Archive for the ‘IRS’ Category
IRS Official 2008 Tax Rates
Posted by taxguru on October 18, 2007
IRS has announced their official calculations of the 2008 inflation adjusted tax rate schedules, standard deductions and exemptions. They match the ones I posted earlier that had been computed by CCH.
You can download the IRS 20 page pdf file with all of the details. This also includes a lot of other inflation adjusted figures that neither I nor CCH covered previously.
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Appropriate attire for an IRS audit?
Posted by taxguru on October 4, 2007
From FunnyBone:
A Visit To The IRS
A man, called to testify at the IRS, asked his accountant for advice on what to wear. “Wear your shabbiest clothing. Let him think you are a pauper.”
Then he asked his lawyer the same question, but got the opposite advice. “Do not let them intimidate you. Wear your most elegant suit and tie.”
Confused, the man went to his rabbi, told him of the conflicting advice, and requested some resolution of the dilemma.
“Let me tell you a story,” replied the rabbi. “A woman, about to be married, asked her mother what to wear on her wedding night. ‘Wear a heavy, long, flannel nightgown that goes right up to your neck.’
But when she asked her best friend, she got conflicting advice. ‘Wear your most sexy negligee, with a V neck right down to your navel. The man protested: “What does all this have to do with my problem with the IRS?”
“No matter what you wear, you are going to get screwed.”
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If Robin Hood were audited…
Posted by taxguru on September 30, 2007
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Some audits are more probing than others…
Posted by taxguru on September 30, 2007
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2008 Federal Tax Rates
Posted by taxguru on September 20, 2007
Right on schedule, CCH has released their inflation adjusted calculations for the Federal individual income tax brackets and other items that are adjusted annually. When I have a chance, I will be setting up a new page on my website for these 2008 figures.
Besides the new tax bracket break points, there a few other interesting items that will be of interest to readers.
The Section 179 limit goes up to $128,000 for tax years starting in 2008.
The annual gift tax exemption will remain at $12,000 for 2008.
[Update] A new page has been added to my website for the 2008 Federal rates. I’ve also updated the Section 179 info for 2008 on its special page, as well as the Quick Reference page.
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Posted by taxguru on September 19, 2007
Special IRS Web Section Unveiled for Homeowners Who Lose Homes; Foreclosure Tax Relief Available to Many – Here is a direct link to the IRS FAQ page on foreclosures.
As I’ve said before, this entire issue is being blown way out of proportion in regard to its negative tax consequences. Most people who suffer foreclosures will either have nondeductible losses or be more than covered by the Section 121 tax free exclusion.
Tax Guru - Ker$tetter Letter 