Many people just assume their accountant will cut their taxes as much as possible. To get the biggest benefit from them, you need to be a bit more proactive.
Adult ADD And Taxes
I know you still have about three months until you have to file your U.S. tax forms, but now is a good time to think about taxes. Many adults with ADD would rather scrub the floor with a toothbrush then work on preparing their taxes. Here are some tips to help make taxes less taxing: (pardon the pun)
1. Set up a folder ( green, black, or red are good colors) or a box where you will put all of the tax forms that you are receiving now and put it with all of your other importa…
Checking The Status of Your Tax Refund Online
More than a few people are happy to learn they are due a tax refund after filling out their tax returns. If you are one of these people, here is how to check the status of your refund online.
Depreciate property improvements correctly with cost segregation
A cost segregation study allows property owners to both defer and reduce federal income taxes. When properly performed by an appraiser with expertise in cost segregation, this is a conservative tax planning tool which reduces federal income taxes by properly allocating the cost basis between land, 5-year, 7-year, 15-year, 27.5-year and 39-year property.
Filing Taxes Online Now Stress Free, Cost Free
For many Americans, the 2005 tax season will tax the nerves, take a lot of time and maybe cost a bundle, too.
Heath Savings Accounts (HSAs) Mean Big Tax Savings
Health Savings Accounts, or HSAs, can save individual taxpayers as much as $1,600 annually in income taxes. Best-selling Quicken for Dummies author and CPA Stephen L. Nelson explains how HSAs work, why they save money, and where one goes to set an HSA up.
How Wealth Tax Is Better Than Income Tax
Wealth Tax
Do you want to move money from the wealthy to the poor? Well, tax wealth.
Wealth tax causes far less market distortion, and hence, much fairer than income tax. Wealth tax hurt productivity less. If you live in a capitalistic country, then your income is yours fairly. However, Bobs wealth might not be traceable to productivity. Bob might have gotten his wealth through inheritance gained through slavery, or genocide. The link between wealth to productivity is …
IRS Issues Long-Term Care Insurance Premium Deductibility Limits for 2006
The Internal Revenue Service has announced the 2006 limitations on the deductibility of long-term care insurance premiums from taxes.
Premiums for “qualified” long-term care policies are treated as an unreimbursed medical expense. These premiums are deductible to the extent that they, along with other unreimbursed medical expenses exceed 7.5 percent of the insured’s adjusted gross income.
Managing Freelance Tax
According to business analysts, the home-based business trend is on the rise and a lot of people are jumping onto self-employment. The news is not surprising since there are many advantages in being self-employed and owning your own business. Aside from the fact that you can actually call something your own, there is also the sense of achievement brought by personal success. On the practical side, you get to be your own boss, which means that you decide your hours and how muc…
Alternative Minimum Tax Online Tool
Hell hath no fury like a person who just found out the alternative minimum tax applies to them. The IRS has set up an online tool to figure out if you do.
Child Custody Agreement and Taxes
A child custody agreement can have serious implications for your income tax filings. This issue needs to be addressed before you finalize and custody filing.
Determining Your Tax Status
Knowing how to determine your tax status, and knowing the difference between each group will help to make filing your income tax return go smoother. Here we will discuss the ways in which you determine which status to file under.
There are five classifications from which you choose to file: single, married filing jointly, married filing separately, head of household or qualifying widower with dependent child. If for some reason, more than one status applies to you, you sho…