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- There will be a telephone tax credit this year, ranging from $30 to $60, for, as far as we can tell thus far, for pretty much anyone who had phone service. You can read more about it here.
- I have not been able to verify this on the IRS website. The IRS will be cracking down on charitable deductions. Staring this year, and effective retroactively, the IRS will require reciepts on all itemized charitable contributions. This (if indeed true) will be bad news for charities like the Salvation Army, as folks can no longer throw in pocket change and keep a log "Salvation Army bell ringer, $.75, 12/23/06" and be able to write it off.
- We have two former auditors in the class who shared that the IRS cannot share job titles with law enforcement agencies. So, if you're a drug dealer or prostitute, and you're worried about the IRS getting you for tax evasion, you can rest assured that you can put those job titles on your Schedule C and the IRS won't rat you out. No job expenses are permitted for illegal activity.
- I have not been able to verify this on the IRS website. The IRS will be cracking down on charitable deductions. Staring this year, and effective retroactively, the IRS will require reciepts on all itemized charitable contributions. This (if indeed true) will be bad news for charities like the Salvation Army, as folks can no longer throw in pocket change and keep a log "Salvation Army bell ringer, $.75, 12/23/06" and be able to write it off.
- We have two former auditors in the class who shared that the IRS cannot share job titles with law enforcement agencies. So, if you're a drug dealer or prostitute, and you're worried about the IRS getting you for tax evasion, you can rest assured that you can put those job titles on your Schedule C and the IRS won't rat you out. No job expenses are permitted for illegal activity.
