We all want to write off as many tax deductions as we can from our Federal From 1040, and then naturally save more when it flows to the state income tax return. (Except for you lucky folks with no state income tax – yeah, you know who you are!) If you try to write of [...]
Category Archives: Tax Deductions
How To Avoid An Audit – More Red Flags You Should NOT Wave
February 10, 2010 – 7:58 am
Everyone probably knows there are certain tax deductions, lines of work, etc that are “red flags” to the IRS that can trigger an audit. You want to avoid an audit, if you can. No fun, cost you money – almost always. Here are some income tax return red flags to avoid: Overestimating the value of [...]
Take Haiti Donation as 2009 Tax Deduction – Immediate Tax Benefit
February 3, 2010 – 4:52 pm
Congress loves to muck around with the tax law, but you can sometimes use it to your benefit for a bigger tax deduction or in this case a sooner tax deduction. Call it an “immediate tax benefit”. In order to encourage Americans to donate to Haiti relief efforts, Congress passed a law allowing a 2009 [...]
The Most Overlooked Tax Deductions
January 30, 2010 – 11:22 am
Pay no more in income tax than you are required to. Let the tens of thousands of pages of tax code work in your favor for once and claim all the deductions you are entitled to, whether off the wall or not. Here is a list of most overlooked tax deductions for Federal 1040 income [...]
New Deductions and Tax Credits for 2009 Federal Income Taxes
January 20, 2010 – 12:57 pm
Here are some changes for your 2009 Federal Income Taxes; new deductions and some new tax credits. Also, many limits and income tax brackets have been raised to account for inflation and prevent “bracket creep”. The personal exemption has increased to $3,650 each for the taxpayer and dependents, up $150 from 2008. The exemption for [...]
Tax Deductions Not To Be Missed
January 19, 2010 – 3:07 pm
When the end of the year comes around, it will do you well to take note of certain tax related spending that you may have already done or maybe can do before the end of the year. Unless you expect your tax rate to go higher in a coming year, deferring income or accelerating tax [...]
Here Are 10 Of The Most Overlooked Tax Deductions
February 11, 2009 – 12:55 pm
Not everyone itemizes his/her deductions, the standard deduction is fairly high. But if you have a mortgage or live in a state with high property and income taxes, chances are you have enough deductions to itemize and save some money on your federal tax bill. Expenses related to selling your home. Americans move often. Don’t [...]