Obama vs McCain taxes plans

Are you wondering how you'll do under the tax plans of Senators Obama and McCain? Here is a great website that helps you estimate how you'd come out.
http://www.electiontaxes.com/

IRS confirms what travelers already know

The IRS updated employee expense rules and substantiation requirements. For taxpayers electing to use the simplified high-low rules for meals and entertainment expenses, high-cost cities are up to $256 per day and low-cost cities are up to $158 per day. The IRA added Jackson/Pinedale, Wyoming to the list of high-cost cities. My wife and I were able to visit Yellowstone National Park with my Mom this summer. I can verify that, even with high gas prices slowing down travel, the hotels are expensive and full in Jackson, Wyoming. Locals say more visitors are coming from within few hundred miles and fewer from California and the East Coast.
For more info... http://tax.cchgroup.com/news/headlines/2008/nws92608.htm#2

HUD Property Audits Revision

For owners, managers and audits of HUD-assisted properties...
the U.S. Department of Housing and Urban Development (HUD) issued its long-awaited revisions to Chapter 3 – HUD Multifamily Housing Programs and Chapter 4 – HUD Multifamily Hospital Program of the Consolidated Audit Guide for Audits of HUD Programs (the Guide). GAQC Alert #85 describes the significant changes in each chapter. The new Chapter 3 is effective and can be used upon issuance. The requirements in Chapter 3 shall apply to audits of profit-motivated sponsors/entities with fiscal years ending on or after December 31, 2008. Chapter 4 is effective upon issuance. You can access the related HUD transmittal letters that further describe the issuance of Chapters 3 and 4 by clicking here.

Honestly efiled?

Congress is pushing the IRS to drive up efiling (to save expenses) and drive down the "tax gap" to collect more taxes. The tax gap is the gap between what we all owe in taxes (if we followed the law) and what the IRS collects.
I listened to a great presentation on Fora.TV:
Dan Arierly: Predictably Irrational
I part of his presentation discusses how honesty changes depending on whether students sign their answer sheet and even the differences based on whether they sign at the top or bottom of the page. It struck me that taxpayers who sign do not have to physically sign their return are going to be less honest. I wonder if the IRS has done testing to see how much in taxes when taxpayers are electronically separately from the signing.

Stimulus payments - A two year program

A reminder to those people who did not qualify for a full stimulus rebate this year..
The stimulus rebates are a two year program. You may qualify based on either your 2007 or 2008 tax returns. Some of our self-employed clients did not have sufficient income for 2007, but we hope for a better 2008. Remember, you can qualify with $3,000 of wages, business profits or social security income. Then the basic rebate is between $300 and $600 depending on your federal tax for that year.
more info at: http://fasttaxreturnsonline.com/stabilization_act.html

Give us some credit, dude!

Watch out when the candidates promote "tax credits". Most low income tax "payers" don't pay income tax and most of the tax credits can only off-set tax you would otherwise owe. No tax, no help from tax credits.
Most credits phase out for high income people.
Tax credits work for those of us that fall in-between the rich and poor.
Also, refundable credits (like the earned income credit) can put cash in the low income taxpayer's pocket. But usually this happens when you file your tax return. It's not done as a monthly check. Remember this when think about John McCain's health insurance plan. He is counting on getting tax credits to people to pay for health insurance on there own. How can this work for something as important as health insurance? It can't.
Give us some credit for being smarter than this!
find more info at: http://www.taxcreditresources.org/
http://fasttaxreturnsonline.com/tax_credits.html