Stay Away From Refund Anticipation Loans
The National Consumers League (NCL), founded in 1899, sent out a press release this morning condemning refund anticipation loans (RAL). This isn't big news, and if you ask me, they're a few weeks late in sending this out. The IRS starts accepting tax returns in mid-January. If you want to warn folks…
How To Receive Your Income Tax Refund
When you file your income taxes and are eligible for a tax refund you can receive the money in a number of ways. One way to get your income tax refund is to have the money direct deposited into a bank account. Another way to receive your tax refund is to get a stored value card from a tax preparer…
Tax Returns Are Taxing The Wallet
How much should you pay to file your taxes? According to a new survey from the National Society of Accountants, the mean cost of preparing a non-itemized 1040 is $110. If you add in a Schedule A, that cost jumps to $201.
Where you live makes a difference. In the Midwest, filing a non-itemized return…
Income Taxes: Save Money, Give Less Legally To IRS
There are several legal ways to save money on your income taxes and give less to the IRS. One way to legally save money on your income taxes and give less to the IRS is by paying your January mortgage payment in December. You can also save money legally on your income taxes and give less to the IRS…
New Tax Rules For Individual Taxpayers
There are plenty of important new tax rules for individuuals that you need to know about. Chet Burgess, an enrolled agent who owns Brookwood Tax Service in Atlanta, Georgia, explains some of the new rules. The tax breaks are related to Hurricane Katrina, dependent children and investment property,
Mortgage Refinancing Denied After Reviewing Tax Returns
Sometimes you may have a great credit score but still get denied for mortgage refinancing after the lender reviews your tax returns. If you are an entrepreneur, some banks may not be comfortable with refinancing the mortgage loan because your tax returns have large deductions. Ilyce suggests finding…
ThinkGlink Radio Show for Dec 18, 2005
Ilyce packs the last show of 2005 with information on home improvements, dealing with holiday debt, 2006 tax changes, and the new Roth 401(k). Ilyce then takes calls on topics from using rainy day savings to pay off a home to the pros and cons of an interest-only loan. Ilyce returns January 8th.
ThinkGlink Radio Show for Nov 6, 2005
Ilyce kicks off the show talking about how Americans shop and how the internet has changed it. Ilyce then takes calls on topics from changes in tax laws involving second properties to dealing with estate issues for an elderly parent.
New Tax System Cost To Homeowners
Information regarding President Bush's advisory panel on tax reform has begun to leak out. It is clear that the panel has talked about abolishing federal deductions and credits for mortgage interest, state and local taxes, charitable contributions, and the costs of higher education, among others…
IRS May Want Equity Forms For Quit Claim Deed Transfer
What do you have to do in terms of taxes if you gift your share of a property using a quit claim deed? It depends on how much equity you own in the property. If you have less than $11,000 in equity in a property you likely don't have to do anything. If you own more equity than that, then you may…
Second Home Cannot Be Primary Residence
In order to claim a home as a primary residence you have to live there for most of the year. You can't claim a second home, a vacation home or a retirement home a primary residence unless you plan to live there most of the time. If the IRS audits you they will look for certain records to prove a…
When you win a contest, it's like winning the lottery. You get the goods but you have to pay tax on your winnings as personal income rather than capital gains. The difference can be pretty dramatic in terms of taxes owed. Many people choose to take a cash payment instead of the prize, because they…
A senior citizen wants to take cash out of his IRA to supplement his Social Security Income of $1,200 per month. His income is so low that he will probably not trigger any taxes on this income. He may be able to qualify for a reverse mortgage if he needs more cash to live on.
When it comes to stocks, inheritance and other assets that have appreciated over time, you inherit these assets at the value they had at the time of inheritance or acquisition. Unless one of these accounts was of a type that had designated you as a beneficiary and are taxable to you directly, you…
Tax time again! Whether you are using a paid tax preparer or filing solo, you'll need to stay on top of the tax laws. Using software and filing online helps keep track of the myriad of changes to the tax laws each year. If you don't know what deductions you can take, the IRS's website offers…
Looking for last minute tax tips? For those of you who are still working on filing taxes, here are a few useful tax tips to keep in mind.
Choose Cash Instead Of Real Estate In Contest
When you win a home in a contest you're still responsible for taxes on your winnings including property taxes. When you have a choice between cash and real estate it may be better to choose cash. If you choose the home and keep it then you'll have to pay property taxes and maintain the home. If you…
Real Estate Books Help With Taxes And Building
When you're investing in real estate, it helps to be knowledgeable about the taxes you'll pay when your buying and selling real estate. Reading these two real estate books, Every Landlord's Tax Deduction Guide and The House That Jill Built: A Woman's Guide to Home Building, can help you learn about…
The state of Illinois has several places for those who qualify to file their taxes for free. If you make $35,000 a year or less, you can file your taxes for free through a variety of programs coordinated by the City of Chicago’s Tax Assistance Center and the Center for Economic Progress. Check out…
Automobile Business Expense As Tax Deduction
When you use your car for work you may be able to deduct your automobile expenses on your taxes. Eligible automobile expenses for a tax deduction include mileage and depreciation. But if you don't itemize your deductions on your taxes you cannot claim your automobile expenses as one of these…
The Tax Advantage Of A Mortgage
A lot of people think that they'll do better by getting a bigger mortgage because they can write off the interest they pay on their federal income taxes. But getting a bigger mortgage will only pay off if you itemize on your federal income tax form and if you have a better place for your cash than…
Mortgage Interest A Tax Advantage?
Is there a tax advantage to having a mortgage on your house? Forget the tax advantage, the interest on a mortgage isn't worth more than putting the money directly into your property. Most homeowners don't itemize their mortgage interest on their tax forms, so pay cash for your house if you can.
IRS Tax Refund: Pay Debt And Loans Down, Start IRA
Getting a tax refund from the IRS isn't much to brag about. If you're getting a tax refund from the IRS, you just gave the government an interest free loan by overpaying what you owed. There are some smart moves you can make with your tax refund from the IRS.
Last Minute Tax Filing Options
Anyone who can't file their return by midnight on April 15 can get an automatic four month extension. That gives you time to complete your return, but you still have to pay any taxes that would be due today or owe interest and penalties on top of the tax owed.
Two weeks to go until your federal and state income taxes are due. Although tax brackets went down this year, many Chicagoans still feel their taxes are too high. If you haven't filed, there are some ways you might be able to lower your tax bill.
