irs tax breaks: Could You Benefit From the Savers Tax Credit? - 09/29/11 02:30 PM
In a tough economy, it's even harder to save money. It's tempting to reduce your 401(k) contributions or to dip into a "rainy day fund" to cover basic expenses. If you and your family need incentives to save, check out Eva Rosenberg's post today on the Equifax personal finance blog. There, Eva outlines the IRS' saver's tax credit, a tax break up to $1,000 for individuals and families. The credit is designed to help people who aren't making the big bucks (under $27,750 for an individual, under $55,000 for married couples filing jointly) but who still contribute to their IRAs or … (4 comments)
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irs tax breaks: Home Buyer Tax Credit Rules On Buying From Family Members - 04/21/10 10:15 AM
Can you qualify for the home buyer tax credit if you buy a home from your mother-in-law? How about your uncle or sibling?
The IRS originally said that you couldn't qualify for the home buyer tax credits if you bought your house from a family member. However, some of the rules have changed and you may be able to qualify for the home buyer tax credit, depending on from which family member you purchase your home.
Read more about the rules at ThinkGlink.com. Get more details also by contacting your tax preparer.
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irs tax breaks: The Biggest Tax Mistake Real Estate Investors Make - 03/07/10 12:38 PM
It’s that taxing time of year, so break out your pencils and start sweating.
If you’re a real estate investor, it’s easy to run afoul of the complicated IRS tax laws. To start with, if you own investment real estate, you first have to figure out which category of real estate investor you fit into:
Active Real Estate Professionals make the decisions about buying, selling, and leasing their investment real estate. The IRS says active real estate professionals spend more than 50 percent of their work life actively engaged in the business of buying, selling and managing your properties, which has … (2 comments)
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irs tax breaks: LAST CHANCE SAVINGS! If you're buying a car in 2009, be sure to take advantage of an IRS tax break!! - 12/19/09 05:11 PM
If you're buying a car in 2009, be sure to take advantage of an IRS tax break that allows you to deduct the state or local sales or excise taxes you pay on the first $49,500 of the purchase price. This tax deduction may not be extended through 2010, so take advantage of the tax break now by buying a car before the end of the year.
If you were already thinking of buying, it makes sense to jump on the deal, and hey, a car certainly makes a great gift! Just think, you can be like the people in the … (0 comments)
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