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Posts Tagged ‘tax deductions’

Costs Businesses Can Deduct to Lower Taxes

Businesses tend to have more tax responsibilities than individual taxpayers. They are required to withhold taxes from the paychecks of their employees, and also pay Social Security and Medicare tax. However, there are certain costs that businesses can deduct to lower their tax liabilities. About Money shares the different kinds of taxes businesses must pay and how they can benefit from deductions: “How and Where to Deduct Business Taxes

Tax Deductions Most Americans Can Use

May 03, 2016  |   Tax Advice,Tax Tips   |   Tags: , , , ,  

Tax breaks such as home office deductions, gifts and charitable deductions can only be used if you itemize on your tax return. Taxpayers that take the standard deduction miss out on these deductions. However, there are certain deductions that all Americans can make use of whether they itemize or not. The Motley Fool shares what you need to know about these deductions, and which ones are not being used by nearly enough people. “Adjustments to ...

Top Tax Breaks That Every Investor Can Use

April 05, 2016  |   Tax Advice,Tax Tips   |   Tags: , , , ,  

Most people invest with the intention of securing their financial future, while saving on taxes. Contributing to a retirement account is one of the most common investment vehicles for this purpose. According to the Investment Company Institute, 401(k) plans held an estimated $4.4 trillion in assets and represented nearly 18 percent of the $24.0 trillion in U.S. retirement assets, as of June 30, 2014. Which investments are the most beneficial to reduce taxes?

Common IRS Myths

March 28, 2016  |   Tax Advice,Tax Tips   |   Tags: , , , , ,  

Myths about taxes abound, but they can become dangerous if followed. A taxpayer believing false information about the IRS, taxes, audits or back taxes may make the wrong decisions. Here are seven of the most common IRS myths that taxpayers need to be beware of. Myth 1: Taxes are Voluntary Believing that paying taxes is voluntary is a myth that often leads taxpayers to face the IRS in ...

7 Most Popular Tax Deductions Average Americans Claim

The following tax deductions are some of the most popular deductions because a large number of taxpayers are eligible to take advantage of them. The Motley Fool looked at past IRS data to find the provisions that most benefitted the roughly 147 million taxpayers who filed tax returns, in the most recent available tax year. Here is what they found: “1. Personal exemptions “The most commonly used ...

Tax Breaks You Might be Missing

Popular tax breaks such as deductions on home office, charitable contributions, and IRAs are used by thousands of taxpayers. There are also certain lesser-known tax deductions that can lower your liability. To pay less in taxes and get a bigger refund this filing season, you may review these often overlooked tax deductions as shared by Las Vegan Review Journal: “1. Alimony “Breaking up is hard ...

Key Facts to Consider When Claiming Education Credits and Deductions

Education tax breaks coupled with the 529 plan or another education savings plan can help you to afford the cost of college. The Lifetime Learning Credit and the American Opportunity Tax Credit are refundable tax credits. Among your deductions, the Tuition and Fees Deduction can reduce your income, subject to tax by up to $4,000. This is an “above the line” deduction which does not require you to itemize on Schedule A.

Six New Year Tax Resolutions That Work Every Year

Procrastination can be more than a bad habit when it comes to taxes. It can lead to back taxes, paying penalties, or facing collection action by the IRS. Practical tax routines followed throughout the year can keep you compliant with tax laws and help you to save more in taxes. Forbes shares six resolutions that will help keep you stress-free and your taxes simple. “1. I Will Pay Attention to Each Form 1099. It’s almost ...

Capital Gains, Losses and Taxes

Any asset you own or investment you make is considered a capital asset. If you sell a capital asset, the difference between the amount you paid for that asset and the amount you made selling it, is the capital gain or the capital loss. Capital assets include all assets that a taxpayer owes including all movable and immovable assets, business property, and intangible assets. Examples of capital assets are home, land, vehicles, stocks and bonds ...

Tax Saving Tips for the working Parents

September 08, 2015  |   Tax Tips   |   Tags: , ,  

Working parents have lots of responsibilities from the office to home, all while trying to manage their work on time. That’s why government has given some Tax Credits to them for helping with their financial condition and making their life smooth. Here are some basic tax guides which you can use for getting some tax deduction.