National Spending Journal – By Shoeboxed

There is an additional standard deduction for those who don’t qualify to itemize their tax deductions, but who do pay state or local real estate taxes. This deduction is available for the 2008 and 2009 tax years.
Here are six things you need to know about the additional standard deduction for real estate taxes:

If your mortgage debt is partly or entirely forgiven during tax years 2007 – 2012, you may be able to claim special tax relief and exclude the debt forgiveness income.
Normally, debt forgiveness results in taxable income. However, under the Mortgage Forgiveness Debt Relief Act of 2007, you may be able to exclude up to $2 [...]

Taxpayers that are eligible for the first-time homebuyer credit have more flexibility in claiming the credit. If those taxpayers purchase a home this year before December 1, they can claim the tax credit on their 2008 return or their 2009 returns.
The first-time homebuyer credit can be worth up to $8,000, or $4,000 for married people [...]

If you are still waiting to file your tax return, make sure the procrastination doesn’t stretch too much longer. If you have already filed your federal tax return, though, you can track the status of a refund, if you are due to receive one, online.
On the IRS’s main website, it has posted tools in both [...]

One interesting part of the federal tax code is the alternative minimum tax, or the AMT. Designed because a small number of people were eligible to claim so many deductions that they were effectively paying little or no income tax, the AMT set minimum income tax rates on individuals and businesses with incomes over a [...]

For many, it can be confusing to determine how much of your social security benefits are taxable, if any. It typically depends on your total income and marital status. For example, if social security benefits were your only income in 2008, those benefits are not taxable at all, and you will most likely not need [...]

The state of Kansas announced today that it may not be able to pay its employees on time, and has suspended income tax refunds, reflecting the poor economic conditions facing most of the nation. State governments have been hit hard by the recession, and several are considering plans for payroll cuts and other budgetary reductions.
The [...]

As the cost of tuition continues to rise nationwide and our economy slides deeper and deeper into recession, post-secondary education can quickly drain your bank accounts and help you rack up debt. The IRS hasn’t been caught totally unaware of these phenomena, however, and there may be some “Hope” for your wallet yet. If you [...]

The IRS sent taxpayers nearly 119 million economic stimulus payments last year. When filing a 2008 federal tax return, taxpayers will need to know the amount of their stimulus payment to properly determine if they are eligible for a recovery rebate credit.

Did you get your W-2? These documents are essential to filling out most individual tax returns. You should receive a Form W-2, Wage and Tax Statement, from each of your employers each year. Employers have until February 2, 2009 to provide or send you a 2008 W-2 earnings statement either electronically or in paper form. [...]

For many first-time filers and low-income filers, it can be confusing to determine whether or not you need to file a tax return at all. How much do you need to make in order to be required to pay taxes? Is it possible to get a tax refund for taxes you’ve already paid from withheld [...]

Victims of recent severe winter storms, landslides, mudslides, and flooding in Washington may qualify for tax relief from the Internal Revenue Service. Following severe winter storms, landslides, mudslides, and flooding on Jan. 6, 2009, the President declared Benton, Clallam, Cowlitz, Grays Harbor, King, Kittitas,   Lewis, Mason, Pacific, Pierce, Skagit, Snohomish, Thurston, Wahkiakum and Whatcom [...]

There are several tax credits and benefits available to qualifying taxpayers with disabilities as well as to the parents of disabled children. Listed below are several tax credits and other benefits available if you or someone else listed on your federal tax return is disabled.

While most income you receive is generally considered taxable, there are some situations when certain types of income are partially taxed or not taxed at all.
Some common examples of items that are not included in your income are:

Here are a few tax law changes you may want to note before filing your 2008 federal tax return: