• Avoid the Dreaded AMT
• Senators Consider Rebates for Retirees
• Clearing Past Debt With the IRS
• Rebate Letters to Cost $42 Million
• 10 Must-know Tax Terms

Money

• Easing a College Financial Aid Headache
  

  The Obama administration is moving to simplify the Free Application for Federal Student Aid, or Fafsa, a notoriously complicated form that asks students seeking financial aid for college as many as 153 questions.
  The administration’s proposal, to be announced Wednesday, comes in several stages.
  In January, when next year’s form goes online, about 20 percent of the [...]

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• Time is running out on $8,000 tax credit
  

  In a recent survey, it showed that there is a lack of public awareness of this onetime federal program.
  The First Time Homebuyer’s Tax Credit is for a maximum of $8,000.
  In other words, Uncle Sam will give you $8,000 to buy a home if you meet the following qualifications:
  You must be a first-time homebuyer. The definition [...]

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• Owe the IRS a Prior Year Return?
  

  So many people, good people, come to me and confess they have not filed their previous year’s tax return. They are now nervous and don’t know what to do. Direct from www.irs.gov, here are some steps to help you.
  Don’t delay; file your prior year return now! The failure to file a federal tax return can [...]

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• Scott clears away much of tax debt
  

  David Scott has begun his re-election campaign to the U.S. House by putting his financial house in order.
  The Atlanta Democrat, whom critics excoriated last year for falling far behind on his taxes and for using campaign contributions to pay family members, has paid off all his personal local and state tax liens, according to court [...]

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• Politicians seek tax help for Chinese drywall victims
  

  Florida Senator Bill Nelson and three other politicians are asking the Internal Revenue Service to allow homeowners with defective Chinese drywall to deduct casualty losses.
  “If this deduction applies, it would help alleviate our constituents’ federal tax burden during this time of crisis,” the letter says.
  The letter, also signed by Congressman Glenn Nye and U.S. Sens. [...]

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