Deductible vs. Non-Deductible Business Expenses Just like professional track athletes try to drop unnecessary weight, taxpayers should try to keep their tax liability as low as possible. However, in taxes, as in sport, there can be a fine line between maximizing your performance and cheating -- in other words, between tax ...
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How to Reduce Taxes on High Earnings In most cases, the taxes you pay directly relate to how much you earn. This can potentially result in a high tax liability for high-income earners. Federal tax rules allow certain deductions that can ...Read More
How Do I Identify Stock Lots to Sell? A share lot is a group of shares in a particular company you bought at the same time. Tell your broker if you want to sell shares from particular lots for tax reasons. You will pay tax based on how ...Read More
How to Evaluate Your Income Taxes Saving money on your income taxes can take many forms, but knowing whether you've paid a fair rate is difficult. Even if you hire a professional tax preparer, you can evaluate your income taxes to ...Read More
Income Tax Deductions for Energy Savings Making energy-saving improvements on your home will not only save you money on your energy bill, those improvements may help you save even more on your federal tax return. The IRS offers several tax ...Read More
Tax Credit for Paying Tuition The Internal Revenue Code is designed in part to use tax incentives to encourage socially beneficial activities. Because of this, it contains several education incentives. Among these incentives are ...Read More
Tax Treatment of Coverdell IRAs The correct name for a Coverdell IRA is Coverdell Education Savings Account. Originally, Coverdell ESAs were called education IRAs and were very limited college savings plans. In 2002, changes in the ...Read More
Dependent Care Tax Credits for Caregivers If you incur expenses in caring for a child, your spouse or a disabled dependent, you may be eligible for federal tax credits. A tax credit is superior to a tax deduction because it is subtracted ...Read More