Tax
2008 Tax Law Changes
If you are preparing your own 2008 taxes, there are some changes in the tax law in 2008 that you should be aware of, because the changes will affect your taxes. The IRS recently published 2008 tax law changes, among them the following are more common to taxpayers:
Economic stimulus payment: The economic stimulus payment is [...]
Year-End Tax Considerations
For many investors, 2008 will be a year to forget: With all three major indexes down close to 40% this year, investors are left nowhere to hide. However, if you suffered big losses from your investments in 2008, there are tax moves that you can take to ease the pain.
Early this month, I read an [...]
0% Long-Term Capital Gain Tax from 2008 to 2010 for Some Investors
The tax season is coming soon and it’s about time to consider some tax strategies as 2008 quickly draws to a conclusion. With stock markets got hammered so badly this year, there are some moves you can make to take advantage of the current situation while preparing yourself for a rebound in the stock markets [...]
So This is What Happened to Our Stimulus Payment
When we received our economic stimulus payment of $201.10 last Friday, we didn’t know what went wrong because the note from IRS said we should get $383.95, and I was actually expecting another check.
Now, a week later, I guess I can forget about another check and the reason for the reduced payment is my own [...]
Tax Tips from J.K. Lasser
I received the following tax tips from Nancy Colson, who represents J. K. Lasser, a tax expert. After obtaining a permission, I decided to post these tips here to share with everybody since I feel they are quite helpful in this tax season. For more information, visit www.jklasser.com.
Mistakes and Potential Pitfalls
Not filing because you [...]
IRS Gives April 16 Storm Victims Two Extra Days to File Their Tax Returns
If you are living in the Northeast and is affected by the weekend storm, IRS will give you two extra days to file your income tax return beyond the April 17 deadline. According to the IRS announcement,
Victims of the major storm affecting several Northeastern states on Monday, April 16 will have two additional days to [...]
Taxes are Finally Done and Some Thoughts on What to Do Next
Well, I waited till the last minute to finish our taxes (thanks for the two extra days). Actually, I started the work in February, shortly after all the forms were in, but suspended it when I noticed that we had to send back a big check. I never rush when I need to pay money [...]
Key Differences between Traditional and Roth IRA
Last week I got an email from a reader about the difference between Traditional and Roth IRA. The question is more on the withdraw side than contribution side. After giving a quick answer, I feel I can expand it a little bit with more information on this topic. But tax rules are always complex, so [...]
Where to Live with Less Taxes, then Do You Want to Live There?
CNNMoney.com yesterday has an article which listed top 5 most tax-friendly states and top 5 states with the most heavy tax burdens. According to the article,
For the 17th year in a row, the far Western state earned the distinction of being America’s most tax-friendly state.
Among them, Alaska ranked No. 1 with the lightest state and [...]
Telephone Tax Refund: Easiest $30 or more from the IRS
Early last week, MSN Money has an article saying that there’s a $30 to $60 tax refund that more than one third taxpayers may forget to claim, yet it could be the easiest refund one can get.
So what is it exactly?
It’s the telephone tax refund. According to the IRS website,
The telephone tax refund is a [...]
