Articles in Home | Finance | Taxes

  • Helping Working Families with the Earned Income Tax Credit  By : Michael Saunders
    Across the nation, about 21 million people claimed the EITC last year, pulling in $39 billion, according to the IRS. Although only about 75 percent of eligible filers claimed their due, the federal program - which was created in 1975 under President Ford and later expanded under Presidents
  • Tips For Preparing Your Taxes from the Internet  By : Cal Golden
    When it comes to preparing our taxes, many of us could use some help. The following websites offer guidance and information that may assist you in learning about how to get the most out of filing your returns.
  • Vital Online Tax Resources for Small Businesses  By : Kristi Stangeland and Carl Weiner
    Small business tax preparation can be complicated and frustrating. Here are a few resources to help you find the information and assistance you need.
  • 1031 Exchange Escaping the Certainty of Taxes  By : Dave Carter
    ‘In this world’, said the great Benjamin Franklin, ‘nothing is certain but death and taxes’. While modern medicine continues to work on a cure for mortality, 1031 exchanges offer a valuable mechanism against the foibles of the taxman
  • Obtaining a Federal Income Tax Refund  By : K Hoyng
    “You’re getting an income tax refund”! Those are the words that every taxpayer would love to hear. A federal income tax refund occurs if the tax you owe is less than the sum of the total amount of refundable tax credits claimed and the total amount of withholding paid. For many individual taxpayers those federal tax refunds can be obtained through Earned Income credit, a real refund of overpayment of tax, or through an overpayment from previous years. Some people really believe that getting a large income tax refund is not the greatest thing.
  • Education Tax Credits for Higher Education  By : K Hoyng
    Is higher education costing you a fortune? There may be a way to help pay for those costs with the help of education tax credits. What are education credits, who is eligible, and why should we take them? Well, let’s start with the first part of the question, and work our way to the end. Education credits are tax credits available for qualified education expenses paid by the taxpayer in the furthering of their education.
  • Use Child Tax Credit for Tax Savings  By : K Hoyng
    Now, here’s a real tax savings to the individual taxpayer with dependents. The child tax credit is a direct federal income tax credit based on the number of dependent children in your family. This federal tax credit is available to provide credit to taxpayers with income below certain established levels. Started in 2003 and going to 2010, the maximum credit per child is $1000 and is first applied to reduce or eliminate the taxpayer’s federal tax liability.
  • Stupidest Tax Mistakes To Avoid This Time Around  By : paul wilson1
    As the season to fill tax returns and forms approaches people get confused and nervy. The IRS dons the role of a huge brooding monster that is all set to devour you. Unfortunately most of us keep postponing filing of papers and putting our affairs in order until the very last minute and then confusion and stress reign supreme.
  • Giving To Charities – Tax Deductions and Such  By : Richard A. Chapo
    The tax code in the United States contains many provisions to promote certain behavior. One area of behavior is the promotion of giving to qualified charities.
  • Giving Your Car to Charity – The New Tax Rules  By : Richard A. Chapo
    The IRS has changed the regulations on donating vehicles to charities. If you donated a car last year, you need to read the following to understand the new rules.
  • Tax Deductions for Your 2005 Hybrid Automobile  By : Richard A. Chapo
    With the recent push by President Bush for alternative fuel strategies, much confusion has arisen regarding tax incentives for hybrid vehicles. This article clarifies the issue for you.
  • Getting A Tax Break With Your Hybrid Vehicle  By : Gray Rollins -
    Buying a hybrid car gives the phrase “go green” a whole new meaning. Not only is it good for the environment, it’s also good for your pocket book. Check out the tax benefits of hybrid vehicles for yourself.

    The government has decided that encouraging drivers to do their part to protect the environment could be better enhanced by offering tax incentives. So 2006 sees a variety of incentives from tax credits to tax deductions.

    But before you get too excited, be sure you ...
  • Tax Incentives for Saving for Education  By : Richard A. Chapo
    Recent statistics show Americans are simply not saving money for the future. To encourage savings, the government has come up with tax incentives.
  • IRS Wants to Know About Fake Emails Using IRS Name  By : Richard A. Chapo
    Obviously, you use the Internet or you wouldn’t be reading this article. Since you use the web, you know about phishing scams or should. Some scams are now using fake IRS identification.
  • Checking The Status of Your Tax Refund Online  By : Richard A. Chapo
    More than a few people are happy to learn they are due a tax refund after filling out their tax returns. If you are one of these people, here is how to check the status of your refund online.
  • Car donation and how to locate your local depot  By : Monty Cordello
    The history of car donation stretches back a long way, if you are aware where to search you can easily find info on topics such as places to donate used cars, car donation charities in michigan and also purchasing donated vehicles,
  • Home Business Tax Deductions  By : Vincent Murphy -
    Dreading April?

