Income Tax Blog



damebochie says:

RE: The Haiti Aid Tax Bill

I am so glad people here in the US will be able to deduct their donations to Haiti; because despite their bad economy most of them have donate something to us. May God bless this country and help them rebuild their economy.

 


Erzulie La Flambeau says:

Internal Revenue Service

Gifts to Charity : If you made a Gift, got a benefit for it.In Haiti Aid Tax Bill
how much Benefit will you Get ?

 


Tax Man says:

Bill To Eliminate Income Tax On College Grants

A local state representative submitted a bill this week that would put a stop to low-income college students paying state income tax on some grants.

State Rep. Timothy Derickson, R-Hanover Twp., is proposing Ohio broaden its tax exempt status on two needs-based grants: the federal Pell Grant and the Ohio College Opportunity Grant.

Details here: http://www.oxfordpress.com/news/oxford-news/p...

 


Josh says:

The Haiti Aid Tax Bill

The bill congress passed is called the Haiti Aid Bill

Donations Made Before March 1 are Deductible on 2009 Returns

In a seemingly rare display of bipartisan effort by both chambers of Congress, Democratic and Republican leaders in the House and Senate joined an effort to quickly pass legislation that allows U.S. taxpayers to deduct their Haiti aid donations on their 2009 income tax returns.

The Haiti Assistance Income Tax Incentive Act passed through both chambers unanimously and was signed into law on Friday, Jan. 22. The measure is geared toward promoting additional donations to the relief efforts for the island nation, which was stricken with a magnitude 7.0 earthquake on January 12.

The provisions of the act allow taxpayers to claim charitable deductions on their 1040 income tax returns for donations made to charities until March 1. It is similar to a bill passed shortly after the 2004 Indian Ocean Tsunami.

You can read more here:
http://www.cpatechnologyadvisor.com/web/onlin...

 


Tax Man says:

IRS Encourage Online Tax Filing

The Louisiana Revenue Department wants you to file your state income taxes online.

And statistics show that most do.

The Revenue Department spent $250, 000 to send out only 180, 000 returns by mail last tax season, of which only about 40, 000 were returned, department press secretary Byron Henderson said.

And this tax year, even those holdouts won't be getting tax returns by mail. However, people still can get them at area libraries and local Revenue Department offices as well as the department's Web site. And taxpayers can file online.

Details: http://www.shreveporttimes.com/article/201001...

 


Income Tax Tip says:

Claim Haiti Donations In Your 2009 Tax Return

If you donate money to the Haiti earthquake relief efforts, you may be able to deduct your cash donations on your 2009 tax returns.

Leaders of the House Ways and Means Committee from both parties said Friday they will introduce a bill that makes contributions to the Haiti Relief Efforts count towards your 2009 taxes

But...

You must make your donation between Jan. 12 and Feb. 28 2010.

Committee chairman Charles B. Rangel and ranking minority member Dave Camp will introduce the bill Tuesday when Congress is back in session

Even if you made a TEXT donation to Haiti, you will be able to deduct it.

All you need is print out of your phone bill.

If you are a tax expert and you have more details, please reply to this post.

 


Tax Man says:

The Federal Income Tax

The Federal Tax Code is a popular tool for members of Congress to bring in more spending money and repay obligations to special interests.

The 60, 044 page income tax code has been amended and patched so often that it is complex, convoluted, inefficient and unfair.

The tax code includes: depreciation schedules, multiple income tax brackets, complicated deduction rules and an Alternative Minimum Tax. It is so complex that the Internal Revenue, itself, has difficulties rendering opinions on certain of its provisions.

The income tax is unfair because of the double taxation of Estates, Social Security income and dividends.

It is undemocratic because it penalizes individuals for their financial prowess.

The tax treatment of the wealthy is analogous to making Tiger Woods play a longer golf course than the other competing golf professionals because of his superior skills.

The code is costly because of the time and expense required to fill out the complicated forms.

Finally, the Alternative Minimum Tax provision directed at wealthy individuals affects the middle class now because it wasn’t indexed for inflation; an example of the unintended consequences of Congressional micromanaging.

More: http://www.5th-flat.com/flat-article/the-fede.../

 


Iowa Republican says:

Eliminate Corporate Income Tax

Republican gubernatorial candidate Rod Roberts filed a bill today in the Iowa House of Representatives to eliminate the state corporate income tax. Over the past several months of his gubernatorial campaign, Roberts has pledged to work toward eliminating the tax. Filing the bill in the Iowa House marks the first step toward the tax’s elimination.

Roberts says eliminating the state corporate income tax is necessary to solve Iowa’s job-loss crisis.

Iowa’s unemployment rate of 6.7% is one of the state’s highest unemployment rates in 20 years, and over 110, 000 Iowans are currently out of work. To make matters worse, John Morrell & Co. announced yesterday that it will be closing its plant in Sioux City. The closure will result in the loss of 1, 450 more jobs.

More: http://theiowarepublican.com/home/2010/01/22/.../

 


Rob Miller says:

RE: Deductible Compensation

I liked your site.
.

 


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