Archive for January, 2009
1/30/08 QUOTE – “Sharks are as tough as those football fans who take their shirts off during games in Chicago in January, only more intelligent.” -Dave Barry
by P. Lewis RobinsonJan
30
1/28/09 QUOTE – “We have always held to the hope, the conviction that there is a better life, a better world, beyond the horizon.” -Franklin D. Roosevelt
by P. Lewis RobinsonJan
28
1/26/09 QUOTE – “Love people and use things – not love things and use people.” -Unknown
by P. Lewis RobinsonJan
26
1/26/09 – Tax Changes for 2009: Part 1
by P. Lewis RobinsonJan
26
Each year the IRS updates various tax rates to account for cost of living adjustments and inflation. The following table reflects the new standard deduction amounts for 2009, as well as the new personal exemption amount. Stay tuned for additional tax changes taking effect in 2009.
|
Filing Status |
Standard Deduction |
Additional Amount if Blind |
Additional Amount if age 65+ |
|
Single |
$5,700 |
$1,400 |
$1,400 |
|
Head of Household |
$8,350 |
$1,400 |
$1,400 |
|
Married Filing Jointly |
$11,400 |
$1,100 |
$1,100 |
|
Married Filing Separately |
$5,700 |
$1,100 |
$1,100 |
|
Qualifying Widow/Widower |
$11,400 |
$1,100 |
$1,100 |
|
Dependent* |
$950 – $5700 |
N/A |
N/A |
*Dependents must calculate their standard deduction using an IRS Worksheet.
Personal Exemptions = $3,650 per taxpayer & dependent
Personal Exemptions = $3,650 per taxpayer & dependent
1/23/09 QUOTE – “Sometimes people call me an idealist. Well, that is the way I am an American. America is the only idealistic nation in the world.” – Woodrow Wilson
by P. Lewis RobinsonJan
23
1/21/09 QUOTE – “No man will ever bring out of the presidency the reputation which carries him into it.” -Thomas Jefferson
by P. Lewis RobinsonJan
21
1/19/09 QUOTE – “Show class, have pride, and display character. If you do, winning takes care of itself.” -Paul “Bear” Bryant
by P. Lewis RobinsonJan
19
1/19/09 – Tips for Dodging an Audit
by P. Lewis RobinsonJan
19
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IRS agents examined 1.01% of all individual income tax returns last year, down slightly from 1.03% the prior year
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Tax collectors have greatly intensified their scrutiny of upper-income Americans, especially those making $200,000 or more.
That is up 16% from the prior year — and up 49% from 2006
Items that could trigger audits:
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The IRS is more likely to audit high-income and self-employed individuals
-
Claiming higher deductions in relation to income
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Numbers don’t match what the IRS received from independent sources
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Investment in what the government considers abusive tax shelter
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Deductions for a side venture that is really a hobby rather than a business
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Tips to the IRS from ex-partners, ex-spouses, etc. that claim you are cheating on your taxes
1/16/09 QUOTE – “We are inclined to think that if we watch a football game or a baseball game, we have taken part in it.” – John F. Kennedy
by P. Lewis RobinsonJan
16
1/14/09 QUOTE – “Do not use a hatchet to remove a fly from your friend’s forehead.” -Chinese Proverb
by P. Lewis RobinsonJan
15
