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State Sales Tax Holidays – Tax Free Weekend 2010

TaxGab — Mon, 02 Aug 2010 16:11:22 +0000

2010 state sales tax holidays are here! If you’re lucky, your state will encourage you to shop on specific days this summer and fall to avoid paying sales tax. Sales tax holidays vary by state, but most are having the 2010 tax free weekend the first weekend in August.

Many of the states are limiting sales tax savings to $100 per item. Be sure to check with your specific state to find out the exact limitations.

Here is an overview of the dates and savings for each state:

Alabama

Date: August 6-8
Savings: 4%

Connecticut

Date: August 15-21
Savings: 6%

Iowa

Date: August 6-7
Savings: 6%

Louisiana

Date: August 6-7
Savings: 4%

Mississippi

Date: July 30-31
Savings: 7%

Missouri

Date: August 6-8
Savings: 4.225%

New Mexico

Date: August 6-8
Savings: 5% to 8.5625%

North Carolina

Date: August 6-8
Savings: 7%

Oklahoma

Date: August 6-8
Savings: 4.5%

South Carolina

Date: August 6-8
Savings: 6%

Tennessee

Date: August 6-8
Savings: 8.5% to 9.75%

Texas

Date: August 20-22
Savings: 6.25% to 8.25%

Virginia

Date: August 6-8
Savings: 5%

2009 IRA Limits

TaxGab — Thu, 19 Feb 2009 15:26:04 +0000

For 2009, the Traditional IRA and Roth IRA Limits remain unchanged from 2008.

IRA contributions can be made between January 2, 2009 and April 15, 2010 for the 2009 tax year.

2009 IRA Contribution Limits

IRA	Limit
Maximum	$5,000
Additional contribution for age 50 and over	$1,000

In addition, contributions to IRAs can count toward the Saver’s Credit for Retirement Contributions.

Economic Stimulus Plan Highlights

TaxGab — Thu, 12 Feb 2009 14:59:03 +0000

Included in the economic stimulus plan that Congress agreed upon yesterday are various tax provisions. The economic stimulus plan still needs to have the House and Senate votes before having President Obama sign it into law. The total bill is almost $790 billion.

Here are some of the highlights to tax law:

Home Buyer Tax Credit: Eliminate a proposed $15,000 Home Buyer Tax Credit in favor of an $8,000 home buyer tax credit for first time home buyers. Unlike the 2008 $7,500 Home Buyer Tax Credit it doesn’t need to be repaid.
Tax Credit: $400 for single workers and $800 for couples in 2009 and 2010.
Education: Offer a $2,500 expanded tax credit for college tuition.
Alternative Minimum Tax: Save 24 million people from paying AMT in 2009.
Bonus Depreciation: Businesses can use the increased depreciation schedules again in 2009.
New Cars: Sales tax will be deductible.

More details are available in: Economic Stimulus Plan Watch.

Tax Dates: 2009 Tax Calendar

TaxGab — Mon, 26 Jan 2009 22:24:00 +0000

Tax dates for your calendar! Here are the important tax dates to remember in 2009:

January 15, 2009: Fourth quarter estimated tax payment due (or you can file your return and pay all tax due by February 2, 2009).
January 31, 2009: Last day for businesses to mail W-2, 1098, and 1099 forms.
March 16, 2009: Corporate tax returns due.
April 15, 2009: Individual tax returns or extensions due, first quarter estimated tax payments due, and IRA contribution deadline.
June 15, 2009: Second quarter estimated taxes due.
September 15, 2009: Third quarter estimated taxes due.
October 15, 2009: Individual tax returns with extensions due.
January 15, 2010: Fourth quarter estimated taxes due.

For more 2009 tax dates, see IRS Publication 509.