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Starting no later than April 1, the recently passed Making Work Pay tax break will give 95 percent of the nation's workers some extra cash in their paychecks. But some taxpayers may find themselves paying a portion of that money back next year.
Uncle sam was busy in 2008 creating four major pieces of tax legislation. the first to appear was the economic stimulas act of 2008 released in early February.
Small-business tax rule No. 1: Don't mess with the IRS.
But that doesn't mean you should cheat yourself. Take every legal deduction you can. Here are a dozen that even savvy small-business owners and entrepreneurs sometimes forget:
Knowing which bracket you are in is important to understanding how different deductions affect your tax liability.
Since 2004, uncle sam has allowed taxpayers to deduct state and local sales tax in lieu of state and local income taxes if it provided a better benefit. This ittemized deduction was scheduled to expire at the end of 2007.
Considering a first home purchase this year? Your budget might be impacted by the first-time homebuyer tax credit.
