TC Tax Service » Income Tax Changes

A New Year – 2011

Terry — Sat, 15 Jan 2011 18:03:43 +0000

Well, I’ve been remiss for almost a year, but I am going to start blogging again this year. There are so many Tax changes and new items to talk about that I just can’t resist. This blog is just a test to see if my system still works.

Another Tax Change

Terry — Tue, 13 Jan 2009 17:53:22 +0000

Another Tax change that I failed to mention in previous posts is the one pertaining to property tax. If you have enough itemized deductions to file a Schedule A, you can claim property taxes paid on your property. However, many people may have purchased their home in the latter part of the year, or the interest payment isn’t large enough to qualify them for itemization. The new change for this year allows you to claim the property tax paid up to $500 single and $1000, married filing jointly. This is a good change and will help many people.

I have been extremely busy the last week getting my Tax Office ready to open for the Tax filing season, which begins this friday. I will continue to post, but probably not every day.

Some Basic Changes For 2008 Income Tax

Terry — Fri, 05 Dec 2008 18:21:35 +0000

Well, I’m back from my Thanksgiving trip to the mountains and atempting to get ready for the upcoming Tax Season.

I’m going to do a series of posts on tax changes that will affect your Income Tax Return for this year and then I will do a series of posts on different types of business entities, such as Sole Proprietor, Partnerships, LLC and Corporate tax returns.

Inflation adjustments are made each year in order to keep up with inflation. I’ve already covered the rate changes for automobile mileage, so lets cover some more changes.

The value of each personal and dependency exemption will increase to $3500, up $100 from 2007.

The new standard deduction is $10,900 for married couples filing a joint return (up $200), $5450 for singles and married individuals filing separately (up $100) and $8000 for heads of household (up $150). Up to 60% of tax payers take the standard deduction, rather than itemizing deductions such as mortgage interest, charitable contributions and state and local taxes.

I’ll continue with these changes in my next post.