    If you are running a home business, it is important to remember that there are tax deductions for you when tax season rolls around. Of course, you do not want to try to fool the IRS (no one wants to run the risk of being audited!), but you do want to take advantage of those deductions that are rightfully yours. Running your own home business takes much of the same expenses, effort, time, space, equipment, and travel as any other business. Below are some hom...
  • What Is The Fair Tax And Why Should You Care?  By : Doug Smith -
    The U.S. Federal Income Tax Code is a tax on the income of American companies and citizens enacted by the government. The U.S. Constitution gives Congress the power to impose taxes, duties, imposts, and excises.

    The purpose of the Tax Code is to provide income for the operation of the government. The Tax Code is found in Title 26 of the U.S. Code of Federal Regulations (CFR).

    Any U.S. citizen who has filled out a federal tax return knows how confusing the current U.S. T...
  • Smart Yearend Planning - Tax Deductions  By : Drew Miles
    There are three main areas we need to keep in mind as the year ends, and remember to revisit the idea of converting your 10 largest expenses
  • Appealing your property taxes for apartment/commercial owners  By : Patrick OConnor, MAI
    How to save 25% to 50% on your property taxes by appealing annually.
  • Cost Segregation : Why are 90% of real estate investors overpaying federal income tax?  By : Patrick OConnor, MAI
    How business owners can save $50,000 to $100,000 during the first year of appealing their federal income tax.
  • What Your Tax Dollars Do For You  By : Ken Snowie -
    In this article, we will take a look at the influence the government exerts over our daily lives through our taxation, and the good and bad aspects of that influence.

    Through direct spending, the U.S. government controls approximately 43-45% of the economy. Today, government spending accounts for almost as much of the economy as spending in the private sector. After the passage of the New Deal legislation, during the late 1930s, the private sector controlled almost 90% of ...
  • What Is A Dependent For Tax Purposes?  By : Ken Snowie -
    What are the qualifying characteristics of a dependent for tax purposes? Following is a general explanation on how to determine dependents, and how it relates to your tax status, liability and the credits you can claim on your tax return.

    There are a few assessments that a person must pass in order to qualify as a dependent on a U.S. tax return. For starters, individual must be the taxpayer’s child, stepchild, foster child, sibling or stepsibling, or a relative of one of t...
  • Do You Know When To File A Tax Return?  By : Ken Snowie -
    Every year, millions of Americans dread the inevitable; they have to gather all of their receipts and records and get ready to file their Federal Income Tax Returns. When was tax season first initiated? Here, we will take a look at that magic day of April 15 and why it was chosen as tax day.

    During Abraham Lincoln’s presidency in the 1860’s, were first legally required to pay income taxes. The President and Congress created the Commissioner of Revenue and enacted a Federa...
  • Determining Your Tax Status  By : Ken Snowie -
    Knowing how to determine your tax status, and knowing the difference between each group will help to make filing your income tax return go smoother. Here we will discuss the ways in which you determine which status to file under.

    There are five classifications from which you choose to file: single, married filing jointly, married filing separately, head of household or qualifying widower with dependent child. If for some reason, more than one status applies to you, you sho...
  • Uneducated Tax System v. Educated Tax System  By : Drew Miles
    If you are making $35,000 a year this could save you up to $10,000. That means it does not matter if you are making millions of dollars or a few thousand dollars. These strategies apply to you!
  • 3 Tips For Keeping Proper Tax Records For Your Home Business – And Keeping The IRS Happy!  By : Kris Bickell -
    The last thing most people think about when starting a business is doing taxes. But proper planning will make doing your taxes much easier - and keep the IRS happy!

    Here are 3 simple tips for keeping proper records:

    1. Whenever you buy anything for your business, keep the receipt!

    Not only will this make record keeping a lot simpler, but if you are ever audited (having your tax return reviewed in detail by the IRS), you can prove your expenses, and save yourself mo...
  • Various Toyota Hybrids Get Tax Credit Certification From IRS  By : Richard A. Chapo
    Starting in 2006, individuals buying hybrid cars will get a tax credit instead of a tax deduction. The IRS has just started to kick out the exact amounts you can claim for your new hybrid.
  • Various Ford and Mercury Hybrids Get Tax Credit Certification From IRS  By : Richard A. Chapo
    Starting in 2006, individuals buying hybrid cars will get a tax credit instead of a tax deduction. The IRS has just started to kick out the exact amounts you can claim for your new hybrid.
  • Using This Years Taxes to Save On Next Years Taxes  By : Richard A. Chapo
    You just got done paying taxes or filing an extension and are grumpy. If you are smart, you will use this miserable event to save some cash for next year.

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