Archive for 'Tax Breaks'
IRS Lets Firms Tap Cash Overseas
The Internal Revenue Service significantly relaxed the rules governing how U.S. corporations can repatriate cash parked overseas, in yet another government move to ease the credit crisis.
The ruling, issued late Friday, allows companies to bring back money for months at a time without incurring the 35% corporate income tax they normally would owe.
The move could [...]
Posted: October 7th, 2008 under Credit Crisis, Tax Breaks, US Economy.
Tags: Advisory Firm, Andrew C, Borrowings, Credit Crisis, Department Spokesman, Desouza, Domestic Operations, Exception To The Rule, Government Move, Internal Revenue Service, International Operations, Irs, Liquidity Constraints, Loan Cash, Multinationals, S Corporations, Small Exception, Specific Companies, Tax Analyst, Taxes Irs, Treasury Department
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Why Inflation Means Relief For Taxpayers
No matter who wins the White House, most taxpayers can look forward to some relief next year.
Based on inflation data released Tuesday by the Labor Department, the personal exemption amount, standard deduction, federal income-tax brackets and many other tax-related numbers will increase in 2009, thanks to annual adjustments required by law. Once again, high-income taxpayers [...]
Posted: September 17th, 2008 under Income Taxes, Money, Personal Finance, Tax Breaks, Tax Law, US Economy.
Tags: Annual Gift Tax Exclusion, C Young, Cch, Educational Provider, Federal Income Tax, Federal Income Tax Brackets, Gift Tax Exclusion, Income Tax Brackets, Income Taxpayers, Inflation Adjustments, Inflation Data, Itemized Deductions, Many Wealthy People, Northern Illinois University, Personal Exemption, Standard Deduction, Tax Analyst, Tax Experts, William Massey, Wolters Kluwer Business
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Parents Can Get Credit for Sending Kids to Day Camp
IRS Summertime Tax Tip 2008-04
Here’s a tax break for the busy summer. Many working parents must arrange for care of their children under 13 years of age during the school vacation period. A popular solution — with a tax benefit — is a day camp program.
The cost of day camp can count as an expense [...]
Posted: August 11th, 2008 under Dependent Credits, Money, Personal Finance, Tax Breaks.
Tags: 13 Years, Childcare Provider, Daycare Facility, Dependent Care Credit, Dependent Care Expenses, Designations, Gov Irs, Governmental Web, Information Check, Irs Publication, Irs Site, Irs Tax, Irs Web Site, Overnight Camps, School Vacation, Tax Benefit, Tax Break, Tax Form, Tax Tip, Vacation Period, Working Parents, Www Irs Gov
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IRS Increases Mileage Rates Through Dec. 31, 2008
The Internal Revenue Service today announced an increase in the optional standard mileage rates for the final six months of 2008. Taxpayers may use the optional standard rates to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
The rate will increase to 58.5 cents a mile for all business [...]
Posted: August 11th, 2008 under Income Taxes, Money, Tax Breaks, US Economy.
Tags: Business Mileage, Business Miles, Calendar Year, Charitable Organizations, Depreciation, Gasoline Price, Internal Revenue Service, Irs Commissioner, Irs Mileage, Mileage, Mileage Figure, Moving Expenses, Reimbursement Rate, Rev Proc, Rising Gas Prices, Shulman, Standard Mileage Rate, Standard Mileage Rates, Taxpayers, Variable Costs
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Education Tax Breaks Can Add Up
Education Tax Breaks Can Soften the Blow of Those Hefty College Costs
College is one of the most expensive investments a parent can make in a child’s future. But there’s a consolation prize that comes with the hefty price tag: bigger tax breaks.
With average yearly in-state costs at $13,589 for a public university and $32,307 for [...]
Posted: January 24th, 2008 under Money, Personal Finance, Tax Breaks.
Tags: 1040a Form, College Bills, College Expenses, Consolation Prize, Degree Work, Dollar Reduction, Education Tax Benefits, Education Tax Breaks, Form 1098 T, Form 8863, Hefty Price Tag, Hope Credit, Lifetime Learning Credit, Post Secondary Education, Qualified Education Expenses, Qualifying Education, S Education, Sizable Chunk, Student Loan Interest, Student Loan Interest Deduction
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Kiddie Tax Hits Many Families for 2007
Kiddie Tax Hits Many Families for 2007; 18 Year-Olds Escape for Now
If you have a child who turned 18 in 2007, you are in luck, taxwise. But that’s the only bright spot for families burdened by the “kiddie tax.”
The tax is, in effect, a penalty on parents who saved for their child’s college by putting [...]
Posted: January 22nd, 2008 under Income Taxes, Money, Personal Finance, Tax Breaks.
Tags: 10 Percent, 18 Year Olds, Assets, Braver Pc, College Expenses, Custodial Accounts, Dividends, Education Savings, Free Education, Full Time, Income Parents, Income Tax Rate, Investments, Kiddie Tax, Newton Mass, S College, Tax Brackets, Taxwise, Time Students, Unearned Income, Wealth Management
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