At the end of the year you can take some steps to prepare for your taxes for the next year. You can prepare for taxes by saving money to your 401(k) account or prepaying your mortgage. What else can you to do prepare for filing your taxes?
If you made any donations last year, it's time to find the value of those deductions. Donated items must have been donated by the end of the year, and the total value of the deduction can't exceed 50 percent of your adjusted gross income. If the value of a donated item exceeds $500, you'll need to file a special form with the IRS.
When you're getting ready to file your income taxes you may hear about ways to cut your tax bill. Income tax scams abound so you need to be very careful when someone tells you they know a way that you can pay less in taxes. Among the tax scams is one where you can take deductions for a home based business.
If you're hoping to trim your 2001 tax bill, you'll need to plan now, and make your move before the end of the year. The steep drop in the stock market and lower tax rates starting in 2002 make it a whole new ball game.
Two weeks ago, as part of The Economic Growth & Tax Relief Reconciliation Act of 2001, the new tax rates went into effect. With all the hullabaloo about how much money everyone was going to save, the effects on your paycheck won't be as dramatic as all the fireworks that came along with the rhetoric. Take a look at how your paycheck might change:
Is an insurance company or tax preparer the best place for consumers to get home loans? That will depend on the quality of the company doing your home loan. But if a huge company like State Farm gets in the home loan game, you can be fairly certain they'll show up with the cash at closing.
Each time there's a new administration taking office some economic policies get changed. Learn one expert's predictions about what Clinton's reelection meant in 1996, including the impact on capital gains taxes. While Clinton promised much capital gains tax relief, it remained to be seen whether it would happen during his administration.
News from the mailbag about real estate, Bob Dole's proposed tax cut, home ownership rates, home warranty, and more.
Second in a two-part series about how to figure out if the home office deduction is worthwhile. This week we'll look at how to calculate your deduction and decide if the trouble of taking it is worthwhile. See last week's column where we discussed who is eligible for a home office deduction.
First in a two-part series about how to figure out if the home office deduction is worthwhile. This week, we'll explore who is eligible for a home office deduction. Next week we'll look at how to calculate your deduction and decide if the trouble of taking it is worthwhile.
