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Taxing Cinema: The IRS Goes to Hollywood

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The untouchablesEvery year, tax season inspires Americans...to gripe, complain, and cross their fingers and pray that they avoid an audit. But rather than focus on the depressing side of your yearly ordeal, why not consider the more enjoyable things that taxes have inspired -- namely, a long list of films. Whether a hapless civil servant, a slick government functionary or a faceless boogeyman who kicks old ladies out of their home, the taxman is usually good for a laugh, a groan, or a scream of abject terror. And, with the Oscars coming this weekend, there's no better time to take a peek at these taxing classics.






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What is IRS Form 8824: Like-Kind Exchange

Ordinarily, when you sell something for more than what you paid to get it, you have a capital gain; when you sell it for less than what you paid, you have a capital loss. Both can affect your taxes. But if you immediately buy a similar property to replace the one you sold, the tax code calls that a "like-kind exchange," and it lets you delay some or all of the tax effects. The Internal Revenue Service (IRS) uses Form 8824 for like-kind exchanges.

What are ABLE Accounts? Tax Benefits Explained

Achieving a Better Life Experience (ABLE) accounts allow the families of disabled young people to set aside money for their care in a way that earns special tax benefits. ABLE accounts work much like the so-called 529 accounts that families can use to save money for education; in fact, an ABLE account is really a special kind of 529.

What is IRS Form 8829: Expenses for Business Use of Your Home

One of the many benefits of working at home is that you can deduct legitimate expenses from your taxes. The downside is that since home office tax deductions are so easily abused, the Internal Revenue Service (IRS) tends to scrutinize them more closely than other parts of your tax return. However, if you are able to substantiate your home office deductions, you shouldn't be afraid to claim them. IRS Form 8829 helps you determine what you can and cannot claim.

What is IRS Form 8859: Carryforward of D.C. First-Time Homebuyer Credit

Form 8859 is a tax form that will never be used by the majority of taxpayers. However, if you live in the District of Columbia (D.C.), it could be the key to saving thousands of dollars on your taxes. While many first-time home purchasers in D.C. are entitled to a federal tax credit, Form 8859 calculates the amount of carry-forward credit you can use in future years, not the amount of your initial tax credit.

What is IRS Form 8379: Injured Spouse Allocation

The Internal Revenue Service (IRS) has the power to seize income tax refunds when a taxpayer owes certain debts, such as unpaid taxes or overdue child support. Sometimes, a married couple's joint tax refund will be seized because of a debt for which only one spouse is responsible. When that happens, the other spouse is said to be "injured" and can file Form 8379 to get at least some of the refund.

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marine1942

More of " don't you wish" news. Hollywood is liberal. Obama is liberal. Now, really, tell me he is going to hurt his friends ?
Remember all the money given to solars companies ? Obama will give even more to Wall Street and the banks with QE 3 coming to USA very soon.

February 27 2012 at 8:54 AM Report abuse rate up rate down Reply
marine1942

More of " don't you wish" news. Hollywood is liberal. Obama is liberal. Now, really, tell me he is going to hurt his friends ?
Remember all the money given to solars companies ? Obama will give even more to Wall Street and the banks with QE 3 coming to USA very soon.

February 27 2012 at 8:54 AM Report abuse rate up rate down Reply
Gg

Oh No...Say it ain't so.

February 26 2012 at 2:46 PM Report abuse rate up rate down Reply
Gg

Oh No...

February 26 2012 at 2:45 PM Report abuse +1 rate up rate down Reply