WBEN Extras

“…It's a seductive offer you may be able to pay the IRS less they -- oh but be very careful. I'm Jeff call them a fortune magazine with 2009. Tax tips if you -- the IRS a lot of money can be comforting to hear someone say they could negotiate a so called offer in compromise for you. A deal under which you don't have to pay your full IRS debt. Such deals are possible. But only after you've exhausted all other payment options such as monthly payment programs the IRS has issued a consumer alert advising taxpayers to be aware of promoters. Who claim they can settle your IRS debt for pennies on the dollar. Sometimes those promoters just charge substantial fees to people who have no chance. Of meeting the requirements for an offer in compromise. So by all means. Educate yourself starting with IRS publication 594 called the IRS collection process. Like all IRS forms and publications it's available free on line at IRS dot gov. Or by calling 1800 tax form. I'm Jeff -- …”

“…You can now deduct state sales tax on your federal income tax return but should you. I'm Geoff -- of fortune magazine with 2009 tax tips. If you itemize deductions on your federal return. You've …”

“…credit. I'm Geoff -- a fortune magazine with 2009. Tax tips. The EITC. . Has been around since 1975. It is meant to help low to moderate income working people. If you're income last year was below 41646. Dollars you may qualify. You must have some earned income from employment or self employment and you must have a valid Social Security number. The income threshold and the size of your credit can vary considerably. Depending on the number of children you have. The …”

“…they're required to take out in that case you can make it charitable contribution directly from your IRA. The money must go direct otherwise you may have to pay tax on it. Making such a contribution …”

“…then asked to -- lots of official looking forms that include your Social Security number bank account numbers here numbers and more. Of course this gamers that rents accurate -- and ruin your financial life. Remember the IRS will never ask for such information -- unsolicited. Mail or email. If -- any doubts about tax related mail or email look up the IRS is number in the phone book. Paul find out what's going on I'm Jeff Cole. . …”

“…crooks are inventing new tax based scams to steal your identity. I'm Geoff Colvin a fortune magazine with 2009 tax tips. It happens at all kinds of ways you get an email or phone call purportedly …”

“…Maybe you've heard there's a new first time home buyer credit. Here's how it works I'm Jeff -- but no fortune magazine with 2009 taxed it. The new credit applies to homes bought between April 8 of last year in July 1 of this year. To qualify you must be your main home. And you must not have owned any other main home for the previous three years. Your eligibility for the credit phases out of your income is above 150000. Dollars for a married couple filing jointly. . The amount of the credit is up to 7500. Dollars depending on the price of the home. But here's a crucial fact …”

“…A new administration in Washington a historic recession in full swing. What does it all mean for your taxes on Geoff Colvin of fortune magazine with 2009. Tax tips. You'll see no dramatic changes in the tax rules as you -- to return this year. But if you didn't get a stimulus payment last year you may be able to get one this year altered -- Holland a later report. The rules have been tweaked or clarified in areas that are getting extra attention in this economic downturn such is. What happens if your home -- don't -- negotiate a mortgage work out with your bank. And in the weeks to come I'll be paying special attention to the topics more people were concerned about this year like what do you figured out what you all and you can't …”

“…Didn't get a stimulus payment from Washington last year that you might be eligible for one now. I'm Geoff Colvin a fortune magazine with 2009. Tax tips. Millions of Americans gut checks last spring and summer but for those who didn't there's something called the recovery rebate credit. You may be eligible if you got no payment or less than the maximum payment because your income was too high or too low. If you gained an additional qualifying child last year if you could be claimed as a dependent on someone else's return for 2007. But can't beat for 2008. Or if you didn't have a valid Social Security number in 2007 but got one last year. You claim the credit or your regular tax form and if you qualify the …”

“…thus canceling the debt. The the amount of debt canceled may be taxable income to you. A bit of financial bad news just when people can least afford it. So a couple of years ago with real estate values tumbling congress passed a law that generally lets taxpayers. Exclude that type of so called income. When figuring their taxes up to …”

“…for yourself these days what does that mean for your taxes. I'm Jeff Cole -- a fortune magazine with 2009. Tax tips. Being self employed means many things but for tax purposes it means filing schedule …”

“…the expenses of your business car. But if your business is a limited liability company as more and more are you may now have to pace self employment tax. That's another one for your account. I'm Geoff …”