Posted by taxguru on November 21, 2012
IRS has announced that, beginning on Jan. 1, 2013, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:
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Posted by taxguru on November 8, 2012
A possible tax hit for Sandy’s victims – A handy summary of the Federal income tax rules for casualty losses.
IRS Pub 547 has many more details.
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Posted by taxguru on December 9, 2011
IRS Announces 2012 Standard Mileage Rates, Most Rates Are the Same as in July
Beginning on Jan. 1, 2012, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:
The rate for business miles driven is unchanged from the mid-year adjustment that became effective on July 1, 2011. The medical and moving rate has been reduced by 0.5 cents per mile.
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Posted by taxguru on April 8, 2010
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Posted by taxguru on March 28, 2009
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Posted by taxguru on February 28, 2009
Q:
Subject: 2009 Standard Deduction
Hi:
Your Blog indicates that in 2009, the Standard Deduction will be eliminated for those filing jointly, and earning over $166,800.
What will it be replaced with ?
Will this be positive, or negative, for those whose AGI is $2000,000 + ?
Regards
A:
You are misunderstanding what that provision of the tax law means.
Standard deductions aren’t eliminated for anyone based on AGI.
What has been part of the tax code for several years now has been a dollar limitation on the total amount of itemized Schedule A deductions that people considered to be evil rich (as measured by AGI) are allowed to claim. At the threshold levels, which are increased each year based on inflation, the limit starts to be applied.
However, although this type of penalty on the evil rich can completely eliminate their personal exemptions, I have never seen where it has completely eliminated their Sch. A deductions.
The trend of punishing people with high AGIs is looking like it’s going to get worse. From what I have heard about our Supreme Ruler’s plans for future tax laws, there will be even tighter limits on the deductions allowed to be claimed by those folks he considers to be evil rich.
I hope this helps you understand this part of the tax code.
Good luck.
Kerry Kerstetter
Follow-Up:
Hi Kerry:
Many thanks for your explanation.
Posted in Deductions | Comments Off on Deductions for the Evil Rich
Posted by taxguru on February 16, 2009
I was browsing the new additions to the always useful TaxTools program and noticed the worksheet they have for listing and valuing non-cash donations. It has suggested values for used items, making it easier to work with than having to refer to outside sources such as the Salvation Army’s guide.
I made up a blank PDF version of this worksheet that you can download from my site.
Posted in Charity, Deductions, worksheets | Comments Off on Non-Cash Donations Worksheet
Tax Guru - Ker$tetter Letter 