1040.com - Tax News & Articles

New Tax Deductions for '09 May Save You Money
Jan. 2--Some tax changes and reinstated tax deductions made by the IRS could help taxpayers get a bigger refund or pay less taxes in 2009. "Some tax breaks and a review of your current tax situation may result in a bigger refund or less taxes to be paid come tax time," said IRS spokeswoman Sue Hales. The IRS offers the following tax tips for taxpayers:

Likely Tax Code Changes to Look for in 2009
The legislative landscape for tax policy has shifted. The election of Barack Obama combined with Democratic gains in both the House and Senate will make future tax legislation look very different over the next two years. While this doesn't mean an immediate tax increase for most taxpayers, it does mean that the rules of the tax legislative game are expected to change.

Recession, Taxes and Obama's Promises
A year into the economic downturn, millions of Americans have already lost their jobs, their incomes and their homes. Yet as the recession deepens, one small group could actually catch a break: the richest Americans, who are likely to see a proposed tax increase postponed. During the campaign, Barack Obama pledged to raise taxes, starting in 2009, on roughly the top 5 percent of American households, generally defined as those making more than $250,000 a year.

Tax Crisis Looming for Self-Employed
Dec. 21--The self-employed face a New Year tax crunch that could cost them dear. Three and a half million will be hit by the usual demands from Revenue & Customs for advance tax payments based on the previous year's earnings -- but these make no allowance for the economic slowdown. They can ask for these payments to be reduced to reflect lower expectations by contacting their tax office.