2 Important Changes in the Tax Law this Tax Season

Tax Act

2 Important Changes in the Tax Law this Tax Season

The Standard Mileage Rates for travel in 2008 have improved to help compensate for higher gas prices experienced during the year. While the Kiddie Tax has been adjusted to include more children.

1. Standard Mileage Rates Change

The only standard mileage rate to not change is the mileage rate for volunteer travel. But all other forms including business and medical travel have increased. The mileage rate for business travel increases to 50.5 cents a mile for the first half of the year while the second half of the year gets … Read more at 2009 Taxes

Tax Act

2 Important Changes in the Tax Law this Tax Season

The Standard Mileage Rates for travel in 2008 have improved to help compensate for higher gas prices experienced during the year. While the Kiddie Tax has been adjusted to include more children.

1. Standard Mileage Rates Change

The only standard mileage rate to not change is the mileage rate for volunteer travel. But all other forms including business and medical travel have increased. The mileage rate for business travel increases to 50.5 cents a mile for the first half of the year while the second half of the year gets a very favorable 58.5 cents a mile. The medical travel rates have similar increases with the first half of the year being 19 cents a mile while the second half of 2008 increases to 27 cents a mile.

2. The Children Investment Tax Have Been Changed

The so called “Kiddie Tax” has expanded to include older children and not just children younger than 18 years old. If your child is 18 years old and did not provide for at least 50% of their support during the year they will now have to have their investment income taxed at the parents tax rate. Or if you child is 18 to 24, a student, and did not support themselves above 50% of needed funds they will also have investment earnings taxed at the higher parental rate.

Free e-File with EasyTaxReturns.com

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Free e-File with EasyTaxReturns.com

Sign-up to prepare your taxes with EasyTaxReturns.com and get free e-filing. You’ll receive great help with your tax forms for your federal and the state returns and be able to check your refund status online.

Tax Forms and Help

EasyTaxReturns.com has all the tax forms you will need including all 1040 forms, 1098, 1099, and W2 forms. All common forms are included in their two separate packages, the Simple and Deluxe. Get your return fast and you will not need a credit card.

Tax Refund Status

Through EasyTaxReturns.com you will be able to check your refundRead more at 2009 Taxes

Tax Act

Free e-File with EasyTaxReturns.com

Sign-up to prepare your taxes with EasyTaxReturns.com and get free e-filing. You’ll receive great help with your tax forms for your federal and the state returns and be able to check your refund status online.

Tax Forms and Help

EasyTaxReturns.com has all the tax forms you will need including all 1040 forms, 1098, 1099, and W2 forms. All common forms are included in their two separate packages, the Simple and Deluxe. Get your return fast and you will not need a credit card.

Tax Refund Status

Through EasyTaxReturns.com you will be able to check your refund status at any time. Signup with Bank.com through EasyTaxReturns.com and receive your refund status in addition to free tax tips, news, and interact with tax experts.

START YOUR RETURN NOW!

Tax Changes in the American Recovery and Reinvestment Act

Tax Act

Tax Changes in the American Recovery and Reinvestment Act

A number of tax law changes were made in the recently passed and signed American Recovery and Reinvestment Act also know as the Federal Stimulus Bill. Those changes include Income Tax reductions, Unemployment taxes, Cobra Health Insurance subsidies, and number of other important changes.

Income Tax Reduction

Individuals and couples will get a $400 income tax reduction through their payroll per person for the 2009 and 2010 tax years. The reduction phases out for individuals that make more than $75,000 or couples earning over $150,000 a year.

Unemployment Tax

Those … Read more at 2009 Taxes

Tax Act

Tax Changes in the American Recovery and Reinvestment Act

A number of tax law changes were made in the recently passed and signed American Recovery and Reinvestment Act also know as the Federal Stimulus Bill. Those changes include Income Tax reductions, Unemployment taxes, Cobra Health Insurance subsidies, and number of other important changes.

Income Tax Reduction

Individuals and couples will get a $400 income tax reduction through their payroll per person for the 2009 and 2010 tax years. The reduction phases out for individuals that make more than $75,000 or couples earning over $150,000 a year.

Unemployment Tax

Those receiving unemployment due to job loss would normally need to pay tax on the income. But under the American Recovery and Reinvestment Act, all unemployment payments will be tax free.

Health Insurance Coverage

Under Cobra, laid off workers can continue to be covered under their prior employer’s health plan, but they have to pay the premiums themselves which are often quite a bit more than an self insured person would pay. Under the new law, the US Government will now pay 65% of all Cobra premiums for unemployed workers.

