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Hefty tax bill may hit those who lost home

By: File Your Taxes Online Tax Planning Views: 2582 | Comments: 0 | Votes: 0

File Your Taxes Online

San Diegans who have lost their homes through foreclosure or short-sales thought they had emerged from the dark times and could start rebuilding their lives. Then the state tax man came calling. With less than six weeks before taxes are due, an estimated 16,000 former homeowners statewide will owe $15 million in extra income taxes this year and $29 million through 2012. H.D. 1, 2009. More

Out-of-state property owners tax being enforced

By: Tax Advisors Tax Planning Views: 4644 | Comments: 0 | Votes: 0

Tax Advisors

Come Wednesday, property managers throughout California will be required to pay the state 7 percent of rental proceeds to cover out-of-state owners’ estimated income taxes — a nearly 50-year-old requirement that is now being enforced as the state struggles with billions of dollars in budget deficits. “For us, it’s a tax matter,” Voet said. “It’s slavery. More

Home Foreclosure and Debt Cancellation

By: Tax Advisors Tax Planning Views: 4250 | Comments: 0 | Votes: 0

Tax Advisors

Home Foreclosure and Debt Cancellation The Mortgage Forgiveness Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, qualifies for this relief. More

New Mileage Rates for 2010

By: Tax Advisors Tax Planning Views: 3456 | Comments: 0 | Votes: 0

Tax Advisors

New Mileage Rates for 2010 If you drive a car, truck or van for work, you'll want to make sure you know the standard mileage rates that the Internal Revenue Service (IRS) has set for 2010. And remember, these mileage rates are not just used to calculate deductible costs for driving an automobile for business, but also for charitable, medical or moving purposes. More

The Making Work Pay Tax Credit

By: Tax Advisors Tax Planning Views: 3799 | Comments: 0 | Votes: 0

Tax Advisors

In 2009 and 2010, the Making Work Pay provision of the American Recovery and Reinvestment Act will provide a refundable tax credit of up to $400 for working individuals and up to $800 for married taxpayers filing joint returns. These changes may result in an increase in take-home pay. More

$8,000 First-time Home Buyer Tax Credit

By: NCR Credit Plus Credit Repair Views: 5842 | Comments: 0 | Votes: 0

NCR Credit Plus

* The $8,000 tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase. * The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000. Who Qualifies for the Extended Credit? 2. No. More

The American Recovery and Reinvestment Act of 2009 introduced significant changes to education credits.

By: Tax Advisors Tax Planning Views: 2721 | Comments: 0 | Votes: 0

Tax Advisors

Education Credits The American Recovery and Reinvestment Act of 2009 introduced significant changes to education credits.   American Opportunity Credit (AOC) – This credit modifies the existing Hope Credit for tax years 2009 and 2010, making the Hope Credit available to a broader range of taxpayers, including many with higher incomes and those who owe no tax. More

A Little Organization Can Save a Lot of Money

By: Russell Wild Personal Finance Views: 2153 | Comments: 0 | Votes: 0

Russell Wild

Do you find that money “slips through your fingers” or you’re constantly surprised it runs out before the month ends? That might be a signal that you earn too little, spend too much—or maybe you’re simply disorganized.   “Spending time taking care of finances is an investment just like putting away cold cash,” Wild said.   -Bill paying: Does your system work? More

IRS offers guidance on new $6,500 tax credit for repeat home buyers

By: Kenneth R. Harney Real Estate Views: 7813 | Comments: 0 | Votes: 0

Kenneth R. Harney

If you've been holding back on getting involved with the new $6,500 federal tax credit for repeat home purchases, there's no more excuse for inaction. You now have all the official IRS guidance you'll need to buy a house, qualify for the credit and pocket the $6,500. 6. On Jan. The credit is for up to 10 percent of the price of the replacement home, capped at $6,500. Get moving. More

Do you have any independent contractors working for you?

By: File Your Taxes Online Tax Planning Views: 7073 | Comments: 0 | Votes: 0

File Your Taxes Online

Do you have any independent contractors working for you?   If so, please note that the IRS is increasing its focus on worker classification. The consequences of misclassifying workers are significant to the worker, the employer, and governmental agencies. The IRS will perform an examination of 2,000 random companies per year over the next three years. More