Articles, tagged with "adjusted gross income", page 5

Tax Planning – details to know before you choose a lawyer

Taxation on individuals and businesses at the local, state and federal levels is under certain rules and regulations. It is necessary to have a grasp of these legal details for proper tax planning. You need to know current tax laws to understand the categ... Read >
Author: williams23

Using your IRS Refund to Lower your 2010 Tax Liability

According to the IRS the average tax refund last year was over $2,500. I always encourage taxpayers to do something smart with this money, and it is never too early to begin planning for next tax season. Put the Funds into a Traditional IRA When you... Read >
Author: Roni Deutch

Why Should You Make IRA Contributions?

IRA contributions usually affect your current taxes in positive ways. It's basically a way to save money for your retirement on a tax-free basis now (in other words, you don't pay tax on the income you plop into an IRA until you take it out), so that you'... Read >
Author: Len Jarosz

The Property Tax Deduction Explained

The property tax deduction is one of the main deductions available to homeowners. However, unlike the mortgage interest deduction you do not need to itemize your return in order to claim the property tax deduction. Local Tax Deductions In addition ... Read >
Author: Roni Deutch

Lowering your Tax Liability Without Itemizing

If you decide to itemize, you can use dozens of tax deductions such as the mortgage interest deduction and charitable contributions to reduce your adjusted gross income. However, if you do not qualify for many deductions then you should take advantage of ... Read >
Author: Roni Deutch

Casuality Loss Hurricane

Silver Lining from Hurricane Ike Hurricane Ike inflicted a steep penalty on the Texas Gulf coast. However, there is an inconspicuous benefit - casualty loss tax deductions. Taxpayers may be able to take a 2008 deduction if either personal or business p... Read >
Author: Pat O Connor

Online Tax Software

When one has an industry, one will understand that though it is largely about getting maximum profits there are several extra things to look out to make sure of the ongoing accomplishment or survival of. As the popularity of tax preparation software has i... Read >
Author: ayushvedahub1

Federal Tax Incentives for Continuing Education (Part 2 of 4): Lifetime Learning Credit

Author: Fred Daus Federal Tax Credits Help Working Adults Return to the Classroom Last week we discussed the benefits of the American Opportunity Tax Credit (or modified Hope Credit, this week we are going to take a look at the Lifetime Learning Cred... Read >
Author: Clickexplosions

Federal Tax Incentives for Continuing Education (Part 3 of 4): Tuition and Fees Deduction

Author: Fred Daus Post-secondary education costs are on the rise but Federal tax incentives attempt to provide some respite While we've been talking about the Lifetime Learning Credit and the American Opportunity Credit (Hope Credit, modified for 2009... Read >
Author: Clickexplosions

Tax Savvy Ways to Spend your IRS Refund

According to the IRS the average tax refund last year was over $2,500. I always encourage taxpayers to do something smart with this money, and it is never too early to begin planning for next tax season. Put the Funds into a Traditional IRA When you... Read >
Author: Roni Deutch

Tax Credits for Students Earning a Higher Education

Many students are qualified to earn tax credits to help make up for the amount of tuition they pay for their education. A tax credit is a direct reduction of a person's tax liability. It reduces the actual amount of taxes that must be paid. There are thre... Read >
Author: astinchfield

Deducting Home Mortgage Interest on your Tax Return

As stated in 26 U.S.C. § 163(h) of the Internal Revenue Code, American taxpayers are allowed to deduct the interest paid on their mortgage from their adjusted gross income. The interest must be reported on IRS Form 1040, Schedule A, along with any other ... Read >
Author: Roni Deutch

The Medical Expense Deduction

The medical expense deduction is one of the most commonly overlooked tax deductions. In order to claim this deduction you need to itemize your return, meaning you do not take the standard deduction. The Basics According to the IRS, "if you itemize y... Read >
Author: Roni Deutch

FHA Home Loan Income Calculation

Wage Earners Generally two years of employment history is required. Sometimes borrowers may have gaps in employment due to loss of job or illness or other reasons. This is a case by case scenario and can be handled if the reasons are legitimate. Gross... Read >
Author: homesearch

The Home Buyers Tax Credit – Capitalizing on its Benefits

You might have heard about a policy that tries to unburden taxpayers and home buyers with double financial burdens. This policy is commonly known as the home buyers' tax credit, which is granted to home buyers possessing necessary qualifications approved ... Read >
Author: F. Morgan

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