After debating for months on how to fix the alternative minimum tax, Congress recently issued a tax reprieve which postpones the use of the alternative minimum tax for one year. As this tax is becoming more and more common among middle-income taxpayers, its important to understand the basics as it will likely be back in future years.
Most business will make equipment purchases each year. If your business appropriately plans for the purchases, you may be able deduct the full price of the equipment. This article discusses the deduction for equipment purchases and how to plan your purchases in order to decrease your tax bill.
This summer Congress increased the minimum wage. In order to offset the increase in expenses, Congress also allocated money for tax breaks for these businesses. This article lists 3 of the ways to take advantage of these tax breaks.
Do I have to pay quarterly tax payments? Many people don’t realize they need to pay quarterly payments until it is too late and you are stuck with a tax penalty.This article discusses who owes quarterly tax payments, how much and when must you pay.
If you’re considering purchasing or renovating a home, there are several ways to turn your expenses into tax deductions. In this article we discuss tips to decrease your tax bill when purchasing a home.
Getting married is a wonderful event. But after the celebrations are over, there are many decisions you will face as a married couple. This article lists a few of the tax decisions newlyweds will face in the beginning.
You never know when or if you will be audited. But the best way to be prepared is to know what to expect and to maintain your tax documentation. This article discusses the 3 types of audits and what to expect in each.
Tax Freedom day represents the number of days Americans on average have to work a year in order to afford their tax liability.
Since its the last day before the tax deadline, you may be wondering how in the world am I going to get this done. But one way to reduce the stress is to complete a tax return extension.
Does the IRS allow teeth whitening, breast reconstruction, and vision correction surgery as medical expense deductions? These are typically considered cosmetic or elective surgeries, but two of them are allowed as a medical expense.
There are certain types of income that should not be included on your tax return. In this article we discuss a few of the types of income that are excluded from your tax return and therefore result in tax savings.
There are several tax deductions available to us that we have no clue about. Hopefully, by learning some of the common missed tax deductions we are all able to save a little bit more.
We’ll discuss the different tax filing statuses and the requirements and benefits associated with each status. By knowing all the tax statuses available, you may be able to reduce your tax liability.
By knowing the basic limitations behind itemizing expenses, the decision to take the standard deduction or itemize your expenses is made much easier. Also, by maximizing the deduction you are allowed to take, you can reduce your tax liability and save money.
The Working Families Relief Act of 2004 created a standard definition of a qualifying child to be used for tax purposes. The definition has 4 main requirements to consider.
The earned income credit is available to many taxpayers who have low to moderate income. This tax credit will effectively lower your taxable income and increase your potential for a tax refund.
The ‘kiddie tax’ has been changed to apply to all children under the age of 18. It previously only applied to children under the age of 14. Therefore, for children under 18, all unearned income greater than $1,700 will be taxes at the parent’s top tax rate.
The Telephone Excise tax refund is applicable to almost everyone for 2006. Individuals and businesses have 2 options to select from in order to calculate the refund they are eligible for.
The Hope Credit and the Lifetime Learning credits are 2 types of tax credits that can reduce your tax liability and save you money.
The Dependent Care Credit – also known as the Childcare Credit – is one way for working adults to save money on their tax return.
A Child Tax Credit is available to most taxpayers for each ‘qualifying child’. This tax credit is an easy way to save some money on your tax return. Here’s what you need to know.
Tax deductions and tax credits are 2 ways to lower the amount of income tax you owe and therefore save you money! Here’s what you need to know.