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Weekly Favorites: Moving Expenses Tax Deduction, What Is Sequestration, $917 Million Unclaimed Taxes, Capital Gains Tax

Weekly Favorites: March 15, 2013 - TaxACT

Weekly Favorites: March 15, 2013

Moving Expenses Tax Deduction: What’s Deductible and Nondeductible? via Sally Herigstad
In this tough economy, many Americans are moving to find work. They can offset some of the expense of packing up for greener pastures by taking a tax deduction for moving expenses. Continue reading…

What Is Sequestration – Definition & How It Cuts the National Debt via Money Crashers
While our country’s ability to borrow money is a valuable asset, particularly in times of need such as wars or economic recessions, continuously maintaining high levels of the debt in comparison to our gross domestic product is detrimental, even devastating to citizens. Continue reading…

IRS has $917 million in unclaimed 2009 tax refunds via CNN Money
About 984,400 taxpayers haven’t submitted returns for 2009, the agency said. Some people may not have filed because their income was low enough that they weren’t required to, but they could still qualify for refunds if taxes were withheld from their paychecks. Continue reading… 

Long-Term Capital Gains: How Much Tax Will I Owe? via Sally Herigstad
Did you sell a house, some investments, or even a car this year that you may need to report as the sale of a capital asset? If you sold an asset, possibly at a profit, you’ll generally pay less tax on the gain than you would pay on ordinary income, such as wages. Continue reading…

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