Its always a big discussion among many homeowners who are trying to figure out which tax deduction youll be able to get when youre making improvements to your home. This topic even baffles tax experts at times being that the laws change so often, therefore trying to scramble to see which tax deductions still exist as well as new ones that may have come to be can be quite the task. Basically, if you want to do improvements to your home it should be for that fact that its g…
Tax Changes You Should Know for 2005 Returns
Every year, you have to file tax returns and every year there are changes to the tax code. Here are some key changes for 2005 to keep in mind when you prepare returns.
Tax Deductions for Your 2005 Hybrid Automobile
With the recent push by President Bush for alternative fuel strategies, much confusion has arisen regarding tax incentives for hybrid vehicles. This article clarifies the issue for you.
Tax Returns – Should You Itemize?
When you finally decide it is time to prepare your taxes, the first question is whether you should itemize your deductions or take the standard deduction provided by the IRS.
Various Toyota Hybrids Get Tax Credit Certification From IRS
Starting in 2006, individuals buying hybrid cars will get a tax credit instead of a tax deduction. The IRS has just started to kick out the exact amounts you can claim for your new hybrid.
Write-Off Bad Business Debts On Your Taxes
Practically every small business has receivables that it cannot obtain from clients. For those small businesses that suffer from uncollected receivables, solace can be taken from the fact you can claim a tax deduction.
Deducting Alimony Payments
Over 50% of marriages end in divorce in the United States. Many divorce decrees include provisions for the payment of alimony. The IRS takes the position that such payments constitute a form of income and create an alimony tax deduction for the person making payments.
IRS Announces Tax Credits For Toyota Prius
The Toyota Prius is the vehicle that started the entire hybrid vehicle craze. It continues to dominate the market and the IRS has announced the tax credits for this year.
Moving To A New Location Tax Information
In modern America, it is rare to find a person or family living in the same place for thirty years. Most of us move five or ten times, which means taxes become an issue.
Prepaying Your Mortgage The Pros and Cons
If you have looked into wealth building strategies, you have undoubtedly stumbled upon the raging debate over prepaying ones mortgage. Here is the objective scoop.
Mortgage Debt Has Advantages Tax Advantages
The first time you buy a home, you may break into a cold sweat when you go to sign the loan documents and realize you are committing to paying back hundreds of thousands of dollars.