Tony Pugh
McClatchy Newspapers
Jan. 24, 2008 12:00 AM
WASHINGTON - As Congress and the White House craft an economic-stimulus package, there is growing concern that it can’t be enacted and implemented quickly enough to forestall a recession.
President Bush is calling for an estimated $140 billion stimulus package that includes one-time tax rebates to spur immediate spending and [...]
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Eileen Putman
Associated Press
Sunday, January 20, 2008
WASHINGTON — If you have a child who turned 18 in 2007, you are in luck, taxwise. But that’s the only bright spot for families burdened by the “kiddie tax.”
The tax is, in effect, a penalty on parents who saved for their child’s college by putting money into custodial accounts [...]
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Posted on January 19th, 2008 in Americas by adminAs the nation prepares to commemorate Martin Luther King Day, the Economic Policy Institute warned that a national economic recession will result in disproportionately high unemployment rates for African Americans unless Congress enacts an emergency program to reduce joblessness and restore working people’s purchasing power.
“When white [...]
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Posted in Family-related on Jan 16th, 2008 No Comments »
By EILEEN PUTMAN Associated Press Writer
© 2008 The Associated Press
WASHINGTON — If you have a child who turned 18 in 2007, you are in luck, taxwise. But that’s the only bright spot for families burdened by the “kiddie tax.”
The tax is, in effect, a penalty on [...]
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By EILEEN PUTMAN Associated Press Writer
© 2008 The Associated Press
WASHINGTON — The IRS is making a big push this year to make sure certain taxpayers know they can take the earned income tax credit, a benefit for lower income workers and working families that goes unclaimed [...]
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By The Associated Press – 15 hours agoA checklist of the most common records you’ll need to prepare 2007 taxes, whether you use home-computer tax software, a professional tax preparer or an old-fashioned paper tax return:
_Copy of 2006 tax return.
_W-2s from all employers.
_Forms 1099, 1099-DIV, 1099-R and 1099-G showing non-wage income, dividend [...]
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You must determine your filing status before you can determine your filing requirements, standard deduction (discussed later), and correct tax. You figure your correct tax by using the Tax Computation Worksheet or the column in the Tax Table that applies to your filing status.You also use your filing status in determining whether you are eligible [...]
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Homeowners whose mortgage lenders allow them to walk away from their debt got a big break from the new Tax Increase Prevention Actjust passed by Congress. Under the old law, debt forgiveness was considered taxable income in many cases - pretty painful stuff when the reason you couldn’t pay your mortgage was because you didn’t [...]
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Saturday, December 29, 2007
Estate taxes eat away a substantial portion of your estate if you are not careful to take necessary steps in time. It is absolutely essential for you to start planning at once if you have property valued above two million dollars. This is the current limit up to which no estate tax [...]
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Forty years after the Civil Rights Era, African-Americans are falling further behind whites economically.
And that’s just one of the myriad ways that parents pass their economic status onto their children. Conley concluded: “When you are talking about the difference between financing their kid’s college education, starting a new business, moving if they need to move [...]
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