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 ...
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
If you provide financial support to a college student, whether it's yourself or another family member, you may be eligible for federal tax breaks. These breaks come in the form of tax credits and tax ...Read More
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
Section 179 of the Internal Revenue Code is an accelerated depreciation deduction provision that allows you to deduct all or part of the cost of certain property during the year you first use it, ...Read More
The federal tax overhaul of early 2013 was designed to avoid a "fiscal cliff" of drastic spending cuts and tax increases. The legislation provided a useful fringe benefit to wood stove buyers in the ...Read More
Most cities and other local jurisdictions assess property taxes in order to pay for local services such as police and fire protection, as well as schools and street maintenance. This property tax is ...Read More
The U.S. government recognizes the expenses associated with attending college and offers two tax credits to help offset tuition and other education expenses. Tax credits are better than a deduction, ...Read More
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
In an attempt to spur higher energy efficiency, the Energy Policy Act of 2005 first established tax credits for installing energy-efficient home equipment like furnaces. The credits subsequently were ...Read More
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
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
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
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
Preparing for higher education expenses by contributing to a qualified tuition program, also called a 529 plan, can save you some money in taxes. The tax benefits, however, don't include a deduction ...Read More