mcb39 Posted November 14, 2008 Report Posted November 14, 2008 :huh: Just finished with 2 days of Tax Insight 2008 Income Tax School. Picked up some interesting tidbits and some very interesting changes to the tax code. (Additions and Subtractions). They did spend 2 hours the first day on Ethics; so apparently that is an ever increasing subject of interest to the IRS. Anyway, the new season is starting and the repercussions of the stimulus payouts in 2008 should add a lot of spice to our practices. ie; the parent who didn't get to claim the child last year will get a credit for the $300 stimulus they did not receive in 2008. There are other instances of credit increases; no paybacks. So, all of those parents who hurried to file first and messed us up with amending returns; will get the deduction on this year's return. I feel the pain already. Quote
TAXBILLY Posted November 15, 2008 Report Posted November 15, 2008 The ethics addition helps to sell the course to EAs who need it for their continuing education. The stimulus worksheet is a bear but luckily we have software! taxbilly Quote
mcb39 Posted November 15, 2008 Author Report Posted November 15, 2008 The ethics addition helps to sell the course to EAs who need it for their continuing education. The stimulus worksheet is a bear but luckily we have software! taxbilly I understand about the ethics credits. However, the stimulus worksheet will only work if we KNOW how much the taxpayer received. How many do you think will bring in their stub? We will be back to checking most of them out just like last time. Also, I like the Property Tax Credit for people who do not itemize. I am sure the clients will like it and it should bring in some traffic when they start advertising the changes and some individuals won't have a clue as to how to go about claiming their credits. Quote
TAXBILLY Posted November 15, 2008 Report Posted November 15, 2008 Don't know of any property tax credit. There is an additional deduction of qualified real estate taxes of up to $500 for single and $1000 for married for those who can't itemize. taxbilly Quote
mcb39 Posted November 15, 2008 Author Report Posted November 15, 2008 That is what I was referring to. You are right. I misspoke by calling it a credit. It IS a deduction from taxable income. I still think clients will like it as more and more are unable to itemize. Quote
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