2009 Taxes to 2024 Taxes

Month: March 2009

  • Don’t Take Your Losses!

    Many people have been troubled by the impact of the financial crisis on their savings. If you are retired, you probably know that there is an annual minimum distribution that you are required to take from your IRA if you are 70-1/2 or older, that is, you must take money out every year, or you are penalized on the funds. However, if you do not need the money to live on, you may consider it a disadvantage to have to cash something out at the moment, because you might want to leave your investments in place to recover, rather than sell them and make the paper loss into a real loss.

    Although this requirement still applies to 2008 taxes, the rule has been suspended for 2009, which means that you are not penalized if you choose to leave your investments in place this year, and not take any money out. In that way, you can continue to get the tax advantages on the returns rather than being forced to sell when the markets are down.

  • TaxAct Has Downloadable Versions Too

    TaxAct Has Downloadable Versions Too

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  • Do You Need to File a Tax Return?

    Do You Need to File a Tax Return?

    Most American citizens need to file a tax return but there are some individuals due to age, filing status and income that are not required to do so. An example is a married couple filing jointly that earned less than $17,900 during 2008. The exception to the rule is if one of the individuals is self employed. Self employed individuals always need to file a return if they earned over $400 for the tax year.

    Choose to File

    If you contact a tax specialist or call the IRS and determine that you do not need to file a return there are cases where you would want to file a return anyway. For instance, if you paid taxes to the federal government through payroll deductions and are expecting a refund. Other cases include if you are eligible for the Recovery Rebate Credit, if you can claim the Earned Income Credit, or you are a first time home buyer and eligible for a tax credit.