Tarp banks awarded billions of bonuses to their employees with taxpayer funds

Yahoo and Microsoft agreed to a deal. Yahoo will hand control of its internet search technology to Microsoft.

Homeowners may qualify for energy tax credit if you make energy efficient improvements to your homes.

Home energy credits cannot be used for buying a new appliance. The energy tax credit is primarily attributable for insulation, an exterior door, exterior windows, hot water heaters, energy efficiant furnace and/or air conditioner, solar power, fuel cells, and certain types of roofs. Unfortunately, energy efficient washers and dryers do not qualify for the tax credit.

New house sales jumped 11% in June. Finally some good news coming out of the mortgage market which started the rapid deceleration of market.

There is tax relief for struggling home owners

There is tax relief for struggling homeowners. For homeowners where their mortgage was forgiven , there are some tax benefits:

1. Debt forgiveness is usually considered taxable income. However, you may qualify to exclude up to $2 million of debt forgiveness on your primary residence.

2. The mortgage forgiveness that may be qualified for income exclusion has to be used to buy, build or substantially improve your primary residence. Refinancing may also qualify.

3. You should receive Form 1009-C if your mortgage was forgiven. Keep this form when preparing your taxes. If you qualify for the income exclusion, you must also complete Form 982 Reductoin of Tax Attributes Due to Discharge of Indebtedness. This form must be attached to your Federal Income Tax Return.

source: http://www.irs.gov/newsroom/article/0,,id=184704,00.html

If you're in school or intend to go to school for further studies, you may qualify for some tax benefits to pursue higher education

There are 2 types of educational credits: Hope and Lifetime
Hope Credit
- Hope Credits applies for the 1st 2 yrs in post secondary educational schools for student senrolled in at least 1/2 time per academic year
- Taxpayer may qualify for up to $1,800 per qualified student per year
Lifetime Credit
- Applies to all years for undergrad, grad and professional schools
- Taxpayer may qualify for 20% for the 1st $10K and up to $2K

Deductible educational expenses include: tuition, books, supplies, transportation expenses to attend qualified educational activities, etc.

IRS provides several tax benefits for members of the military

1. Unreimbursed moving and travel expenses for may qualify for deduction
2. Income received while serving in a combat zone may qualify to be non-taxable.
3. Extensions for filing and paying taxes may be postponed

source: http://www.irs.gov/newsroom/article/0,,id=210896,00.html

Soda tax

Yesterday, Coca Cola attacked the proposal to create "soda tax"- which is tax on sugared drinks. Coke does not think consumers are ready for this tax. Any thoughts?

Several tax tips for taxpayers starting a new business

Below are several items the IRS wants taxpayers to be aware of when starting a new business:
1. Business formation- what type of entity are you going to form? Sole Proprietorship, LLC, Corp, etc.. ? The type of entity you form has significant tax ramifications.
2. After forming/structuring your business, understand which type of taxes you will be responsible for (ie: income, self employment, excise, etc.)
3. Determine if your business needs an EIN
4. Determine your calendar year
5. Determine your accounting method
6. Maintain good records

Please feel free to e-mail/contact me if you have additional questions.

source: http://www.irs.gov/newsroom/article/0,,id=172970,00.html

Several tax tips for students with summer jobs

During the summer months, students end up with various types of jobs. Listed below are several tax tips the IRS wants you to know about student income.
1. As student end up with many various types of jobs, make sure the withholdings are correct and consistent.
2. All income (incuding tips and self employment) greater than $400 are taxable and must be reported.
3. Exceptions may apply to students under 18 yrs old who are in the business of industries such as newpaper delivery.

source: http://www.irs.gov/newsroom/article/0,,id=210802,00.html

There's several basic tax tips for newly married couples.

1. Notify the Social Security Administration of the name change. This would avoid any confusion when you file your next tax return.
2. Make any address changes with the IRS and US Postal Service.
3. Name and address changes should be made to your HR. Check your next paycheck to make sure the correct name, SS# and address is properly reflected. This would advoid any confusion with the W2 at year-end.
4. If you are an employee, check your Withholdings. If you and your spouse work, then there is a chance you will be bumped up to a higher tax bracket.

source: http://www.irs.gov/newsroom/article/0,,id=210762,00.html

House Democratic leaders introduced a healthcare bill that would charge significant tax increases to high income individuals.

One of President Obama's prized reform has been proposed by the Democratic House on Tuesday. This bill is suppose to help "fix" our health system by reducing costs and covering approximately 97% of Americans with health care benefits. How will this be reached? Part of the answer is to signigicantly increase taxes to the high income individuals:
- Additional 1.0% tax increase for couples earning > $350K
- Additional 1.5% tax increase for households earning > $500K
- Additional 5.4% tax increase for individuals earning > $1 million

Microsoft responds to Google's free online version of "Office" which allows users to create, edit documents, spreadsheets and presentations.

