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Fiscal Cliff Calculators: How Much More Will You Owe If We Fall Off?

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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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freethedems2012

Evan thinks I need a refill of BS. No, Evan you can keep it.

December 08 2012 at 7:29 PM Report abuse -1 rate up rate down Reply
ectullis

Not if, when

December 08 2012 at 2:55 AM Report abuse +3 rate up rate down Reply
yearsocrapleft

THIS TERRORIST MUSLIM CLOWN FARKED THE MIDDLE CLASS ,WHEN HE DRIVES THE COUNTRY OFF THE "CLIFF" EACH ONE WILL HAVE TO PAY AN EXTRA $2.200 IN TAXES ....HA HA HA THEY VOTED FOR A TAX INCREASE ON THEMSELFS ~~RAISE ALL THE RENTS ON ALLTHE WELFARE ,SECTION 8 N FOOD STAMP SLUGS SKYHIGH HA HA HA HA

December 08 2012 at 1:45 AM Report abuse -6 rate up rate down Reply
yearsocrapleft

QUIT YOUR $8~~$9 AN HOUR JOB N GET ON THE WELFARE TRAIN LIKE ALL THE BLACKS N RICANS N ILLEGAL IMMIGRANTS THAT "BROKE" INTO AMERICA , WILL BE ROBBING OUR COUNTRY FOR THE NEXT 4 YEARS ,BELIEVE ME YOU WILL BE BETTER OFF. ! IF YOU SEE ILLEGAL IMMIGRANT ACTIVITY CALL 866~347~2423 OR WWW.ICE.GOVTIPS ! !

December 08 2012 at 1:33 AM Report abuse -5 rate up rate down Reply
s.kohanski

Evan is responding to his other screen names, that's priceless

December 08 2012 at 12:23 AM Report abuse -2 rate up rate down Reply
1 reply to s.kohanski's comment
freethedems2012

He thinks that will throw people off..........the dweeb.

December 08 2012 at 9:57 PM Report abuse -1 rate up rate down Reply
pdbliz

All I have to say is,,,,,,,,,,,,,,,THE AMERICAN PEOPLE WILL GET WHAT THEY VOTED FOR,,,BE IT,,GOOD OR BAD...
THEY WILL GET WHAT THEY DESERVE.!!!!!!!!!!!!!!!!,,,,,,,,,,,,,We have a lost generation,,and,,the next will be worse,,,,,,,,,,,,,,,,,,,,,,,IN THE YEAR 2525,,,,,,,,,,,,,,,,,,,,,,,??????????????????

December 08 2012 at 12:06 AM Report abuse -3 rate up rate down Reply
popatopfl

It's all about the "Fiscal Cliff" and ending Bush's tax breaks and Obama wanting the plus 250 grand earners to lose the tax break. Simple fact is congress is made up of millionaires and they don't want to raise their taxes. They also want the break for their millionaire campaign donors and PACs. He has to renew the breaks for everyone or let it expire for everyone. The super rich have "Tax Accountants" to move their money around to avoid paying taxes
Better yet push all career politicians over a cliff.
Maybe if Romney didn't keep changing his stance and hadn't come across as a self righteous snob who showed nothing but contempt for the middle class, maybe half the voters would not of voted against him.

December 07 2012 at 11:23 PM Report abuse +7 rate up rate down Reply
1 reply to popatopfl's comment
s.kohanski

Wouldn't make a big difference as the world banks and oil barons run the nation. Presidents are but mere pen puppets. If Frogs had wings they wouldn't bump their assses too.

December 08 2012 at 12:26 AM Report abuse -3 rate up rate down Reply
millsredroosters

Let go on over i can adapt those lazy asses will not.

December 07 2012 at 11:02 PM Report abuse +5 rate up rate down Reply
AL1PA

I find it most interesting that all the administration and the Republicans talk about is cutting Social Security and Medicare. Medicare the seniors pay for. Social Security is paid by all working Americans, so please tell me why our president and congress are not cutting those that have for years and years refused to work, and if anything the illegals that pay nothing but send money back to their home countrys and what benefit is that to America? Why are we still sending foreign aid to countrys that want to kill us? Why have we not forced countrys that owe us money to pay it back as you can be assured the chinese want theirs back. Why do we allow government employees that are considered non essential to continue to have a paycheck for a non essential job? Why do we have fees and licenses that inhibit business and it is just another tax? Why are we still paying to keep the United Nations when member states are in arrears? Shall I add more?

December 07 2012 at 10:57 PM Report abuse +5 rate up rate down Reply
yearsocrapleft

RICH PEOPLE WILL LAY OFF 'ALL' AMERICAN WORKERS N MOVE THERE COMPANIES OVERSEAS UNTILL THIS TERRORIST MUSLIM CLOWN IS REMOVED FROM OUR WHITE HOUSE IN HANDCUFFS~~""IMPEACH THE TERRORIST MUSLIM CLOWN NOW"" OR ""SHUT THE COUNTRY DOWN""

December 07 2012 at 10:09 PM Report abuse -3 rate up rate down Reply