Archive for the ‘Tax Instructions’ Category
How to Let the IRS Know of a Change of Address
September 11th, 2009Why do I need to let the IRS know if I moved and changed my address?
If your address has changed, you need to notify the IRS to ensure you receive any IRS refund or correspondence.
How to let the IRS know of your change of address?
There are several ways to notify the IRS of an address change. If you change your address before filing your return, you may correct the address legibly on the mailing label from your tax package or write the new address in the appropriate boxes on your return when you file. When your return is processed, we will update your records.
If you change your address after filing your return, you should notify the post office that services your old address. Because not all post offices forward government checks, notifying the post office that services your old address ensures that your mail will be forwarded, but not necessarily your refund check.
What tax form to use to let the IRS know of your new address?
To change your address with the IRS, you may complete a Form 8822 (PDF), Change of Address, and send it to the address shown on the form. You may download Form 8822 from the IRS website or order it by calling 800–TAX–FORM (800–829–3676).
Writing to the IRS about a change of address
You may also write to inform us of your address change. If you write, we need your full name, old and new addresses, and your Social Security Number or Employer Identification Number and your signature. If you filed a joint return, you should provide the same information and signatures for both spouses. Send your written address change information to the campus where you filed your last return. The campus addresses are listed in the instructions to the tax forms.
If you filed a joint return and you and/or your spouse have since established separate residences, you both should notify the IRS of your new addresses.
Note: Tax forms will be mailed to the last address clearly and concisely provided by the taxpayer. Form 8822 should be completed and sent to the address shown on the form.
Posted in IRS Tax Rules, Tax Instructions, Tax Questions | 
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No Comments »New Tax Deductions for Vehicles
August 10th, 2009The American Recovery and Reinvestment Act of 2009 and vehicle tax deductions
The American Recovery and Reinvestment Act of 2009 provides a deduction for state and local sales and excise taxes paid on the purchase of new:
- cars,
- light trucks,
- motor homes and
- motorcycles through 2009.
It also provides for the deduction of other taxes or fees paid in states with no sales tax.
Do I have to itemize and file Schedule A to claim this new tax deduction?
No. The deduction is available regardless of whether a taxpayer itemizes deductions on Schedule A.
Are all purchases in 2009 eligible for the new tax deductions?
No. Purchases before February 17, 2009, are not eligible for this special deduction.
How much deduction can I get?
The tax deduction is limited to the tax on up to $49,500 of the purchase price of an eligible motor vehicle.
The deduction is phased out for joint filers with modified adjusted gross income between $250,000 and $260,000 and other taxpayers with modified AGI between $125,000 and $135,000.
Help figuring out tax deductions
Taxpayers who make qualifying new vehicle purchase this year can estimate their deduction with the help of IRS Publication 919, How Do I Adjust My Withholding? Lines 10a to 10k on Worksheet 10 take into account purchases above the $49,500 limit, as well as the income phase-outs.
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August 3rd, 2009
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August 2nd, 2009
If you really want to learn all about taxes, then this is one of the most comprehensive book that you can find. Not only the information in this book will help you file your taxes, but you will have a better understanding of how things work tax-wise than you ever had. This book is called South-Western Federal Taxation: Comprehensive 2009 and it comes with TaxCut Tax Preparation Software CD-ROM. Most people already use TaxCut by H&R Block so it is a bonus when you buy this book.
Delivering the most thorough coverage available on individual and corporate taxation, the 2009 EDITION of SOUTH-WESTERN FEDERAL TAXATION: COMPREHENSIVE VOLUME is unquestionably the most effective text for helping you master the complex and ever-changing Tax Code.
Preparing you for the long term, South-Western Federal Taxation offers many opportunities to sharpen critical-thinking and writing skills.
Internet exercises tied directly to chapter research cases give you hands-on experience using online resources to solve tax issues. H&R Block’s TaxCut® software comes with each new copy of this text to provide you with an additional tax preparation tool! Thomson/RIA’s Checkpoint®, Student Edition is available as a bundle option!
