By Admin on February 27, 2009
How much, if any, of your social security benefits are taxable depends on your total income and marital status. Generally, if social security benefits were your only income for 2008, your benefits are not taxable and you probably do not need to file a federal income tax return.
If you received income from other sources, [...]
Posted in Tax Tips | Tagged benefits, Social Security, social security benefits Comments Off
By Admin on February 26, 2009
WASHINGTON — The Internal Revenue Service announced today that taxpayers who qualify for the first-time homebuyer credit and purchase a home this year before Dec. 1 have a special option available for claiming the tax credit either on their 2008 tax returns due April 15 or on their 2009 tax returns next year.
Qualifying taxpayers [...]
Posted in 2008 Changes, Tax News | Tagged 2009, First-Time Homebuyers, homebuyer credit Comments Off
By Admin on January 1, 2009
HONOLULU- The State Department of Taxation announced that starting January 5,
2009, taxpayers will find it easier to complete the General Excise (GE) periodic tax return
Form G-45 electronically or to use the web-fillable version of this form. Both new versions
will perform math calculations for the taxpayer. Taxpayers only need to fill in the
necessary information and the [...]
Posted in Hawaii Tax News | Tagged Excise Tax, hawaii, Tax Form Comments Off
By Admin on December 23, 2008
For 2008, the amount of your interest exclusion is phased out (gradually reduced) if your filing status is married filing jointly or qualifying widow(er) and your modified adjusted gross income (MAGI) is between $100,650 and $130,650. You cannot take the deduction if your MAGI is $130,650 or more.
For all other filing statuses, your interest exclusion [...]
Posted in 2008 Changes | Tagged education, savings bond Comments Off
By Admin on December 23, 2008
Beginning in 2008, the following changes apply to the Hope and lifetime learning (education) credits.
Income limits for credit reduction increased. For 2008, the amount of your Hope or lifetime learning credit is phased out (gradually reduced) if your modified adjusted gross income (MAGI) is between $48,000 and $58,000 ($96,000 and $116,000 if you file a [...]
Posted in 2008 Changes | Tagged education, hope and lifetime, learning credits Comments Off
By Admin on December 23, 2008
For 2008, the amount of the student loan interest deduction is phased out (gradually reduced) if your filing status is married filing jointly and your modified adjusted gross income (MAGI) is between $115,000 and $145,000. You cannot take the deduction if your MAGI is $145,000 or more.
For all other filing statuses, your student loan interest [...]
Posted in 2008 Changes | Tagged education, student loan, student loan interest Comments Off
