The IRS Deductions Blog

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Question: I need help with 2008 taxes?!?

I am trying to see if we will break even this year or if we are going to get a refund for our 2008 taxes. Our total gross wages so far this year together (married) is $73,200. Our federal taxes this year so far is $7912. How can I calculate if we get a refund. No contributions to IRA or anything like that and we would just use a standard deduction. Only contributed $500 towards and Flexible Spending Account. Are we going to have to pay?
Do you have to subtracted the standard deduction (i think it’s 10,900) from our gross and that is our amount for our tax bracket?! Help please!

Answer: 73200
- $500 fsa
- 10,900
- 7000 (for 2 exemptions)
= 54800.

See IRS pub 1040ES for the tax table. Some of your income is taxed at 10%, most of it at 15%. I think you are probably looking at a $500 refund.

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Phillips: Sales tax break doesn’t apply to all car buyers

Q: I understand we can deduct sales tax on any vehicle purchased in 2009 up to $40K. Before I begin figuring taxes, are Tennesseans able to also deduct this extra tax since we already can deduct “regular” sales tax? If not, can the auto sales tax be included elsewhere on our return? Finally, does this amount come off the adjusted income or the percentage tax rate under which we fall?

Tax Law Changes Affecting 2008 Tax Returns

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Liberty Tax Service Signs Three Year Agreement with Republic Bank

VIRGINIA BEACH, Va.—-Liberty Tax Service today announced that they have signed a three year agreement with Republic Bank to have Republic provide tax refund products for over 90% of Liberty’s locations.

Zo, the Dancing Statue of Liberty Tax Man (c)

Question: Should we get a tax credit/deduction for adopting pets from shelters and for spaying or neutering our pets?

Millions of dollars are spent to kill unwanted animals. Millions of pets are being warehoused in shelters. We need to do something to encourage sterilization and shelter adoptions.
A draft law has been posted at this site:

Answer: No in my opinion

Items on Amazon Right Now for Pet Deduction On Taxes:

Tips to avoid tax-filing disasters

Two things are true about taxes: We’d rather see a refund — or at least not owe a lot of money. And we don’t want any trouble. So with the Thursday filing deadline near, pay attention to the 1040 land mines to be sure you get everything to which you’re entitled and avoid a complicated tax mess.

Dog Park Chronicles: Mom, we’re on the news!

This is the Best Housing Economy in History…for Tax Lien Investors!

There has never been a better time in history for tax lien investing, ask anybody that’s doing it!

This economy has made getting a house from your Tax lien investment much easier, folks just aren’t paying their taxes and the banks are SO heavy in foreclosure inventory that it financially behooves them to write off the note and let the property go!

During a good economy, you can expect to get about a 90% redemption rate from the home owner. This means 9 out of 10 people pay their taxes before you, the tax lien holder, gains ownership of the house.
In this instance you get your investment back plus interest back, pretty wonderful worst case scenario, right?

Now fast forward to 2008!

The housing crunch has dropped the redemption rate in many markets to as low as 50%.

This is any amazing turn for Tax Lien investors, we now have a VERY good chance of getting half of the houses we get Tax Liens for.

WOW!!!

Back before the current housing crash, I would shop for the highest interest rate assuming that I would only get one to three houses for every ten liens I bought.

Huge governmentally secured interest rates and a few house seemed like the smartest thing I could do with my money…it grew fast!

But now…oh my gosh…houses are coming to me left and right!

Not only am I still getting my huge interest rates, but now a ton of my liens are “magically” becoming houses.

Just one quick example, I  bought 6 Tax Liens in the last auction in Indiana (I love Indiana because they have a 4 month…YES 4 MONTH redemption period)it’s looking good for me to get at least half of them.

That means 50% of my Tax Liens will become houses that I own free and clear for less than $2000 each.

No matter how bad the market is I bet I can find a buyer for a house that I can make a profit on by selling it for $1 more than $2000!

Best of all, if my buyer gives me a $2000 down payment on a house that I bought for $2000, I’m in a pure profit situation!!!

Your Best Bet-Rent to Own

Creative financing is never more welcome than at a time when the banks aren’t loaning money.

I bet there are millions of people in America right now that would kill to rent to own a house with me holding the note. No bank involvement!

This scenario is one of the great reasons for tax lien investing, rent to own your way to wealth!  If the Tenant pays off the note, good for them, they get a house for a fantastic deal.

If they don’t pay their note down month in and month out, you convict them and get your house right back on the market. Again, as long as you got enough down payment from the tenant to cover your investment in the house-you are in a total profit situation.

This is the secret to making great money from the homes your get from your tax lien investments, especially in a “down” economy.
There are times in economic history when loans are much harder to get than other times; smarts investor take advantage of these times and can help people out of their troubles as a moral benefit.

So there you go…a very long winded way of saying your crazy not to visit http://secure606.1clicksite.hop.clickbank.net and get to work investing today!

Items on Amazon Right Now for Standard Tax Deduction 2008:

TurboTax Home & Business Federal + e-File + State 2010 – [Old Version] $8.07 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…

TurboTax Home & Business Federal + State + Federal efile 2009 $42.89 TURBOTAX HOME & BUSINESS WITH…

Nearly half of U.S. households pay no federal income tax

By Stephen Ohlemacher The Associated Press Tax Day is a dreaded deadline for millions, but for nearly half of U.S. households it’s simply somebody else’s problem.

LEEJAY & STEVIE at PILIPINO TIME 2008