Taxes

Federal tax rates 2009 - This page provides a listing of tax rates and tax tables applicable to orinary income earned in year 2009 and taxed on your tax return filed in year 2010. Tax rates applicable to taxable income earned in 2010 are available at the tax rates 2010 page.

Below you can find 2007 tax rates. These rates apply to taxable ordinary income earned in year 2007, and are effective for the tax return that you file in 2008.

You can see that tax rates progressively increase as income increases.

Tax brackets were changed for the tax year 2008 to reflect the rate of inflation in the US economy. When comparing the tax rate schedule for 2007 and 2008, we can see that only the tax brackets have changed. The tax rates themselves remained the same.

Capital gains tax rates are applied to your capital gain depending on the type of investment asset and the holding period. Capital gain is taxed differently based on whether your capital gain is short-term or long-term.

Profit from assets held for a short time are deemed to be speculative and usually are taxed a bit more.

When it comes to taxation of investments, it makes a difference whether your capital gain is long term or short term. Capital gains from long-tem investments are taxed differently from short-term investments. Short-term investment gains are usually taxed more than short-term profit.

It is important to ensure your tax return is error free. We provide you a 10-point last-minute checklist to make sure your tax return is error-free.

Not only the additions and subtractions need to be correct, other inputs such as your filing status, social security number, and other things could also delay your tax refund. They could also raise a red flag in IRS and cause them to audit your tax return which is the last thing you want to happen to you.

Tax deduction 179 is used to recover all or part of the cost of certain qualifying property. When conducting business you can include your tools, computer, etc.

You have to notify the Internal Revenue Service IRS if you move, if either your home or business address changes. Notify the IRS in these cases to ensure that you receive any refunds or correspondence.