Tax changes are starting to shape up for the new year!
2007 is shaping up to be a busy year for federal tax legislation during which taxpayers must keep informed and be prepared to take advantage immediately of new or expanded tax benefits. You need to be attentive to a growing list of "revenue raisers" being proposed both on a Federal and State level.
Taxpayers have a choice: a standard refund amount between $30 and $60, based on the total number of exemptions claimed on their 2006 tax return, to eliminate the need to locate old phone bills; or they can locate those bills and use the actual amount. If you Find those old phone bills you can figure the refund using the actual amount of tax paid.
If you owe tax, make your check or money order payable to the United States Treasury, and enclose it with your payment voucher. On the front of your check or money order, please show your name, address, social security number, daytime phone number...
If you moved because of a change in your job location or because you started a new job, you might be able to deduct those moving expenses if your move was closely related to the start of work. Qualification to take the deduction...
By law, filing and payment deadlines that fall on a Saturday, Sunday or legal holiday are timely satisfied if met on the next business day. Under a Federal statute enacted decades ago, holidays observed in the District of Columbia have an impact nationwide, not just in D.C. Under recently enacted city legislation, April 16 is a holiday in the District of Columbia. The IRS recently became aware of the intersection of the national filing day and the local observance...
The Tax Relief and Health Care Act of 2006 was voted in by Congress on December 9th not allowing some states enough time to modify their Tax Forms and Instructions to reflect the new deductions and changes!
The 109th Congress passed the tax law in its final hours allowing many taxpayers to deduct Mortgage Insurance Premiums when they itemize their taxes! This new deduction is allowed for new policies...
On December 9th, Congress passed the Tax Relief and Health Care Act of 2006. This bill extended several tax provisions that expired at the end of 2005 and modified several others. The following provisions received an extension:
Last year's energy bill provides a wide array of tax incentives to encourage individuals and businesses to become more energy-efficient. One is a tax credit, which offsets taxes dollar for dollar...
The IRS has raised the amount of income subject to
social security tax. In 2006, the amount of wages subject to the tax increased
to $94,200 from $90,000. For Medicare tax, all covered 2006 wages are subject
to the tax.
