In 2008 the IRS received over 141 million tax returns. 70 percent were filed electronically. 110 million were due refunds, averaging $2,753.
They predict it will take an average of 21.4 hours to complete a basic form 1040, this year.
The personal exemption increased to $3,650.
The standard deduction increased, to $11,400 for married couples filing jointly, $5,700 for individuals and $8,350 for heads of household.
Tax brackets have been adjusted upward by about 5 percent.
If you choose to increase your standard deduction by one or more of these items, you'll have to file a new form Schedule L.
The three deductions for state or local real estate taxes, sales or excise taxes on new car purchases or net disaster losses can be taken if you itemize.
There are expanded tax credits for home purchases and education. And the tax credit for home energy efficiency has been reinstated.
Remember a credit reduces the amount of tax you owe; a deduction reduces the income on which your taxes are assessed
If you're a moderate-income worker, you might have some money due to you. A new form, Schedule M, will have to be filed to claim the credit.
****For people who lost jobs, the first $2,400 in unemployment benefits is not taxable...
Thursday, January 21, 2010
Friday, January 8, 2010
Post Recession Recovery?
Economic indicators suggest recovery is underway. Struggles in 2008 and 2009 will require refocus in 2010 when business looks for fast growth. Organizations have been focused on retrenchment. So refocus and reengage employees for the turnaround.
Wednesday, January 6, 2010
The thaw begins
According to recent reports the hiring freeze is about to thaw.
The problem is that many recruiting operations have been so deeply cut-back that many find themselves unable to cope, let alone compete. And while employers have been struggling with contraction, the web has exploded changing how we recruit online forever. Sites like LinkedIn, Facebook and Twitter have seen unprecedented growth. If you do not know what being FB'd, tweeted or IN means you may want to find out soon. The labor shortage is not far away.
The problem is that many recruiting operations have been so deeply cut-back that many find themselves unable to cope, let alone compete. And while employers have been struggling with contraction, the web has exploded changing how we recruit online forever. Sites like LinkedIn, Facebook and Twitter have seen unprecedented growth. If you do not know what being FB'd, tweeted or IN means you may want to find out soon. The labor shortage is not far away.
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