TaxesDoneEz

To File or Not To File You must file a tax return if your income is above a certain level. The amount varies depending on filing status, age and the type of income you receive. For example, a married couple both under age 65 generally is not required to file until their joint income reaches $17,900. However, self-employed individuals generally must file a tax return if their net income from self employment was at least $400. Check the “Individuals” section of the IRS Web site at IRS.gov or consult the instructions for form 1040, 1040A, or 1040EZ for specific details that may affect your need to file a tax return with IRS this year. Even if you don’t have to file, here are six reasons why you may want to file: 1. Federal Income Tax Withheld. If you are not required to file, you should file to get money back if Federal Income Tax was withheld from your pay, if you made estimated tax payments, or had a prior year overpayment applied to this year's tax. 2. Recovery ...

Tax Changes for Individuals Child-Related Tax Changes Information on adoption benefits, child and dependent care credit, child's investment income, and additional child tax credit. Credit for Prior Year Minimum Tax There are several changes to the credit for prior year minimum tax. Earned Income Credit The earned income credit amounts have increased for 2008. Education-Related Tax Changes Information on education savings bond exclusion, hope and lifetime learning credits, tuition and fees deduction, and student loan interest deduction. Exclusion of Income for Volunteer Firefighters and Emergency Medical Responders For tax years beginning after 2007 and before 2011, gross income ... Health/Medical-Related Tax Changes Information on Archer Medical Savings Accounts (MSAs), Health Savings Accounts(HSAs), and long-term care premiums. Home/Residence-Related Tax Changes Information on mortgage insurance premiums...

Economic Stimulus Package Clears Congress Congress has approved temporary economic stimulus legislation that was signed into law by President George W. Bush on February 13, 2008. The package offers increased expensing limits for small businesses and one-time tax rebates to millions of American citizens. Intense negotiations between Senate leaders and the White House on February 7 lead to agreement on a slightly altered House stimulus package that the Senate quickly approved by a vote of 81-16 and sent to the House for that chamber's approval, 380-34. The revised version also extends rebate checks to some 22 million low-income senior citizens and 250,000 disabled veterans, while denying refunds to illegal immigrants. Under the new legislation, individuals would receive rebate checks up to $600; married couples up to $1200, and an additional $300 for each child under 17 years old. The minimum rebate amount is $300 ($600 for married filing jointly). Taxpayers will r...