more people more money to spend since April when it went into action, What no one stated was that it was a portion of your refund that you’d expect when your taxes were filed. Since it’s unlikely that the Act will be reversed, what you might consider it taking the amount you figure you owe and divide it by the # of times you get paid, then have that much more taken as an additional withholding, which is done by filling out a new W-4 at your employers.

Items on Amazon Right Now for Tax Deductions 2009:

Highlights of the tax package before the Senate

Highlights of the tax package up for a vote in the Senate on Tuesday. It would cost about $858 billion; most provisions, which were to expire Jan. 1, would be extended for two years, unless note…

Realtor Itemized Tax Deductions.wmv

Question: income tax questions?

on a 2009 federal tax return how much would a couple filing jointly pay in tax on 75000 after standard deductions and four exemptions?

Answer: If your income is earned income (salary, wages, etc.) as an employee (not self employed) and the two exemptions other than the husband and wife are minor children, then your tax bill would be $6,515, then you have credits of $2,000 (Child Tax Credit) and $800 (Making Work Pay Credit), bringing your total liability to $3,715.

I hope this helps.
Gary

Items on Amazon Right Now for Standard Deduction 2009 Federal:

Obama Faces Pushback From Democrats Over Tax Cuts

President Barack Obama confronted pushback from fellow Democrats today as he begins the job of selling his agreement with Republicans to temporarily sustain all the Bush-era tax cuts

Tax Tips & Information : Tax Deductions for Business Use of a Car

Question: Is there a special tax deduction for new cars purchased in 2009?

I purchased a new Malibu on December 30, 2009. Was there a special government incentive that involved a tax deduction?

Answer: you get to add the sales to your standard deduction, this is the only special benefit for those who are not able to itemize(Sch L)
and if you are in a state that has no sales tax, the excise tax and any based on the value of the car are are deductible

Items on Amazon Right Now for Tax Deduction Car Purchase 2009:

Globaldrive (UK) Var – Notice

Globaldrive (UK) Var – Notice

Recovery: Time Is Run Out – December 2009

Question: Can anyone help me come up with ideas for fundraising?

Here’s the scenario. Me and a group of about 14 other people are going to the Presidential Inauguration in January 2009. Each trip is $2,000, which means for all of us to go, we’d need $30,000. We are each paying for it, so basically whatever we fundraise, our trips will cost less. Anyways we have about $2500 saved up so far. We are going around to businesses asking for donations and we will also be selling candy at school starting next week.

So down to my question, anyone have any good ideas to help with raising money beside from the basics like garage sales and car washes? Anyone know any businesses willing to donate? Its tax deductible. Thanks for any information you have.

Answer: The good thing is that you still have some time before the dateline. But the amount is quite high, so I think the best way for you to go would be trying to find some ways to earn some advertising fees.

Try talking to the school counsil. Try asking if they can would allocate some spaces in the school book for your trip. That way, you could find some local businesses to help sponsor you, and you can place ads of them in the school book.

Haha how about designing a shirt with the names of those who sponsor your trip on the back. It might look very uncool, but it could help raise some money.

Or try having a special drama or play, or anytype of show that you think is appropriate. Many parents and townsfolk will attend. Tell them that the ticket price will go to help bringing the students to that event.

Hope this helps give you some ideas. Good luck!

Items on Amazon Right Now for Deductible Car Sales Tax:

Open Door Parent-Child Center Relies on Creative Fundraising

For 29 years, the Open Door Parent-Child Center, a non-profit agency serving Great Neck and its surrounding communities, has offered programs designed for the healthy development of very young children (infants, toddlers, 2-and-3-year-olds), who learn and play in a safe environment while their parents attend social worker-led support groups where they forge new friendships, gain confidence in …

Tips & Advice for Income Tax Deductions : Tips for Sale’s Income Tax Deductions