March 10, 2013 – 12:23 am Welcome to the March 9, 2013 edition of Tax Carnival Ecstasy. Bill Smith starts us off with some Strange But Legitimate Tax Deductions that were recently presented by TurboTax.com. Big Cajun Man has an article detailing when you should begin to file taxes for your children. Edward Webber takes a look at Tax Code 944L which was recently increased for the 2013 tax year. And finally Bill Smith takes a look at another celebrity with tax issues, Bill Romanowski who has failed to pay taxes for some time. Hope you enjoy the articles, bookmark, share, tweet, like and … Read more at 2009 Taxes
February 9, 2012 – 11:16 am 
Individuals that pay alimony (also known as “spousal support” or “spousal maintenance”) to a former spouse can deduct these payments on their personal federal income tax returns. In turn, the alimony recipient is required to claim the payments as income.
Before a payor takes an alimony deduction they should make sure that their payments meet the IRS qualifications for alimony. Ideally, this was addressed and discussed in detail with their divorce attorney to ensure that the alimony was structured in a way that would allow a deduction. If you are not sure whether your payments are deductible you should … Read more at 2009 Taxes
By Steve | Also posted in tax credits, tax deductions, Tax Law, TurboTax | Tagged alimony, Deductible, internalrevenueservice, irs, Payment, requirements, Scott Morgan, tax, Tax deduction, TurboTax, United States | January 16, 2012 – 7:28 pm
Some reports from an IRS watchdog have indicted the federal tax agency for certain practices regarding offshore account disclosure. An arm of the IRS known as the Taxpayer Advocate Service has been responsible for reporting these kinds of voluntary disclosure policies aimed at wealthy Americans. According to the watchdog report, the IRS has failed to cap penalties in cases of this kind of disclosure.
A standard practice of the IRS has been to reduce the penalties for those who willingly disclose that they have hidden offshore bank accounts. These taxpayers have often accumulated this wealth from overseas jobs or … Read more at 2009 Taxes
By Steve | Tagged Accounting, Bank, Banking in Switzerland, Business, Internal Revenue Service, internalrevenueservice, irs, Office of the Taxpayer Advocate, Offshore bank, tax, tax return, United States | February 3, 2011 – 11:56 am
Most people realize that some form of life insurance is almost mandatory these days. Given the costs associated with providing for any family’s needs, the death of one spouse can leave a deficit in the family budget that simply cannot be replaced without life insurance. Whole life is one of the most popular forms of permanent life insurance for precisely that reason: because it offers guaranteed benefits and cash value upon the policyholder’s death. That does not, however, mean that it is wise to just run out and buy the first prepackaged whole life policy that you encounter. There … Read more at 2009 Taxes
By Steve | Also posted in Retirement Savings, Tax Law | Tagged Business, Death, Financial Services, for, Home, Insurance, Insurance policy, life, Life insurance, Mortgage loan, retirement, roth ira, turbo tax, United States, whole | 