About the Author
Eugene Willis is the Arthur Andersen Alumni Professor of Accountancy at the University of Illinois, Urbana-Champaign. He joined the Illinois faculty in 1975 after receiving his Ph.D. from the University of Cincinnati. He has published articles in leading academic and professional journals, including The Accounting Review, The Journal of the American Taxation Association, The Journal of Accountancy, and The Journal of Taxation. Professor Willis is co-director of the National Tax Education Program, a continuing education program co-sponsored by the American Institute of CPAs and the University of Illinois.
William H. Hoffman, Jr., earned B.A. and J.D. degrees from the University of Michigan and M.B.A. and Ph.D. degrees from The University of Texas. He is a licensed CPA and attorney in Texas. His teaching experience includes: The University of Texas (1957-1961), Louisiana State University (1961-1967), and the University of Houston (1967-1999). Professor Hoffman has addressed many tax institutes and conferences and has published extensively in academic and professional journals. His articles appear in The Journal of Taxation, The Tax Adviser, Taxes–TheTax Magazine, The Journal of Accountancy, The Accounting Review, and Taxation for Accountants.
David M. Maloney, Ph.D., CPA, is the Carman G. Blough Professor of Accounting at the University of Virginia’s McIntire School of Commerce. He completed his undergraduate work at the University of Richmond and his graduate work at the University of Illinois at Urbana-Champaign. Since joining the Virginia faculty in January 1984, Professor Maloney has taught Federal taxation in the graduate and undergraduate programs, and has received major research grants from the Ernst & Young and KPMG Foundations. In addition, his work has been published in numerous professional journals, including JOURNAL OF TAXATION, THE TAX ADVISER, TAX NOTES, CORPORATE TAXATION, ACCOUNTING HORIZONS, JOURNAL OF TAXATION OF INVESTMENTS, and JOURNAL OF ACCOUNTANCY. He is a member of several professional organizations, including the American Accounting Association and the American Taxation Association.
William A. Raabe, PhD, CPA, teaches tax courses in the Fisher College of Business at The Ohio State University. A graduate of Carroll College (WI) and the University of Illinois, Dr. Raabe’s teaching and research interests include international and multistate taxation, technology in tax education, personal financial planning, and the economic impact of sports teams and fine arts groups. Professor Raabe also writes FEDERAL TAX RESEARCH as well as CALIFORNIA INCOME TAX FUNDAMENTALS. He coordinates the material on the West Federal Taxation Internet page, and he has written estate planning software used widely by tax professionals. Dr. Raabe has been a visiting tax faculty member for a number of public accounting firms, bar associations, and CPA societies. He has received numerous teaching awards, including the Accounting Educator of the Year award from the Wisconsin Institute of CPAs.
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July 30th, 2009
Everyone wants to pay less taxes if at all possible. But, since the IRS has so many rules and tax laws are complex, many people do not know what they can do or what they are entitled to do to lower their tax bills. This book called Lower Taxes in 7 Easy Steps will tell you what you can do to lower the amount that you owe the IRS. All of these steps that the book discusses are very simple, easy and straight forward and they are all legal ways. After all, you do not want to do anything that can risk getting on the wrong side of the IRS.
Review of Lower Taxes in 7 Easy Steps
“I can’t think of any taxpayer who wouldn’t benefit by reading this book.” — Attorney Fred Daily, author of Tax Savvy for Small Business
Lower Taxes in 7 Easy Steps Description
The complete guide to lowering your taxes, one step at a time!
Many personal finance books are full of hype, promising a radical reduction in taxes (or no taxes at all). Unfortunately, they often tout obscure tax strategies that apply to only a handful of people– or doubtful schemes that could bring on the IRS. Lower Taxes in 7 Easy Steps is a different kind of book, providing insights and tactics that can reduce your tax bill. Clearly and concisely, it explains the seven most valuable rules of tax planning:
- Boost tax-free income
- Get a lower tax rate
- Defer paying taxes
- Make the most of deductions
- Take advantage of exemptions
- identify and use tax credits
- Shift income to other taxpayers
Each rule is fleshed out with plenty of ideas, strategies and real-life examples. In the end, you’ll save time and money with confidence.Take advantage of retirement plans, home mortgages, student loans, charitable contributions, medical expenses, dependents, even businesses that never get started– and more!
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