Kiplinger.com Votes Nevada at the Top for Tax-Friendly States for Retirees

There are only 9 states in the country that don’t have state income tax.  Nevada is one of those making it top in the nation for being a tax-friendly state for retirees.

Nevada is host to a number of tax advantages.  Some of them are:

  • No personal state income tax
  • No inheritance tax
  • No estate and/or gift tax

As well as being tax-friendly, Nevada also ranks high in quality of life in several areas.  Reno especially has been recognized for striving to become greener by investing in green power, energy efficiency measures and conservation.

The Truckee River has gone … Read more at 2009 Tax.

5 Overlooked Tax Deductions from Turbo Tax

5 Overlooked Tax Deductions from TurboTax

According to TurboTax, 51 million tax payers itemized their deductions in 2007 claiming over 1.33 trillion in tax deductions. While 91 million tax payers claimed the standard deduction and reduced their taxes by 654 trillion. Now the numbers do look very good for the standard deduction tax payers but if you don’t look at both deduction methods when preparing your taxes, you could be missing out on some very good deductions.

For five often overlooked federal tax deductions look at state sales taxes paid, reinvestment dividends, charitable contributions, student load interest, and moving … Read more at 2009 Tax.

Unemployment Benefits Receive a Special Tax Break

Unemployment Benefits Receive a Special Tax Break

Thanks to the American Recovery and Reinvestment Act of 2009, unemployment benefits received during last year are eligible for a special tax break. This includes state unemployment benefits, railroad unemployment compensation, and benefits from the District of Columbia.

The first $2,400 you received for unemployment benefits during 2009 are now tax free. All other benefits are taxed normally, the way unemployment benefits were taxed in the past. This could save you $480 in taxes if your tax rates is 20%.

Take a look at the 1099-G when it arrives in your mail to … Read more at 2009 Tax.

New Vehicle Sales Tax Deduction

New Vehicle Sales Tax Deduction

If you purchased a new automobile in 2009 you can possibly deduct the sales and excise tax you paid during the purchase. There are a number of different things to consider when determining if your taxes are deductible. State and local taxes are deductible up to $49,500, this is a very nice place to begin.

There is a limit on the weight of your new car, truck, or motorcycle, 8,500 pounds. And purchases must have taken place between the 19th of February 2009 and the end of the year. Some special exceptions are available if … Read more at 2009 Tax.

Wise Ideas about Taxes

Wise Ideas about Taxes

Many people normally like to skip filing tax returns and they ignore paying taxes. No wonder that it is quite a tedious process and might take people from days to weeks to complete the process. Some of the people even need to pay interest to the IRS. But this mistake is intentional on the part of anybody. It’s only a lack of proper tax preparation. In majority of the cases, these people rush at the final moment to file their returns. The most common reasons of why people get noticed by the IRS are lack of … Read more at 2009 Tax.

How Can You Prepare Your Taxes On The Internet?

How Can You Prepare Your Taxes On The Internet?

Most of us need some help when the time for tax preparation comes. Some of the web sites are mentioned below that will provide guidelines and other information to help you with filing taxes online.

Fairmark.com

The web site is www.fairmark.com.

Fairmark.com, a web site dealing with tax issues to help investors to e-file taxes, it is recommended by Forbes.com and offers a taxes help centre and provides guidance for dealing with capital gains, Roth IRAs, and college financing.

IRS.com

The web site is www.irs.com.

This site does not have … Read more at 2009 Tax.