Tax Credits and Deductions for a New Year

Tax season rolls around every year, whether we like it or not, and it’s really best to be prepared for any new tax credits or deductions that have been created since you last filed. In fact, it’s probably a good idea to go ahead and refresh your memory for any good tax tips from [...]

Hybrid Vehicle Tax Credit

Purchasing a hybrid vehicle is a great option for many people, especially those looking to save a bit of money on gas. The purchase of a hybrid has also been made a bit easier to swallow by taking advantage of a tax credit from the Federal government to help encourage hybrid use.
The tax credit for [...]

1031 Tax Exchange

If you’ve been looking for information on a 1031 exchanges then you might consider the services of Costa Financial Securities, Inc. This company specializes in different tax deferral strategies and this includes 1031 tax exchange property solutions. The basic idea behind a 1031 tax exchange is that you can reduce or relinquish your tax-burdened [...]

The Impact of a Tax Rebate

President Bush announced last week that he was seeking to offer American tax payers some reprieve from their financial woes in he form of a tax rebate. The proposal would look to provide a total plan worth $150 billion and taxpayers could see a rebate check before the end of the year. The [...]

Congress Extends Stay on Alternative Minimum Tax

Congress voted today 352 to 64 to extend the exclusion of the Alternative Minimum Tax for about 21 million taxpayers. This tax, originally enacted in 1969 to make sure “wealthy” American couldn’t avoid paying taxes using tricky loopholes and tax tricks, has now begun to affect people generally considered middle-class to upper middle-class.
If the extension [...]

Taxes and Charities

As the year winds to an end and you start to wrap up your tax moves for the next year, you might want to give some thought to the charities you choose to donate to. You probably already have your favorite charity or two that you consistently give to, and that’s a great [...]

Year-end Guide for Taxes

As the year begins to wind down this month, there are a couple of things you can do to prepare. There are some year-end strategies you can put into place so that you’ll be ready come tax time.
Marketwatch had an interesting article listing five things you can do now, at the end of the [...]

Car Donation Facts

Donating money and good is a great way to help out worthy causes while still helping yourself out on your taxes. Car donation is no different. Even though some of the car donation tax laws changed a few years back, this is still a great way to help yourself and others. So if you have [...]

The Myth of Tax Deductible Interest On Mortgages

Home ownership has risen sharply in recent years, and the percentage of Americans who own their own homes is approaching a record seventy percent. That’s a good thing; we’d all rather live in our own home than consider the alternatives. The most common method of purchasing a home is by taking out a mortgage.

Tax Jokes & Quotes

Some funny tax jokes and quotes…

Preparing For Tax Preparation

Being prepared for your tax appointment can really pay off in terms of maximizing deductions and minimizing tax as well as lowering fees charged by your preparer! Additionally, you should be able to walk away from your tax appointment with peace of mind that your returns are complete and accurate and maybe even with [...]

Tax Reform, My Way

We need real tax reform and we need it now. Previous attempts have been made at tax reform, but they have only provided band-aid solutions that have still left us with too many quirks, complication, and read tape. There are several things Congress could do to simply the tax system and benefit the taxpayers and [...]

Could A Roth IRA Be Better Than A 401(k)?

Very few people whom I know are familiar with the benefits of the Roth IRA. It was named for the late Senator William Roth of Rhode Island, who proposed it. It is similar to a traditional IRA except contributions are never tax-deductible. Contributions to traditional IRAs are sometimes deductible or partially deductible, depending on your [...]

Tax Records – What You Should Keep And For How Long

Many taxpayers are confused about how long they should keep tax records. The term “tax records” refers to your tax returns and the documents that support the information in the returns. These documents can include receipts, bank statements, 1099s, etc. If you are one of the unlucky few to be audited, these records will be [...]

Deadlines Approaching For Filing 1099s For Independent Contractors

While the middle of January may seem a bit early to begin thinking about taxes, 1099-MISC filing deadlines are looming for businesses. Generally speaking, IRS 1099-MISC is the form used to report miscellaneous income that you paid to persons during 2004 in the course of your trade or business.

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