However you work your taxes – the old-fashioned way, utilizing software packages or hiring a professional – it is more than worthwhile to be aware of the income tax deductions and credits which can save you money.
According to the Internal Revenue Service, the biggest claimed value comes from personal exemptions, which in 2005 came to [...]
Burden for preparers
Tax preparers may start being tougher in asking you to prove your entitlement to certain deductions. This is because a law was recently passed that requires these professionals to help weed out tax dodgers. This may result in increased paperwork and greater fees to some taxpayers since a longer amount of time will [...]
If you’ve ever stooped through a short door or tried to reach a book off the top shelf you know how uncomfortable it is to be the wrong size. The same thing is true with taxes – many tax benefits are only available to families and individuals whose AGI (adjusted gross incomes) or MAGI (modified [...]
What’s the difference between claiming a standard deduction vs average itemized tax deductions? Can those being single itemize versus only the married itemizing?
Deductions are expenses the IRS allows you to subtract from your taxable income, lowering your overall tax bill. There are two ways to file deductions – using the standard deduction, and “itemizing.”
Standard Deductions
Every [...]
What’s the difference between a taxidermist and a tax collector? According to Mark Twain, “The taxidermist takes only your skin!” Many Americans would agree with him – tax bills often seem unreasonably high. Fortunately, there are many completely legal ways to reduce your taxes and keep more of your hard-earned money for yourself and your [...]
Innovative technology and the convenience that the Internet and teleconferencing brings have led more coaches, contractors, professional consultants, and freelance workers to go into business for themselves. Being self employed isn’t a means of simply generating additional income to supplement a job – it has become a full-time endeavor. A lot of full-time workers are [...]
This tax season 10% of Americans will let someone borrow them their own money through a tax refund anticipation loan. Rates might be as high as 744%. A rapid refund is just your income tax refund given to you on the spot by your tax preparation service- usually within 1-2 days. Rather than waiting for [...]
Homeowner Assistance for 2007
Increasing the amount for AMT exemptions was one of many changes in tax law during 2007. The federal legislature also made possible tax deductions for persons facing home foreclosures, as well as those purchasing mortgage insurance policies last year.
Mortgage insurance is mandatory in cases where buyers put down less than one-fifth of [...]
Does the thought of preparing your small firm’s tax return make you queasy? Do you put it off until the deadline, hoping against hope that it will disappear? You don’t need to go through this anymore. There is now an excellent small business owner’s guide to tax preparation that can aid you to stop procrastinating [...]
Wesley Snipes, star of such amazing action films such as Blade, Blade II, Blade III, Blade IV, and Blade V faces 17 years of imprisonment and resulting ass-rape for charges of failing to file a tax return.
Mr. Snipes’ defense is that he was “following unscrupulous tax advice”.