Entries tagged with: tax credits and deductions
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GoodSearch.com is a website that enables you to give monetary donations to charity without taking any money out of your own pocket.
After registering with GoodSearch, you designate a charity you want them to donate money to. Then, with every online search you conduct, GoodSearch will donate 50% of its revenues earned from those searches to your designated charity.
The money comes from GoodSearch's advertisers, as people click on ads at the GoodSearch website. You can also set up buttons on your website to invite others to search, shop and donate money to your favorite charities.
We estimate that each web search will generate approximately $0.01 for the designated charity or school (image, video and site-specific searches are not included). It quickly adds up!
Whether you work at home running your own home-based business or you telecommute as part of your job for another employer, you should know that there are certain tax deductions that you can take. (And some that you can't.)
In fact, some people avoid taking home business deductions so as not to signal a tax audit. However, if you follow the rules, then you will have no reason to worry.
For starters, check out these 12 Tax Deductions For Your Home Business.
I just read a wonderful article in the Salt Lake Tribune by a young man who decided to save money for a while before buying a home.
One thing that caught my attention is the fact that he felt he was "throwing away" the $650 a month that he was paying on rent.
According to numerous reports, charities are hurting because people are not giving right now. Church offerings have decreased. People are holding on to their old clothes longer and not giving them away for charities to sell. People aren’t giving away old cars, appliances, and furniture.
Who can blame them?
Are you looking to purchase equipment such as printers, copiers, or office furniture for your business in the near future? If so, you may want to look at the purchases you have already made this year before determining whether to purchase the new equipment this year or next.
By appropriately planning your business purchases, you can save money through tax deductions.
There are 3 types of special medical expenses that I thought would be interesting to look into:
- vision correction surgery
- breast reconstruction; and
- teeth whitening
These are surgeries or procedures that most of the time are considered cosmetic and therefore you'd think that they could not be deducted on a tax return.
The IRS typically only allows a deduction for these types of surgeries if it is to fix a deformity, due to a disease, or because of an accident. If an elective medical expense falls into one of those categories, it (along with all other allowable medical expenses) still have to exceed 7.5% of your adjusted gross income to be included as a deduction on your tax return.
So, what do you think... deductible or not??
Even through we're in the age of electronic tax preparation, there are still a lot of tax deductions that go under the radar. I've compiled a list of what I consider the top 5 tax deductions that most people miss.
Several factors should play into the decision of itemizing your deductions versus taking the standard deduction. Generally, if your total deductions are greater than the standard, you should itemize your deductions.
The earned income credit is for individuals who earn a low to moderate income with the purpose of effectively lowering your tax liability.
According to H&R Block, these are some of the most often overlooked tax write-offs...
Want to be a part of probably the most wide-reaching tax refund - and of course, save money at the same time? Well, the Telephone Excise Tax is a one-time tax refund only offered for the 2006 tax year.
One way to save money on your children's college and graduate education is to utilize the tax credits available specifically for you.
There are two types of education credits available: the Hope Credit and the Lifetime Learning Credit. Both credits can be deducted from your federal income tax, not just from your taxable income.
Are you sending your kids to daycare? Or, do you have a nanny?
Well, if you do you're in luck. There's a tax credit made just for you.
Want to save $1,000? Do you have children? A Child Tax Credit is available to most taxpayers for each "qualifying" child.
There are 2 ways to lower the amount of taxable income you owe: tax deductions and tax credits.
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For starters, check out these 