Housing Assistance Tax Act of 2008
The Housing Assistance Tax Act of 2008 provides a four important tax law changes that impact individuals and small businesses. These tax laws are part of the larger Housing and...
Starting a New Job as an Independent Contractor
I've noticed a lot of people are taking jobs as an independent contractor, sometimes to supplement their income, and sometimes as a way to build a career as their own...
Dealing with Identity Theft, Debt and Tax Collection Issues
National Taxpayer Advocate Nina Olson highlights the top five tax issues for taxpayers dealing with the IRS in her semi-annual report to Congress. The five top issues are
complex...
Claiming Bank Deposit Losses
Yesterday two clients called me to ask about how the FDIC insurance works for covering their bank deposits. The basic idea is the federal government, through the Federal Deposit Insurance...
The Zero Percent Capital Gains Tax Rate
Starting this year, there's a new zero percent tax rate for long-term capital gains. To qualify for this zero percent rate, the gains have to be long-term. Also, the individual...
Deciding to Withdraw Money from a Retirement Plan
When finances get tight, people think about tapping their retirement savings. Sometimes withdrawing money from a tax-deferred retirement plan can prevent a financial disaster. But taking an early distribution comes...
Increased Scrutiny over Foreign Assets
The IRS is becoming increasingly interested in US citizens who have sizable investments sitting in foreign banks and brokerage accounts. Not that there's anything wrong with having a foreign bank...
Making a Mid-Year Tax Projection
July is a good time to do some quick tax math and make projections for how your taxes might look for the full year. That's because you'll have a full...
Standard Mileage Rate Increases by 8 Cents
The IRS has increased the standard mileage rate for taxpayers who drive their cars for business and medical purposes. Starting July 1, 2008, the standard mileage rate will be 58.5...
IRS Drops Interest Rate on Late Payments
Interest charged on balances owed on federal taxes will drop to 5% starting July 1, 2008. The previous interest rate was 6% (effective from April 1st to June 30th, 2008),...