마이크로소프트 - 구글, 이번엔 오피스프로그램 무료경쟁

Medical expenses are expensive. There are many strategies to use for deducting medical expenses.

미국의 의료비는 비싸지만 텍스를 줄일수있는 여러방법들이 있다.

Child care tax credits

There are several tax credits available for qualified individuals for child care expenses. Listed below are three scenarios where child care expenses may qualify for tax credit:
1. If your childcare provider is a day care center or a baby sitter, you may qualify to get some tax credit.
2. Costs related to day camp may qualify for tax credit.
3. Unreimbursed expenses of up to $3K may qualify for tax credit per child.

아래 차일드케어 텍스 크레딧이 가능한 몇 가지를 예를 들어보았다.
1. 자녀를 데이 케어에 보내거나 베이비 시터가있을경우
2. 자녀를 캠프에 보냈을 경우
3. 자녀에게 든 비용이 $3,000 이내일 경우

For those searching for jobs this summer, you may be able to deduct some of those expenses on your tax return.

현재 구직 활동을 위하여 들어간 비용은 텍스리턴때 적용이 가능하다.

Dreier who was arrested in Dec 2008, pleaded guilty to defrauding hedge funds more than $400 million and is expected to be sentenced 145 yrs.

2008년 12월 Dreier 변호사는 구속되었고 그는 헤지펀드 $400 밀리언 이상의 횡령 죄를 인정하였다.이 사건은 145년 이상의 구속형을 받아야한다고 예측하고있다.

Google announced today they will compete against Microsoft's Windows by launching their Chrome Operating system.

Google's Chrome OS system is suppose to solve most of the frustrations from Windows users such as the slow start-up process. Though the announcement was made today, it is expected to hit the markets as early as mid next year 2010.

구글사는 "Chrome OS" 이라는 시스템으로 그동안 마이크로 소프트의 Windows 사용자들의 불만(시작화면의 시간소요 등...)을 조금은 해소 하였다. 이 프로그램은 빠르면 내년 2010년 중반경 시판이 가능할것으로 발표했다.

Unemployment benefits

Unemployment benefits increased $25/week for 2009. In addition, unemployed workers may qualify for an additional 13 weeks of unemployment benefits.

2009년 실직자 중 일부는 수당을 주당 $25 상향조정 그리고 13주를 추가로 실업수당을 신청 할 수도있다.

Financial concerns

The IRS realizes that many people are financially struggling through various ways- ie: loss of jobs, unemployment compensation, declining income and withdrawing monies from retirement plans. There may be potential credits for certain individuals during these tough economic times.

미 국세청(IRS)에서는 많은 사람들이 경제적으로 어려움에 처해있다고 더욱 실감하고 있다.(실직,실업수당,연봉삭감,퇴직금 선불지급 등....) 하지만 힘든 경제 상황에도 불구하고 아직도 어떤분들에 한에서는 텍스 베네핏이 가능하다.

Interest rates to reach new lows in July.

After 7/1/09, interest rates are expected to reach new lows. For those individuals who have been looking to consolidate their students loans, this is the time to lock in the low rates for the remaining life of the loans. There are certain terms and conditions that must be met in order to qualify.

2009년 7월1일이후 새로운 최저 금리에 이를 것으로 기대된다. 학자금 대출 통합을 찾던 학생들은 지금이 남은 대출금을 통합할 적기이다. 하지만 각각의 대출마다 약간의 다른자격 조건들이 있다.

US economy reported 467,000 jobs cut in June, which brings the unemployment to a 26 yr high at 9.5%

US economy reported 467,000 jobs cut in June, which brings the unemployment to a 26 yr high at 9.5%. Last month's unemployment numbers were 322,000 which was supposedly good news at the time, since economists suspected that the rapid deceleration was slowing down. However, the 467,000 job cut in June was unexpected and brought more uncertanties to the market.

미국 경제 뉴스에서는 올해 6월에만 467,000명이 직장을 잃었다고 밝혔다. 그 숫자는 26년동안에 9.5%라는의 최고의 실업율을 보여주었고 경제학자들은 5월에만 발생한 실직자가 322,000명으로 이전보다는 실업율이 천천히 내려가 희망적이라고 추측하였으나 그 추측과는 달리 6월 한달동안에만 467,000명이 직장을 잃은사실은 예상과는 달리 더 불확실한 경제상황임을 말해주고있다.