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.
IRS Announces 2009 Mileage Rates
The Internal Revenue Service announced the 2009 optional standard mileage rates for 2009, which are used to calculate deductible costs on taxes. The r...
Tax Deductions: Who Should Own Primary Residence
Does it make sense to have the title to a primary residence held by a limited liability company (LLC)? If your LLC owns a primary residence you may lose various tax deductions. It may also be more difficult to obtain favorable mortgage financing because a property owned by an LLC may be considered an investment property.
IRS Changes Deductions For Tax Year 2009
Earlier this month the U.S. Internal Revenue Service announced tax changes effective for tax year 2009 (so for tax returns filed in early 2010). Pers...
Real Estate Taxes: Can You Deduct Them From Inherited Property
The U.S. Internal Revenue Service allows tax payers to deduct some real estate taxes when they file. Can an owner of multiple properties deduct the property taxes from a recently inherited property? A Think Glink reader asks about deducting the property taxes from a property he inherited with his brother from their mother. Sam and Ilyce say it's pretty unlikely that the real estate or property taxes may be deducted because the property is neither a primary residence nor an investment property.
Lower House Payment: Buying a House With No Mortgage.
If you had the choice, would you buy a house with no mortgage? Would you pay all cash for a home? What would it take for you to lower your house payments to a level that you could retire and no longer carry a mortgage?
Using Tax Software To File Your Return
If you think you might like to use tax software to prepare your taxes this year, ask yourself a few questions. Do you like to use technology for other tasks, like selling possessions on eBay? Are you comfortable relying on tax software to correctly file your taxes? Do you have complicated income sources or deductions that you would enter into tax software?
Explaining Tax Forms
Every year when you go to file taxes you will have to collect various tax forms. Learn about various tax forms including the W-2, 1099, 1098 and K-1 from CPA Michelle Swenson. Understanding different tax forms will ensure smoother tax filing.
IRS: What To Do In Case Of An Audit
The U.S. Internal Revenue Service audits taxpayers to see if they've filed their taxes correctly. While the word audit may seem scary, it doesn't have to be if you're prepared for an audit from the IRS. The IRS isn't trying to catch you, just keep track of your receipts, deductions and expenses, and you should be fine. Learn about what you should do to be ready for an audit and what an audit means from CPA Michelle Swenson.
Check Your Tax Returns Before You Send Them
The National Society of Accountants recently released these tips, courtesy of the U.S. Internal Revenue Service: file electronically. If you choose to...
Today on the Ilyce Glink Show
We're talking taxes, 10 days before Tax Day. But you might have more time if you're in one of the Georgia counties hard-hit by the Tornados of March 1...