Thu, March 12, 2009
Recently I was listening to an IRS webcast on tax law changes (yes, it’s just as exciting as it sounds!) and something caught my attention. I was already aware that people living in disaster areas are eligible for various kinds of tax relief, but I realized that I’d missed an important fact. You don’t have to live in a disaster area to get a tax break; the Heartland Disaster Tax Relief Act of 2008 includes special provisions for educational expenses incurred by students attending college in areas struck by disaster in 2008. This article will be of interest even if you don’t qualify for the expanded disaster relief benefits but are interested in tax benefits available to households with college expenses. Read the full article
Tue, February 17, 2009
The final version of the 1071-page American Recovery and Reinvestment Act of 2009 is due to be signed by President Obama tomorrow. My summary of the bill's key tax items two weeks ago was not far off the mark, but there are a number of nips and tucks in the final version. Read the full article
Tue, February 10, 2009
Just before Christmas of 2008, the president signed the Worker, Retiree, and Employer Recovery Act of 2008. The bill suspended 2009 Required Minimum Distributions (RMDs) for IRAs, 401(k)s and 403(b)s. Read the full article
Mon, February 02, 2009
As promised, the House and Senate have been busy working on The American Recovery and Reinvestment Act of 2009, which includes several tax law changes intended to boost the economy. Read the full article
Wed, January 21, 2009
It's too early to say with certainty what changes will be made in the tax laws this year. But it's possible to make some educated guesses. Read the full article
Fri, January 16, 2009
The Emergency Economic Stabilization Act of 2008 (a.k.a. “the Bailout Bill”) changed the reporting requirements for annual tax statements from brokers. Form 1099-B, which formerly had to be sent by January 31, is now due on February 17 this year (the statutory date is February 15, but in 2009 that's a Sunday and the 16th is Presidents' Day). Read the full article
Mon, November 17, 2008
With stock market indices down 30% or more from their January 1st levels, most investors are battered, bruised, and hoping for happier times. In the midst of a generally depressed stock market, there are still a couple of clever ways to make the most of a bad situation using a Roth IRA. Read the full article
Tue, November 04, 2008
With so much attention being given to the $700 billion bailout of banks and the financial industry in the Emergency Economic Stabilization Act of 2008, not much has been said about the individual income tax provisions included in the massive 440-page bill passed last month.
If you'd like to avoid searching the full bill for the parts that might be personally relevant, here's a quick summary of some provisions that could be interesting to you even if you're not an enormous bank.
Read the full article
Tue, October 28, 2008
The IRS is reporting that more than 383,000 regular refund and economic stimulus checks have been returned as undeliverable by the Postal Service.
Taxpayers whose economic stimulus checks are not in the mail by Dec. 31 will lose out, because by law the checks cannot be sent out after that date. If you're expecting a check and haven't received it yet, browse over to the IRS's website and use the Stimulus Payment tool. Addressing errors must be corrected by Nov. 28 in order for checks to be processed in time. The "Where's My Stimulus Payment" tool provides instructions on how to update your address if needed or you can call (866) 234-2942.
Read the full article
Mon, June 30, 2008
The IRS announced last week that the business mileage rate, often used to determine the deduction for business use of a car, will go up effective July 1st.
Read the full article
Thu, June 12, 2008
Taxpayers who previously set up their tax refunds to be deposited directly to their IRAs this year will need to be vigilant: Economic Stimulus rebate checks will also be automatically deposited into any IRAs whose owners have set them up to receive tax refunds. Read the full article
Return to The FFS Blog Home Page
And now, to keep my lawyers happy: This site is for educational and informational purposes only. Nothing contained here should be construed by anyone as an invitation or solicitation to buy or sell any security. This site does not contain personalized legal, tax, investment, or financial advice. Users of this site should consult with a qualified adviser to obtain advice suited to their personal circumstances. Any links provided here to other web sites are for informational purposes only. We take no responsibility for the accuracy or content of linked sites.
COPYRIGHT THOMAS A. FISHER © 2008 - 2024