The IRS Deductions Blog

Posts Tagged ‘itemizing_deductions’

Question: Pay 2010 House tax in 2009? Dupage county, IL?

Hi,

Answer: Assuming that the tax collector will accept an early payment, yes you can pay the 2010 tax in 2009 and deduct the tax on your 2009 tax return. This practice is known as “bunching” and is perfectly legal (and is even recommended by the IRS as a legal tax saving scheme).

Items on Amazon Right Now for Standard Deduction For 2009 Taxes:

Those who tapped home equity now hammered

Hocking the house for quick cash is a lot harder than it used to be, and it’s causing headaches for homeowners, banks and the economy.

FM goes easy on personal tax

Question: How many of Obama supporters are happy about many Charity’s loosing donations?

Because of his administration taking away “charitable giving Tax Deductions” in his $4 trillion 2010 budget plan…

Answer: The fact that Obama is destroying business doesn’t help on that front either.

1. Cap and Trade will require inputs to go up — they’ll either shuffle that cost to you the consumer or scale back business. Either way you look at it, “you” lose. You lose your job or your purchasing power is reduced.

2. Removing Farm Subsidies will push American Agribusiness right out of the global markets. Farms will likely scale back if not shut the doors and we’ll have to deal with either higher food prices or higher unemployment…or both.

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“If they wanted to GIVE then they shouldn’t do it just for a tax deduction! Goes back to what I said Greed!”

Yes yes yes, greedy bastards who give to companies researching cancer as opposed to their buddies non-profits who research beer and it’s effect over long games of beer-pong.

Or those greedy capitalist pigs who donate overseas to humanitarian causes instead of pumping money back into their own industry via non-profit R&D research.

Gotta get your priorities straight — people who do good things depend on this money…if the tax-incentive is part of the reason to give (and will HURT if taken away), it shouldn’t be taken away.

It’s that whole causal relationship thing I was talking about.

Hurt the rich — and hurt the very people you aim to represent…the non-profits looking out for lower/middle classes.

CAUSE/EFFECT.

Items on Amazon Right Now for Charitable Tax Deductions 2009:

Only A Few Days Left to Claim 2009 Tax Deductions

There are only a few days left of 2009 to cash in on tax deductions. Financial planners say it’s time to get your taxable income down and that may mean shelling out some dough to those less fortunate.

Obama on Charitable Deductions

Question: Federal taxes, filing HOH – Standard deduction and exemptions?

If filing head of household with two children, I know they both plus myself count as an “exemption”. I also know standard deduction is higher than itemized for me. Does this mean I get to substract the standard HOH deduction *PLUS* the amount of exemption for the three of us? Thanks for any help!

Answer: Yes, the standard deduction for HOH is $7,550. The Personal Exemption is $3,300 per person ($9,900) in your case. These would be the deductions that you would take on your 1040.

Items on Amazon Right Now for Standard Deductions For Taxes:

Dozens Of Tax Breaks Set To Expire

Dozens of individual and corporate tax breaks are set to expire on New Year’s Eve. The tax breaks were left in limbo when members of the U.S. Senate headed home last week without renewing them.

Tax Forms & Deductions : Federal Income Tax Standard Deductions

In this year of economic turmoil, you may not be sure what you can afford to improve in your home. However, with the help of the federal government and a little bit of your savings, you can be on your way to a more valuable home. One of the projects around your home that qualifies for the U.S. governments 2009 tax credit is the purchase and installation of a tankless water heater.

While there are many different types of water heaters, only tankless models actually qualify for the government’s tax credit. The tax credit is only 30% of the cost of the actual tankless water heater and it has a maximum ceiling cap of $1,500 per tax year. Other than that, you can have any brand or model of tankless water heater that you desire. There are many different brands and models that can give you the amount of hot water that you need.

When you are shopping for a tankless water heater, there are a few things that you should look for. The first thing that you need to know about your tankless water heater is how much water it can handle. The more water, the more energy your tankless water heater will need. However, even with a larger tankless water heater, you will still be using less energy than you currently are with your current water heater.

There are a variety of tankless water heater models available on the market today. One of the best brands of tankless water heaters currently on the market are the Bosch water heaters. These water heaters are amazing. They use much less energy than any of their competition, and can often give you a more constant supply of water than many of the other water heaters that are on the market. Bosch water heaters are also useful for homes that do not have a large need for hot water or simply do not have the room for the larger models of water heaters.

When you are looking for a tankless water heater, they may seem to be a lot of money. Sometimes it is worth putting the money out there, even though it costs more upfront than some of the tank water heaters may cost. Stiebel Eltron electric tankless water heaters are another choice for people who do not want to pay for the brand name of the Bosch tankless water heaters. Stiebel Eltron electric tankless water heaters cost about half of the cost of the Bosch water heaters, and you do not lose any of the water heating capabilities. You are simply paying more because of the brand name.

Whether you end up purchasing a tankless water heater or decide that it is not for you, you want to make sure that you know your options. You could have as much as $1,500 in your pocket as a tax credit from the federal government if you purchase your tankless water heater before the end of this year.

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

4. GST presents a rich scope for planning

The proposed introduction of GST in Malaysia reminds me of my time in Britain in the 1970s when I assisted companies to implement the value added tax (VAT) and also undertook VAT compliance services. The same scenario is now scheduled to recur, this ti…

Federal Housing Tax Credit explained

Items on Amazon Right Now for Standard Deduction Charitable Contributions:

IRS promises greater scrutiny of paid tax preparers

Most of us don’t do our own tax returns.