Alternative Minimum Tax – Medical and Dental Expenses

The itemized deduction for medical and dental expenses is an item that affects a significant number of individuals who are stuck in the Alternative Minimum Tax. Depending on the type of health insurance an individual has (high deductible plan with a Health Savings Account versus a high amount of (read on...)

Limitation on Itemized Deductions – AMT Adjustment

Depending on a taxpayer’s level of Adjusted Gross Income (“AGI”), the total amount of all the itemized deductions shown on Schedule A of the Form 1040 may not be deductible for Regular Tax purposes – a reduction may apply. For 2009, this AGI level is $166,800 for all (read on...)

State Income Tax Refunds – AMT Adjustment

The AMT adjustment for State Income Tax Refunds, line 8 on Form 6251, is a reduction to your Alternative Minimum Taxable income. There isn’t much a taxpayer can do about this other than to understand just a little bit of what is going on. Just for fun, let’s start with the IRS’ (read on...)

Expat Tax Tips – 8 Secrets to Managing Your Financial World Across Two Continents

Whether you are a long-time American Expatriate overseas or one just beginning your multi-continental adventures, you need to find a way to organize and focus your financial world on a global basis. Packaging up all your personal and financial information and carrying it with you is not always (read on...)

Loan Repayment – Financial Planning When it Comes to Getting a Bank Loan

Approaching a bank for a loan can be beneficial especially when you need capital to invest in a worthwhile project. Unless you have the capability of paying back, getting a loan can prove to be quite a financial disaster. Therefore, before acquiring a loan, make sure you have the required income (read on...)

The Mortgage is Close to 90 Days Past Due – Foreclosure Imminent – Consult a Bankruptcy Attorney

It is true that history repeats itself. In search of a fresh start, the early American settlers and founding fathers, many of whom were bankrupt and penniless, came to the new world. Bankruptcy today is exactly that, a fresh start, but without the cruise across the Atlantic. Bankruptcy protection (read on...)

What People Expect From Debt Consolidation

We all know that almost all people who applied for debt consolidation loan or program are tied with debts. They have decided to get debt consolidation program simply because they could not pay off all of their bills in time anymore but they have different expectations and reasons why they chose (read on...)

Is it the Correct Time For Debt Consolidation?

It is not hard to figure out why there are so many people who are stuck with debts because times are really hard these days. People are trying to find some ways on how to handle all of their debts and pay off their bills in time. There are some of them who know about debt consolidation but they (read on...)

The Top ARRA (The American Recovery and Reinvestment Act) Individual Tax Breaks

Workers, retirees and other Social Security recipients will receive new tax relief. The ARRA created a new tax credit called the Making Work Pay credit. It provides anywhere from $400 to $800 for filers, without a phase-out for higher income households. Unlike 2008’s recovery rebate check, (read on...)

What Are Some of the Important Considerations Regarding Federal and NJ State Estate Taxes?

If the value of your estate is less than $2 million and you pass in 2006, you are exempt from federal estate taxes. Pay close attention to what falls into your estate, as $2 million can add up quicker than you think. Your estate includes the value of your retirement plan, savings, investments, (read on...)