Archive for the ‘Tax’

  • List Of Tax Deductions That Would Never Change>
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    List Of Tax Deductions That Would Never Change
    There are various tax deductions available for an average American. The sad part, however, is most of them don’t make use of these deductions. Here is a complete list of tax deductions that wouldn’t change for many years now. 1.    Loss on Investment Deductions If you incurred any losses from your investment products like mutual funds, bonds, stocks, etc. you ca deduct that amount from your taxable income. You must contact your broker and ask for an electronic statement, which might be useful to prove your loss. 2.    Charity Donations If you made any donations to a recognized charitable organization, it’s deductibles. You don’t necessarily have to give cash, you can give away furniture, clothes, and any other item in good condition as charity, and they are all deductible. 3.    [...]
    at May 4th, 2010 at 04:05 am
  • A List of Medical Expenses Tax Deductions>
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    A List of Medical Expenses Tax Deductions
    There are several ways to deduct taxable income. However, people find it extremely difficult to it itemize their medical expenses tax deductions. While majority of us are aware about the common expenses that can be deducted, there are many others that are still not known widely. Let’s have a look at few of them. You can, as a tax payer, include expenses that are paid for your family or any other dependents, for deductions. The common ones are: Payments made on premiums for long term care insurance, dental, and all other medical insurances. Deductibles on insurance including co-payments Any visiting charges paid to dentists, psychiatrists, doctors, health practitioners, and chiropractors Payments made to long term care facilities, hospitals, lab fees, nursing homes, and so on. Expenses paid  [...]
    at April 20th, 2010 at 12:04 am
  • Tax Deduction for Home Based Business Owners>
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    Tax Deduction for Home Based Business Owners
    This year, if you are a freelancer owning a business, you can save a huge amount, or precisely, reduce your deductible tax income considerably. Let’s have a look at some of the very common ways: Office Space As a freelancer, if you are using your home space for business, you are entitled to waive off your office space. The amount, otherwise, paid as rent or mortgage can be deducted from your taxable income. Thus, working a s a freelancer can earn you more than a regular employee. Also, a part of your renters or homeowners insurance is can also be deducted as non-taxable income. Bills Working from home means using personal telephone lines, internet, and other utilities. These expenses, however, can be deducted up to the amount used for commercial purposes. If you have a dedicated phone line  [...]
    at March 18th, 2010 at 01:03 am
  • Still Filing Your Tax Returns On Paper? Go For E Filing Instead!>
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    Still Filing Your Tax Returns On Paper? Go For E Filing Instead!
    Electronic documentation of data is already practiced by many of us. So a suggestion asking you to specifically file your tax returns electronically might sound cliché to you. But then, there are so many of us who also keep clinging to the old systems unless it becomes imperative for you to adopt a new one. My endeavor is to convince those who belong to the latter type. Here are some good reasons why you should switch loyalties to the more modern method of filing your tax returns: Because IRS Wants You To You might not do it if I tell you to, but you have to listen to IRS which wants about 80% filing of tax returns electronically by 2014. The reason is simple- Electronic filing makes it easy for it to work upon your data. Yes, like many other computerized systems, an electronic tax filing  [...]
    at December 29th, 2009 at 01:12 am
  • Top 8 Last Minute Tax Deduction Strategies For 2009>
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    Top 8 Last Minute Tax Deduction Strategies For 2009
    When it comes to tax deduction strategies it’s never too late. 2010 is just round the corner, but you still can apply some last minute tax deduction strategies and welcome 2010 with more tax savings. Here’s how you go about it: Make Contributions to Your 401(K) There’s still time to make contributions to your 401(k) for this year. The traditional IRA contribution deadline is the 15th of April, 2010 for the 2009 year. The maximum you could contribute is $16,500 for both this and the coming year. If you are over 50 the limit is $22,000. Consult your employer to see if you could still make contributions for your 401k. Wait Till Next Year to Make Roth IRA Conversions If your modified gross income is less than $100,000 you can convert it to a Roth IRA. From next year, this $100,000 limit will  [...]
    at December 22nd, 2009 at 01:12 am
  • How To Minimize Tax Losses On Your Rental Properties>
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    How To Minimize Tax Losses On Your Rental Properties
    If you have let out your property on rent in this economically fragile season, you might have faced tax losses. So how are you going to minimize the losses? Here are certain things that you can do. If you are not already aware, the tax losses on the rented property are categorized under the PALs or passive activity losses. These tax losses are deductible only on your passive income which includes the rents that you collect on any other rental properties of yours. The PALs get invoked even if you sell off the rental properties. But if you are not selling any property at present or don’t have any other rental property from which you are actually making money, you cannot expect your PALs to be effective. You have to wait for that because they remain dormant till the conditions for activity are  [...]
    at December 2nd, 2009 at 01:12 am