Taxes
TAXES AND THE IRS
It’s that time of year again when you need to be thinking about your taxes. Let’s not wait until April 15th when you are standing inline at the post office or e-filing and all the lines go down due to over capacity.
| Just as a quick tip….
Filing - have you been shoving everything into a box, filing cabinet, under the bed? An easy way to get organized is when you are watching TV or just chillin on the couch, sort thru them into the following categories: General, Health, Charity, Business Expenses, etc. Only keep important documents. If you are doing your own taxes, as millions of Americans do, then I would recommend using tax software, it will even help you plan for next year! |
FAQ’s regarding the IRS
Where can I find sample of legal letters to the IRS?
Sample of legal letters to irs can be difficult to find online. If you have to write back to the IRS you may wish to consult a tax attorney.
How do they go about mailing out irs rebate checks?
Generally cheques are mailed out in May of any given year. If you have arranged for automatic deposit, then depending on when you filed you may get your refund in a matter of weeks.
What mileage rate does the irs allow?
Beginning Jan. 1, 2008, the standard mileage rates for the use of a car (including vans, pickups or panel trucks) is:
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50.5 cents per mile for business miles driven;
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19 cents per mile driven for medical or moving purposes; and
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14 cents per mile driven in service of charitable organizations.
The new rate for business miles compares to a rate of 48.5 cents per mile for 2007. The new rate for medical and moving purposes compares to 20 cents in 2007. The rate for miles driven in service of charitable organizations has remained the same.
What are the irs rules regarding rollover transfer ira?
Irs rules regarding rollover transfer ira can occur when you withdraw cash or other assets from one eligible retirement plan and contribute all or part of it within 60 days to another eligible retirement plan. For specific information, I would recommend going to the IRS site.
Where can I find information about irs loopholes?
I would recommend speaking with a tax lawyer first and foremost. However conducting a search on IRS loopholes does provide some interesting results. Such as:
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Turning part of your home into a home office.
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Hiring your child.
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Put money into your childs IRA
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Rent part of your home to your business
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Look into new tax credits for education
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Keep records of travel and entertainment expenses under $75.00 (they really add up)
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If your child is over 14, use your gift exclusion (10,000 limit single, $20,00 if married) and have your child sell the stocks or property – he/she will pay about ½ in capital gains at a much lower tax rate.
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