Tax Guide 2008

after obama takes office
 Tax changes ahead -- but when?
 High-income taxpayers will see their bills rising, while others will see lower tax bills -- but changes may be some time in coming. 
 
TAX TIPS

Real estate
 • Deducting interest on two properties
 • What is deductible on a home?
 • Writing off rental property

Employees and business owners
 • Sale of a partnership investment
 • How to take the home-office deduction
 • Business losses on a start-up

Get it right
 • 10 common tax mistakes
 • Are you audit bait?
 • Don't fall for IRS-related scams

Tax help
 • Relief for innocent spouse
 • Tax aid for low-income taxpayers
 • Who needs to file a tax return?

Tax breaks and deductions
 • Can I deduct attorney's fees?
• Deducting insurance premiums
 • Can overpayment be deducted?

planning ahead
 Year-end strategies gain urgency
 From the bailout bill to the election, various events are complicating year-end planning this year.

charitable giving
 Your turn to pitch in
 Many of us want to know how the government's going to take care of the economy. But there are a few ways we could do our part to help others facing their own financial turmoil.

the irs
 Nobody home
 Millions of dollars in unclaimed stimulus payments and refunds is sitting at the IRS marked "return to sender."

investing
 Portfolio losses and tax hit, too
 Many mutual-fund investors are probably all-too-aware of steep investment declines this year, but they may be surprised to find a big tax bill coming their way, as well.

INFLATION ADJUSTMENTS
 Some relief coming in 2009
 Taxpayers will find some relief from inflation via their tax forms.

 

fiscal stimulus

Don't miss out
 Millions of Social Security recipients and veterans have yet to claim their stimulus payments.
• Two checks? Don't cash them both
• Withdrawing stimulus payment from IRA
• Along with payments, expect scams


financial crisis
 Perks for taxpayers
 The plan aimed at rescuing the U.S. financial markets also contains plenty of perks for individual taxpayers and small business.

taxwatch
 Getting it wrong
 A limited study of paid preparers' returns finds them rife with mistakes, including one that showed the taxpayer owing about $4,900 more than he actually owed.

deductions
 Higher gas costs, higher deduction
 In response to steeply higher gas prices, the IRS is raising the business-mileage deduction rate for the second half of 2008.

The 15-Minute Tip: Three ways to lower your 2008 tax bill
BY JENNIFER OPENSHAW
We’re used to the same old ways of reducing the tax bite -- planning stock sales, pulling expenses forward, maximizing deductions. This year could be different.

IRS lends a hand to homeowners struggling with tax liens
BY MARKETWATCH
It’s not exactly a hand-out. More like a helping hand.

Sometimes a tax credit isn't enough to spur taxpayer behavior
BY MARKETWATCH
For lawmakers, tax policy is often a means to an end. Want low-income people to save? Try the retirement savers tax credit. Want homeowners and drivers to consider the environment? Try tax credits for energy-efficient home improvements and hybrid cars.

Obama's plans may be delayed, but your tax bill will change
BY ANDREA COOMBES
Taxpayers’ bills will very likely change under President-elect Barack Obama’s administration, but don’t hold your breath for major tax changes as soon as he takes office.

Election, bailout bill add urgency to your year-end tax planning
BY ANDREA COOMBES
Tax planning isn't getting any easier. There are almost 300 tax-code changes worth $150 billion in the Emergency Economic Stabilization Act of 2008. While many of those perks are earmarks aimed at a narrow group, there’s plenty in the bill to keep most taxpayers busy on their year-end planning.

Millions of dollars of stimulus payments, refunds sitting at IRS
BY ANDREA COOMBES
The U.S. Postal Service has sent back $266 million worth of economic stimulus payments and tax refunds to the Internal Revenue Service because taxpayers’ addresses are out of date, the IRS says.

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