Tax Blog

I am divorced and am paying the full mortage payment and property tax for a home purchased during the marriage. My ex does not work and does not contribute to any of these payments. Can I take the full property tax and interest deduction for tax purposes?

As we pay our tax bills, it seems an appropriate time to urge everyone to Rethink Afghanistan, a war that currently costs over $2 billion a month but hasn’t made us any safer. Everyone has a friend or relative who just lost a job. Do we really want to spend over $1 trillion on another war? Everyone knows someone who has lost their home. Do we really want spend our tax dollars on a war that could last a decade or more? The Obama administration has taken some smart steps to counter this economic crisis with its budget request. Do we really want to see that effort wasted by expanding military demands? Watch Pulitzer Prize-winning authors and journalists, military and foreign policy experts, leading economists, and many more explain just how much the war in Afghanistan will cost us over how many years. We must urge Congress to raise key questions about this war at once. As FireDogLake blogger Siun recently wrote, “Once again we are planning a surge with no exit plan and a continued lack of concern for the most basic protection of the civilians in the land we claim to liberate.” rethinkafghanistan.com

Tax Blog

If one haolf of the NY domestic partnership pays medical premiums for the other, is it tax deductible? Any tax relief at all?

State gets ‘unexpected’ $120M income tax receipt
Did you hear the one about a wealthy person dropping a big income tax payment into Missouri’s Revenue Department? Well, said state Budget Director Linda Luebbering, part of that is true.

Read more on Jefferson City News Tribune

IRS tax deduction means deducting from the gross income and it is done for the purpose of reducing taxable income. So, how will you benefit from maximum tax deductions? Here are some guidelines how to avail the benefits of federal or state tax deduction.

According to the individual’s return filing status or situation, deductions are claimed. You need not have to pay for certain expenses which are deductible such as legal fees, medical expenses, donations etc. These are some of the basic standard deduction that you can consider. Moreover, there are some additional deductions that can be considered depending upon certain conditions for example, age and blindness.

Generally tax deductions are granted to individuals or business entities with a view to encourage them to contribute for charity, donations, education, investments, environmental protection etc. But in most cases, big companies and wealthy people consider deductions for evading taxes. Deductions granted by the federal government are also permitted by state governments.

If you think of availing the benefits of federal tax deduction, you may choose from standard or itemized deductions. The itemized ones are applicable on certain kind of expenses just as household utilities, vehicles, education expenses, work-related expenses, medical expenses etc. All itemized deductions dependent on certain factors just as income and filing status. There are some calculated limits depending upon the percentage of expenses or Adjusted Gross Income (AGI) of the person.

So, it is basically a difficult task which deductions to be claimed. If you have complex tax situation, you will get confused which ones to take. If you are doing your taxes taking helps from the professional preparer, then your task will be easy. However, you can use online tax preparation software to do your task. The software provides some deductions that you can choose according to your tax situation or you choose those ones that you qualify for. Claim the right ones and prepare your return more authentic and accurate so that you may not get IRS audit.

www.mifairtax.org – Michigan FairTax Presentation by Roger Buchholtz, Director of MFTA. Presentation of the current state of Michigan’s economy and tax system, along with the solution to these current struggles, the Michigan FairTax. The Michigan FairTax is a proposal that would remove the Michigan current 6% sales tax on goods, the Michigan personal income tax, the Michigan Single Business Tax, the Business Personal Property Tax, the 6 mill State Education Tax on business, and Sales tax on business purchases. This would all be replaced by a 9.75% sales tax on all goods and services. This sales tax would be paid by all residents of Michigan, including illegal aliens, pimps, gamblers and drug dealers. It would strongly encourage businesses to come to the state of Michigan, since they would be able to build and grow their business in Michigan state tax-free. The Michigan FairTax significantly lowers the cost of goods and services produced in Michigan by removing the cost of business taxes that are hidden in today’s prices. Also, a Prebate is provided to all legal households in Michigan so that they have in advance a refund of the tax they would pay on the necessities of life. For more information, please visit www.mifairtax.org

Learn how to invest in Tax Liens and secure 10,15,20,25% return on your money

TAX THE CHURCH has been on my mind… but after a little investigation and consideration, perhaps the government should stay out of it. Opinions?

THIS VERSION OF THE VIDEO IS IN TWO PARTS Cracking The IRS Code – It’s Time For The TRUTH to be REVEALED! – Part 1 A Crash Course In The Surprising REALITY Of The Income Tax. Think if you get paid for working you earn “income” and owe income taxes? The IRS might want you to think so, but don’t assume you do-learn what the law actually says. It might not say what you think it does. Peter Eric Hendrickson, author of “Cracking the Code-The Fascinating Truth About Taxation In America”, explains what the federal income tax really is and who it really applies to. After watching this you should understand why we don’t need the so-called “FairTax”. In part two you’ll learn about readers of “Cracking The Code” who have received a refund of everything withheld from their pay in federal, state, social security, and medicare taxes. So far, readers of the book–now in its eighth printing–have retained or taken back a total of nearly three million dollars from federal and state governments. Part Two is here: www.youtube.com There’s more information at: www.losthorizons.com NOTE some readers’ comments at the end of part two have been edited out. The full revised video is at: video.google.com FOR ADDITIONAL INFORMATION AND EDUCATION REGARDING THIS LARGELY MISUNDERSTOOD TOPIC: LEARN WHY THE PAPER WORK REDUCTION ACT IS A PROPER DEFENSE FOR NON FILING OF THE IRS FORM 1040 www.citizensoftheamericanconstitution.org www.truthaboutax.com www.tax-freedom.com www.tax-freedom.com SEE ALSO BELOW …

Tax Blog

I’m from WA state and go to school in MI, but am visiting in St.Louis right now, and I have never had to pay tax when buying a newspaper.
Just curious which states charge tax on newspapers.