The IRS Deductions Blog

Posts Tagged ‘standard deduction’

Question: Turbo Tax Worthwhile for Standard Deduction?

Would it be worth it to buy Turbo Tax if I just claim the standard deduction? Also, my dauther had a baby in Jan 07. She turned 18 in Feb 07. They both lived with us until July 2007. Can I claim them both? (She has no income so will not be filing any tax return).

Answer: Yes to turbo tax and yes your daughter and her baby are both your depend ants for 07. Happy holidays !

Items on Amazon Right Now for Standard Deduction Income Tax:

First-time homebuyers still have time to claim a tax credit for 2009

Every year, the tax law changes as the government tinkers with deductions and income limits to force taxpayers to sharpen their pencils as April 15 approaches. Taxpayers will find several changes they should be aware of as they file a…

Let An IRS Tax Attorney Resolve Your Tax Related Issues

Question: Am I simplifying this too much?

I’m worried about getting hit with the Alternative Minimum Tax. I believe the standard deduction for a married couple jointly filing is something like $62,500. As long as my deductions are lower than that, will I be okay? I’m worried about losing my deduction for my property taxes. I won’t be able to afford them if I can’t deduct them.

Answer: The higher your earnings, the more likely it is that nonrecognition of certain deductions will cause you to have to pay AMT.

It’s a gross injustice, but so profitable for the Government that it is unlikely to go away.

The Bush Administration has spent prodigally on war and on Medicare Part D and the debt to China and other countries — the debt service overall — is such that it will need to take money wherever it can find it.

Get ready for even more shrinkage of the Middle Class. And ever more suffering from AMT.

PS: Short of running your numbers through TurboTax or paying a high-priced accountant, you will never know where you stand with AMT. It’s too complicated, too obtuse.

Items on Amazon Right Now for Standard Deduction Married Couple:

New deductions, credits available for ’09 taxes

WASHINGTON – When taxpayers sit down to file their 2009 returns, they will find plenty new — some the result of adjusting for inflation, and other changes passed by Congress last year to try to brin…