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What Is New?
Economic Indicators
- Major Economic Indicators Latest NumbersConsumer Price Index (CPI): +0.2% in Jan 2010 News Release Historical Data Unemployment Rate: 9.7% in Jan 2010 News Release Historical Data Payroll Employment: -20,000(p) in Jan 2010 News Release Historical Data Average Hourly Earnings: +$0.04(p) in Jan 2010 News Release Historical Data Producer Price Index (PPI): +1.4%(p) in Jan 2010 News Release Historical […]
- Major Economic Indicators Latest Numbers
Consumer News
- FDA Drug Safety Communication: Product Confusion with Maalox Total Relief and Maalox Liquid ProductsThe U.S. Food and Drug Administration (FDA) has received five reports of serious medication errors involving consumers who used Maalox Total Relief, the upset stomach reliever and anti-diarrheal medication, by mistake, when they had intended to use one of the traditional Maalox liquid antacid products. Read more... […]
- FDA Drug Safety Communication: Product Confusion with Maalox Total Relief and Maalox Liquid Products
Economic Analysis
- Gross Domestic Product, 4th quarter 2009 (second estimate)Real gross domestic product -- the output of goods and services produced by labor and property located in the United States -- increased at an annual rate of 5.9 percent in the fourth quarter of 2009 (that is, from the third quarter to the fourth quarter) according to the "second" estimate released by the Bureau of Economic Analysis. In the third q […]
- Gross Domestic Product, 4th quarter 2009 (second estimate)
Budget Office
- Using a Different Measure of Inflation for Indexing Federal Programs and the Tax CodeFederal laws try to protect taxpayers and recipients of government benefits from the effects of rising prices by specifying that dollar amounts in many parts of the tax code and in some programs be automatically adjusted—or indexed—for inflation. Without such indexing, a rise in the general level of prices would alter the effects of federal [...] […]
- Using a Different Measure of Inflation for Indexing Federal Programs and the Tax Code
Economic Outlook
- S. 1759, Water Transfer Facilitation Act of 2009Cost estimate for the bill as ordered reported by the Senate Committee on Energy and Natural Resources on December 16, 2009 […]
- H.R. 4691, Temporary Extension Act of 2010Cost estimate for the bill as introduced on February 25, 2010. […]
- S. 409, Southeast Arizona Land Exchange and Conservation Act of 2009Cost estimate for the bill as ordered reported by the Senate Committee on Energy and Natural Resources on December 16, 2009 […]
- S. 2889, Surface Transportation Board Reauthorization Act of 2009Cost estimate for the bill as ordered reported by the Senate Committee on Commerce, Science, and Transportation on December 17, 2009 […]
- S. 1147, Prevent All Cigarette Trafficking Act of 2009Cost estimate for the bill as reported by the Senate Committee on the Judiciary on November 19, 2009 […]
- S. 1759, Water Transfer Facilitation Act of 2009
Free Tax Assistance for Members of the Military
The IRS wants military members and their spouses to know they may be eligible to receive free tax return preparation assistance. The U.S. Armed Forces participates in the Volunteer Income Tax Assistance program and provides free tax advice, tax preparation, return filing and other tax assistance to military members and their families.
1. Armed Forces Tax Council The Armed Forces Tax Council oversees the operation of the military tax programs worldwide, conducting outreach with the IRS to military personnel and their families. The AFTC consists of tax program coordinators for the Marine Corps, Air Force, Army, Navy and Coast Guard.
2. Volunteer Tax Sites Volunteer assistors at Military-based VITA sites are trained to address military-specific tax issues, such as combat zone tax benefits and the new Earned Income Tax Credit guidelines.
3. What to Bring To receive this free assistance, you should bring the following records to your military VITA site:
Valid photo identification
Social Security cards for you, your spouse and dependents or a social security number verification letter issued by the Social Security Administration
Birth dates for you, your spouse and dependents
Current year’s tax package, if you received one
Wage and earning statement(s) — Form W-2, W-2G, 1099-R
Interest and dividend statements (Forms 1099)
A copy of last year’s federal and state tax returns, if available
Checkbook to get routing number and account number for direct deposit
Total amount paid for day care and day care provider’s identifying number
Other relevant information about income and expenses
4. Joint returns If your filing status is Married Filing Jointly and you wish to file your tax return electronically, both you and your spouse should be present to sign the required forms. If it isn’t possible for both of you to be present, a valid power of attorney that allows tax preparation can be used to sign and file the return.
5. Special Exception There is a special exception to using a power of attorney for spouses in combat zones that permits the filing spouse to e-file a joint return with only a written statement setting forth that the other spouse is in a combat zone and is unable to sign.