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6 Strange New Taxes That May Be Headed Your Way

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sugar-sweetened beverage  soda  drink taxBy CHERYL LOCK

It's tax time!

And while you're busy scrambling to get together your return for this year, a new Time article points out six new (incredibly strange) taxes that may be coming your way in the very near future.

A few have even already passed.

Take a look at some of the ideas:




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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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colloc

I have a strange idea. Why don't we stop paying ex-politicians huge pensions, stop giving stuff to all the illegals, stop giving military equipment and money to our enemies and stop wasting money on pork barrel projects? Then we could cut taxes instead of coming up with new ones.

March 09 2013 at 12:33 PM Report abuse rate up rate down Reply
Nekima

every day this country is becoming more and more disgusting!!!!

March 08 2013 at 7:58 PM Report abuse rate up rate down Reply
cliffy934

I remember back when we had energy shortage, where every one and all companies were to turn off their lights when not in use, now we have developed the hybrid vehicles that get better gas mileage, and energy deficient appliances. Now, with all this energy saved, the government wants to start charging for the number of miles you drive because tax revenue is down on gasoline. And the utility companies wants increases because we are not using as much electricity. Goodness, all this saving on energy, what was the use?

March 08 2013 at 3:36 PM Report abuse rate up rate down Reply
bchrist751

I like the Idea of taxing Electric cars and bikes....

March 08 2013 at 12:48 PM Report abuse -1 rate up rate down Reply
clarita995

gawd forbid these rectal sphincters briefly explain obummer care and the IRS involvement and of course the increased costs of health INSURANCE.
or how those obummer phones ARE PAID FOR--
nah,waste time with bs and these same taxes are already out here and HAVE BEEN already.

March 08 2013 at 12:46 PM Report abuse -1 rate up rate down Reply
powdercoatguy

Tax their land, tax their wage, tax the bed in which they lay.
Tax their tractor, tax their mule, teach them taxes are the rule.
Tax their cow, tax their goat, tax their pants, tax their coat.
Tax their ties, tax their shirts, tax their work tax their dirt.
Tax their chew, tax their smoke, teach them taxes are no joke.
Tax their car, tax their grass, tax the roads they must pass.
Tax their food, tax their drink, tax them if they try to think.
Tax their sodas, tax their beers, if they cry tax their tears.
Tax their bills, tax their gas, tax their notes, tax their cash.
Tax them good, and let them know, that after taxes they have no dough.
If they holler, tax them more, tax them till they’re good and sore.
Tax their coffin, tax their grave, tax the sod in which they lay.
Put these words upon their tomb: “Taxes drove them to their doom!”
And when they’re gone, we won’t relax, we’ll still be after their inheritance tax.

March 08 2013 at 11:45 AM Report abuse +2 rate up rate down Reply