The IRS Deductions Blog

Posts Tagged ‘2009’

Question: What the average Tax Deduction from a Car Donated to Charity?

average Tax Deduction from a Car Donated to Charity

Answer: I don’t know that there are any records around to quote. I do know that legally, the value for tax deduction cannot be more than the blue book value. I also know that many people donate used vehicles with too many problems to fix themselves. However, on the other end of the spectrum there is Jay Leno donating a top of the line motorcycle for charity — he is not the only one, just the only one that came to mind.

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

2009 Year End Tax Tips; 2009 Year End Tax Deductions

Believe it or not, tax time will soon be here. 2009 is drawing to a close and 2-On-Your-Side’s Financial Expert Joe Curatolo has some easy “Ways 2 Save” year-end tax tips of things you can do now that will help when you pay your taxes in 2010.

New Car Tax Credit Video – NewCars.com Quick-Tips

Let’s face it… Getting your taxes right was always important. No matter if you are single, married, have children, don’t have children, work for a large company or are self employed, getting your taxes done right can make a big difference. Having your taxes properly prepared ensures, not only that you get the right deductions and receive the maximum amount of refund owed to you, but it also makes sure that if you owe taxes, you won’t end up overpaying. So no matter which way you look at it, proper preparation of your taxes actually saves you money!

This leads us to the very important question…. “How do you make sure that you get your taxes done properly?” Well here are some things you should consider. First of all, no matter what your filing status is, unless you are a tax professional yourself, it is always best to find a tax professional that you trust to prepare your returns. A lot of people have the perception that preparing and filing their own taxes is easy and it saves them money. In a very few cases, this might be true but for the vast majority of people, preparing and filing your own taxes may actually be more costly. Almost every year, some portion of the tax code changes. If you are not a tax professional you, more than likely, will not be aware of the current years’ changes and not knowing the rules will not be an acceptable excuse should you be audited and mistakes are found. If you accidentally overpay your taxes, that may not be such a big deal, but why take that chance? You want to be sure that you get back every dollar that you are entitled to. In the worst case scenario, should you underpay your taxes; that could lead to expensive penalties, court costs, attorney fees and even jail time. Why run the risk. Tax professionals are kept up to date with all the changes of the tax code and the nuances of the ever changing rules, so they are the best option when it comes to preparing your taxes properly.

If you own a business, the preparation of your taxes gets much more complex. You now have to not only file your personal taxes (which will include salaries, bonuses and any other dividends that you have paid yourself from the company), but also your corporate tax returns. If you own any stocks, bonds, annuities, property such as vehicles, furniture, office equipment, etc or real estate (residential or commercial, personal or investment), then all of these things will have to be taken into consideration as well. A tax professional will be able to help you understand exactly what is and what is not deductible, how much you can deduct for each type of deduction and how best to structure your finances so that you only pay what is rightfully and legally due and no more. They can also advise you as to where your monies should be stored (and how much) for maximum tax benefits and protection.

Especially if you are starting a business, a good tax professional should be one of the first things that you acquire. They can be very beneficial in assisting you with the financial foundation of your business including payroll services, accounting, bookkeeping, sales tax, business planning and more. This will ensure that your business has a solid foundation to build on and give you a better chance for success.

When looking for a tax professional, find out what states they are licensed for. Choosing someone that is not licensed in your state could prove costly. Secondly, ask if the person you are dealing with is a CPA. A Certified Public Accountant (CPA) is the statutory title of qualified accountants in the United States who have passed the Uniform Certified Public Accountant Examination and have met additional state education and experience requirements for certification as a CPA.

If you are in the DC / Metro Area JMU Tax & Financial Services would be a great choice for your tax and accounting needs. With 5 locations and staffing fully qualified CPA’s they have the knowledge and experience to assist you with a variety of services.

Items on Amazon Right Now for Deductible Sales Taxes:

Saving Cents: Tax tips for 2009

You can still take some last-minute steps to cut down on your 2009 federal income tax bill.   HOUSTON—There are a few days left in 2009 for those who want to take action to chip away at the amount you owe in 2009 federal taxes. There’s a bit of good news for those who lost their jobs this year. The first $2,400 of your unemployment benefits are not taxable. Plus, job-hunting expenses are …

Tax Deduction Tips for Businesses : Filling Taxes with Installment Sales

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

It is perhaps known to all what a health insurance plan is. Still for the sake of our discussion it can be said that a health insurance plan is a helping aid for your unexpected medical costs. It is a contract between an individual and an insurance company in which the type and amount of health care costs that would be covered by the plan are specified and for which the individual agrees to pay premiums. These contracts are renewed either monthly or annually.

However, the origin of the health care insurance plans can be traced back in 1694 when it was first proposed by Hugh the Elder Chamberlen from the Peter Chamberlen family. The first form of health insurance plans was available in the market as the accidental insurance plans during the late 19th century. The first accidental insurance plans were somewhat like the modern day disability insurance plans. And until the start of the 20th century there were no other health care insurance plans other than these accidental insurance available in the market. Therefore the accident insurance plans can easily be considered as the first form of health care insurance available in the market. However after the regulation of the law during the beginning of the 20th century this type of insurance was categorized under the disability insurance.

However, with the signing of the contract the individual needs to pay his premiums either monthly, quarterly or annually as mentioned in the contract and on behalf of which the insurance company is bound to pay for the medical costs, co payments and deductibles as mentioned in the contract for the specified plan. However, the fact is that no payments would be made on behalf of the company more than what is written in the contract paper. And along with this it should be mentioned that the Original Medicare plans does not cover all of your Medical costs. Therefore there remains always a gap between the Medicare policy coverage and the actual medical bill payable by you. Thus in this case if you need total coverage then you must be needing a Medicare Supplement Plan along with your Original Medicare policy so that you can pay off all your medical bills.

Now the question is what are Medicare Supplement Plans? The Medicare Supplement Plans are supplementary health insurance policies soled by the private health insurance companies to bridge the gap between the policy coverage of the Original Medicare and the total amount of medical bill payable. For this reason these plans are also known as the Medigap policies. These plans are solely under the administration of the private insurance companies. But the fact is that there are only twelve standard Medicare supplement policies that these companies can sell. These plans are categorized under the letter covers A through L.

The point to be noted is that each of these Medicare Supplement Plans have their own set of benefits and each and every company should provide the same benefits for the plan under same letter head. This means that if you purchase a Medigap Part C plan from a company then the company is bound to provide you the same benefits provided by the other companies or as mentioned in all part C plans. But along with that it should be remembered that the amount of premium payable can differ from other companies.

Items on Amazon Right Now for Medicare Premiums And Deductibles:

Program helps Medicare recipients pay for their prescription medicines

Area Medicare recipients could qualify to save an average of $3,900 on their prescription drugs with the Extra Help program.

Had enough of Bill Shuster? Vote for Tony Barr

Question: How much is the standard deduction going to be for 2009 (2008 tax year)?

hor head of household

Answer: From the IRS:

The new standard deduction is $10,900 for married couples filing a joint return (up $200), $5,450 for singles and married individuals filing separately (up $100) and $8,000 for heads of household (up $150). Nearly two out of three taxpayers take the standard deduction, rather than itemizing deductions, such as mortgage interest, charitable contributions and state and local taxes.

Items on Amazon Right Now for Standard Deduction 2009:

Tax Tip: Don’t Call The IRS

Phone service deteriorates as Congress loads on complications