Taxes in Tough Economic Times

Learn how to use the current tax code to help ease the pressure, take the credits you're eligible for, and reduce the amount you owe. The Mortgage Debt Relief Act of 2007, however, allows some taxpayers to exclude debt forgiven on their primary place of residence. Debt that qualifies for the relief includes debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure. Up to $2 million of forgiven debt is eligible for this exclusion ($1 million if married filing separately).The government has several programs in place designed to help families undergoing financial hardship, and major life events can have an impact on your taxes. It's important to know how each of these areas could affect you.
A job search can generate a substantial amount of expense when you start adding up printing costs, travel costs, and expenses incurred from networking. According to IRS regulations, you can deduct certain expenses incurred while looking for a new job, even if presently employed. You can deduct these expenses even without being offered a new job.
why wait until then if you could get this refund money earlier? Almost 100 million or 75% of all Americans got a tax refund check and the average refund check was about $2,400.That means that every month these tax payers pay an average of $200 too much in taxes. Are you one of them? You might take out too much tax from your paycheck. Remember the time value of money: money now is worth more than the same amount of money in the future.