Mortgage Debt Forgiveness Tax Relief

July 10, 2012 by  | Leave a Comment Filed under: Taxes 

After the 2007 and 2008 mortgage crunch, many mortgagers found themselves with mortgage loans that were way above the market price of their houses. Many of these homeowners could not support their mortgage payments and this lead to foreclosures and mortgage adjustments. In a bid to shield (read on...)

What Expenses Qualify for Tax Deduction?

July 10, 2012 by  | Leave a Comment Filed under: Taxes 

There are various expenses and payments that qualify for tax deductions and therefore, reduce your taxable income. Over the years, different taxpayers and tax professionals have interpreted the tax law to include non conventional expenses for deduction. Some cases have been successful while in (read on...)

How to Make Your Life Tax Deductible

June 26, 2012 by  | Leave a Comment Filed under: Taxes 

It is important for you to keep in mind that taxes are neither fair nor logical, and this becomes painfully obvious the more you learn about the Tax Code and the role of the Internal Revenue Service (IRS). Furthermore, IRS Tax Code is subject to change at a moment’s notice. The United (read on...)

Top 5 Tax Deduction Strategies For A Successful Business

May 16, 2012 by  | Leave a Comment Filed under: Taxes 

Learning the complete tax book by heart and implementing all the effective tax strategies can increase your profits for your business’ benefit. 1. Keep track of tax deductibles from mutual funds. The mutual funds kept under the portfolio managers can help in saving tax losses through (read on...)

Tax Write-Offs You Didn’t Know About

March 31, 2012 by  | Leave a Comment Filed under: Taxes 

Filing your taxes is normally put off till the last moment possible. People don’t like filing their taxes most of the time because they might have to owe the government money. There are a lot of people who do get money back after filing their taxes, but some could get a lot more. Knowing (read on...)

How Tax Deductions Work

February 10, 2012 by  | Leave a Comment Filed under: Taxes 

The concept behind a tax deduction is a simple but a powerful one. The amount of income that you pay is based upon your taxable income. Your income level usually determines your tax bracket or the rate of income tax that you will pay. If you could reduce your income you could reduce your income (read on...)

Tax Benefits Associated With Housing Loans

January 13, 2012 by  | Leave a Comment Filed under: Taxes 

Multiple benefits – how? EMIs (elementary monthly installments) consists of two parts – the interest portion and principal amount. Interest paid is allowed as a tax benefit under section 24(b) (subject to restrictions), while the principle amount repaid is allowed as a deduction under (read on...)

Understanding Educational Saving Bonds

November 12, 2011 by  | Leave a Comment Filed under: Taxes 

Educational Saving Bonds (ESBs) are not like the other bonds; they are investment security notes offered only by the United States Treasury Department to specific banks and credit unions. Considered to be one of the safest ways of investing in the United States, ESBs provide investors with the (read on...)

8 Steps To Foolproof Charitable Tax Deductions

October 22, 2011 by  | Leave a Comment Filed under: Taxes 

It’s a win-win situation – you cut your tax bill, and a charity gets the money they need to help people in your community. The Federal Tax Code changes yearly, but the IRS continues to allow you to write off contributions to charity…as long as you make them to an IRS approved (read on...)

Breakthrough for Animal-Lovers: Deduct Your Pets From Your Next Tax Return

September 15, 2011 by  | Leave a Comment Filed under: Taxes 

In 2009 the Humanity and Pets Partnered Through the Years Act – more commonly known as the “Happy Act” was proposed. This law granted a $3,500 tax deduction for pets. While many people laughed, the Tax Court has apparently listened. Recent decisions rendered by the Tax Court has (read on...)