TaxSimple Offers Premier and Ultimate Returns for $9.95

Tax Act

TaxSimple Offers Premier and Ultimate Returns for $9.95

If you are looking to prepare your federal and state tax returns for free, TaxSimple has the online services for you. And now not only are their Simple and Deluxe packages priced at $9.95 but their Premier and Ultimate solutions are priced the same for when you are ready to print or eFile your return.

Premier Package

If you own stocks, bonds, or mutual funds. Or if you have a rental property business on the side for extra income and appreciation, not to mention tax deductions, then TaxSimple Premier is for … Read more at 2009 Taxes

Tax Act

TaxSimple Offers Premier and Ultimate Returns for $9.95

If you are looking to prepare your federal and state tax returns for free, TaxSimple has the online services for you. And now not only are their Simple and Deluxe packages priced at $9.95 but their Premier and Ultimate solutions are priced the same for when you are ready to print or eFile your return.

Premier Package

If you own stocks, bonds, or mutual funds. Or if you have a rental property business on the side for extra income and appreciation, not to mention tax deductions, then TaxSimple Premier is for you. This package has everything the Simple and Deluxe packages have plus the additional investment calculations you’ll need to get the best refund possible.

Ultimate Package

The Ultimate Plan has everything you need for federal and state returns that was available in the Premier but also offer more business options. If you are a Sole Proprietor, a Consultant, a Contractor, or own a Single Member LLC, then TaxSimple Ultimate is the plan for you. Just $9.95 when  you file and free to complete your return without filing. Automatically calculate your Recovery Rebate Credit and get the best business return prepared by a company that has been providing tax preparation services since 1983.

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5 IRS Identity Theft Tips

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5 IRS Identity Theft Tips

There are a number of organizations with helpful resources if your identity has been stolen this tax season or you feel that your identity might be misused. And do you know what kinds of emails to expect from the IRS so you know that the communication is legitimate?

  1. The IRS has a special office called the IRS Identity Protection Specialized Unit which can assist you if you feel your identity might be misused due to the loss of personal information. Contact them at 1-800-908-4490.

  2. The IRS never initiates contact with taxpayers through email. Therefore all

Read more at 2009 Taxes

Tax Act

5 IRS Identity Theft Tips

There are a number of organizations with helpful resources if your identity has been stolen this tax season or you feel that your identity might be misused. And do you know what kinds of emails to expect from the IRS so you know that the communication is legitimate?

  1. The IRS has a special office called the IRS Identity Protection Specialized Unit which can assist you if you feel your identity might be misused due to the loss of personal information. Contact them at 1-800-908-4490.

  2. The IRS never initiates contact with taxpayers through email. Therefore all email appearing to originate from the IRS are fraudulent unless in response to an inquiring that you began.

  3. Visit IRS.gov for reporting scams and for reporting bogus  IRS web sites.

  4. The Federal Trade Commission has similar identity theft resources and can be reached at 1-877-ID-THEFT.

  5. OnGuardOnline.gov is another resource for online protections from the federal government and the technology industry.

Get a Personal Tax Return Extension

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Get a Personal Tax Return Extension for 2009

According to many tax professionals and MSN Money one of the best ways to avoid an IRS audit to file your return as late as possible. And filing an extension extends the period of time before you need to file, that is even better. Now with FileLater LC, you can wait until October 15th to file your return as long as you’re getting a refund or have already paid the amount due by April 15th.

Easy Process

Just minutes to complete with special pricing prior to the 15th of February, FileLater is … Read more at 2009 Taxes

Tax Act

Get a Personal Tax Return Extension for 2009

According to many tax professionals and MSN Money one of the best ways to avoid an IRS audit to file your return as late as possible. And filing an extension extends the period of time before you need to file, that is even better. Now with FileLater LC, you can wait until October 15th to file your return as long as you’re getting a refund or have already paid the amount due by April 15th.

Easy Process

Just minutes to complete with special pricing prior to the 15th of February, FileLater is ideal for personal returns and 2008 business tax returns. In just three easy steps you’ll be able to wait an extra 6 months to file your return. Step 1 is provide the personal information required and FileLater LC offers a secure web application protected by McAfee for your data entry. Step 2 is estimate if you’ll get a refund or owe money. You’ll need to pay any taxes owed by April 15th regardless of when you file your return. Step 3 is file your extension and receive confirmation of acceptance.

All Types of Personal Returns

Not only can you file an extension for the basic 1040 returns but also for more complex returns. Returns that have a Schedule C Sole Proprietorship can be extended. Single Member LLC returns can be extended for those protected assets with limited liability corporations. And returns containing IRS form 4868 can also be extended with FileLater LC.

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