When you file your taxes, you may be able to claim a tax deduction. A tax deduction allows you to save money on your taxes. Current tax deductions include mortgage interest paid and student loan interest paid. Including tax deductions on your tax return may lower your tax bill. Consult a tax preparer, accountant or enrolled agent to know for sure.
Paying Off Mortgage Brings Peace Of Mind
Should a homeowner take the proceeds from selling a business and pay off her mortgage? Paying off a mortgage is a good way to reduce your out-of-pocket cash expenditures each month. However, you have to make sure that you make enough by saving on interest, than you would if you invested the money. You also need to look at how much you will have to pay in taxes on the money.
My Own Little Tax Hell
Arrrgh. I've just signed my tax return. Although Turbo Tax says our tax rate is only 16.1 percent (or a bit higher), it sure feels like we're paying ...
Rental Property, Equity And Taxes
When you own property with a parent or manage a rental property for a parent and then want to get money out of that investment property, it can result in tax consequences. When you want to get some equity out of a rental property you need to think carefully about how to proceed. If the parent quit claims the property to the child, the child inherits the cost basis of the property when it was purchased, which may be high.
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 by donating appreciated stock to your favorite charity.
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,
New Tax Rules For Business Taxpayers
There are plenty of new tax rules that small business owners need to know about. Chet Burgess, an enrolled agent who owns Brookwood Tax Service in Atlanta, Georgia.gives some good small business tax advice from Chet Burgess, an enrolled agent who owns Brookwood Tax Service in Atlanta, Georgia. He says that calculating some of these deductions are very complicated, so business owners should pass it along to a tax professional.
IRS Tax Deductions: Small Business Owners Can Save Money On Taxes
In this column, Ilyce itemizes several IRS tax deductions small business owners can use to save money before filing taxes. One of the IRS tax deductions small business owners can use to save on taxes is the Section 179 Deduction. Another IRS tax deduction small business owners can use to save money on taxes is a retirement plan deduction.
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 a lender that is more accustomed to working with entrepreneurs, as they might be more comfortable refinancing your mortgage.
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. What does this news mean and how will it affect you?
Tax Incentives For Alternative Fuel And Hybrids
If you're considering a Hybrid or Alternative Fuel automobile, the government may be willing to give you a break. Qualifying electric vehicles and clean-fuel vehicles (including gasoline/electric hybrids) purchased new are eligible for federal income tax incentives. Some state and local governments also provide incentives for alternative fuel vehicles.