By Eric Tyson
The one-stop tax consultant for the first-time or last-minute filer
up to date and revised for the 2008 tax yr, Taxes 2009 For Dummies is the single tax consultant out there that walks readers in the course of the significant tax varieties line via line, together with the 1040 Schedules A via E. choked with valuable assistance and methods for submitting source of revenue tax returns safely and on time, this ebook is aimed toward people who are looking to do their very own taxes with out hiring a preparer. monetary specialist Eric Tyson groups up with tax specialists Margaret Munro and David Silverman to reply to the main commonly asked tax questions in undeniable English.
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Additional info for Taxes 2009 for Dummies
Look at this step as an opportunity to connect with your past — you may not find only tax records for the most recent year, but you may also find old report cards or to-do lists from five years ago (that still have unfinished business). Taking the time to rummage is often worth it. You may finally be able to itemize your deductions this year, but you first need to be able to produce those charitable receipts, medical bills, and mortgage and real estate tax bills. A recent General Accountability Office report revealed that more than one million taxpayers overpaid the IRS more than half a billion dollars by using the standard deduction rather than itemizing their deductions on Schedule A.
Actually, you can make even more of your marginal taxes. In the next section, we detail the painful realities of income taxes levied by most states that add to your federal income burden. If you’re a middle-to-higher income earner, pay close attention to the section later in this chapter where we discuss the Alternative Minimum Tax. S. Tax System 15 this book, some tax breaks are reduced when your income exceeds a particular level — here are some examples: ✓ Itemized deductions, which we discuss in Chapter 9 and record on Schedule A, are reduced for tax year 2008 when your adjusted gross income (AGI — total income before subtracting deductions) exceeds $159,950 ($79,975 for married persons filing separately).
However, the broker conveniently overlooked this avenue — after all, the broker couldn’t earn fat commissions by telling people like George to fund their employers’ retirement accounts. As a result, George paid thousands of dollars more in taxes annually than he needed to, not to mention those fat, and unnecessary, commissions. Funding the life insurance policy was a terrible decision for George, in large part because doing so offered no upfront tax breaks. When you contribute money to tax-deductible retirement accounts, such as 401(k) plans, you get to keep and invest money you normally would’ve owed in federal and state income taxes.