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Haiti Donations in Early 2010 OK For Claiming On 2009 Returns

Posted by Administrator on Feb-1-2010

The IRS announced a new tax relief for people who contributed to providing earthquake relief in Haiti. It allows contributors to get the tax advantage of the donation for their 2009 claim rather than waiting a year for the benefit.

According to the irs.gov website, only cash contributions made after January 11, 2010 and before March 1, 2010 will qualify. All cash donations made after March 1, 2010 will only be eligible to be claimed for the 2010 tax year.

To gain the benefit, you must itemize your tax deductions using Schedule A. For more information, please visit the IRS website at irs.gov.

Nov
08

The IRS Wants a Piece of the Virtual Pie

Posted by bry

Have you ever bought something on Craigslist or Ebay?  Have you ever sold something on Craigslist or Ebay?  Have you ever traded something on Craigslist?  If you answered yes, you are just one of 50 million Americans.  Have you ever asked yourself how that affects the way you report your taxes?

Even if you haven’t asked yourself that, you can bet the IRS has asked that.  With more and more people turning to the internet to make money, the government continues to look at ways to collect taxes from such transactions.

Now, if you are the kind that just uses these sites as a glorified garage sale center, then you have nothing to worry about.  However, if you have become a reseller to an extent that your income is substantially augmented with online sales, you should probably look into filing forms like the new 1099-K.

Also, if you are the kind that likes to barter via these sites, you should report the goods or service that you receive as income.  The other side of that is that you might be able to report whatever good or service you offered to the other person as a deductible.

As with all things, it pays to do a little homework.

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