Getting a Large Refund? Time to Adjust Your Withholding.

If you find that you are getting too large of a refund, or worse, that you are owing too much money on your tax return, you may need to adjust your income tax withholding to reduce your refund (or reduce the amount you owe).

What should you claim if you want to reduce your refund, and what should you claim if you want to reduce the amount you owe at tax time?

Basically, the fewer exemptions you claim, the more taxes are withheld from your paycheck, and vice versa.

Continue Reading Getting a Large Refund? Time to Adjust Your Withholding.

Subscribe to EbizTaxTips.com

Attn: Online Business Owners! Do you want to learn how to minimize your online business taxes?

My free report '5 Tax Saving Tips for Ebiz Owners' includes tips to help you get all the deductions and credits you're entitled to, so you don't overpay Uncle Sam!

Standard Deduction and Personal Exemptions Increased For 2009

The IRS adjusts key tax numbers each year, including personal exemptions and the standard deduction amounts.  These are cost of living adjustments required by law.

The effect of these adjustments is that the tax brackets widen (so you can earn more income before you jump into the next tax bracket).

Here are a few of the changes in effect for 2009:

• The personal and dependency exemption, available to most taxpayers, increased $150 to $3,650.
  Continue Reading Standard Deduction and Personal Exemptions Increased For 2009

Free Teleseminar – Your Top Tax Questions Answered!

Got tax questions? Give me 60 minutes and I’ll answer your top tax questions – for Free!

Attention bloggers, coaches, eBay sellers, affiliate marketers, and other online business owners…

* Do you worry that you’re paying too much in income taxes?
* Do you worry that you’re not getting all of the deductions you’re entitled to?
* Do you want to learn how to pay fewer taxes and keep more of your profits?

Announcing the Free teleseminar, ‘Your Top Tax Questions Answered’!

Join me on Thursday December 18th at 1:00 CST for this exclusive teleclass, to answer your top tax questions!

Click here for more information and to sign up today!

Tax Carnival #39 is Up!

Thanks to Kay Bell for another great tax carnival.

Appropriately named The Dog Days of Summer, this week’s carnival features some great posts, such as…

Andrea of Queercents wonders, “Should we be able to claim pets as dependents?” Check out her thoughts in Reducing Pet Costs: Tax Deductible Pets?

Dave warns Donating Clothing? Beware For-Profit Drop Boxes. It’s posted at Money Under 30.

For your viewing pleasure, Overlooked Tax Deductions, A Photo Essay, presented by Silicon Valley Blogger and posted at The Digerati Life.

And Ebiz Tax Tip’s own contribution, IM Courses May Be Tax Deductible.

Enjoy!

Key Provisions in The Housing and Economic Recovery Act of 2008

On July 30, 2008, President Bush signed H.R. 3221, the Housing and Economic Recovery Act of 2008 (the “Act”).

The Housing Act is intended to revamp the housing finance industry, encourage home ownership and help prevent foreclosures. Below is a summary of some of the tax provisions in the bill that will affect current and future home owners:

* The Hope for Homeowners Program: The Act creates a new Federal Housing Authority (FHA) program designed to help borrowers in danger of losing their homes to foreclosure. Eligible homeowners may be able to pay off their original (foreclosing) lenders with a fixed-rate, 30-year-term mortgage for up to 90 percent of the appraised value of the property. Eligible homeowners are those who originated their loans before January 1, 2008, spend more than 31 percent of their monthly income on their mortgage, and are currently in danger of foreclosure. Borrowers would have to share future equity with the FHA. The program is completely voluntary; banks may elect not to participate. The program begins on October 1, 2008 and ends in September of 2011.

Continue Reading Key Provisions in The Housing and Economic Recovery Act of 2008