tax deductions: Tax Deductions from House Improvements
- 06/20/12 03:31 AM
Summer is a great time to make improvements on your home. Are you thinking about making your home energy efficient? You could qualify for tax deductions. An added bonus: your renovations may be tax deductible. These tax deductible renovations include: -installation of certain energy systems, such as solar water or electricity, geothermal, and wind systems. -installation of weatherproofing, such as insulation, double-paned windows, and so on. Other home improvements that may also be tax deductible are those for handicapped family members. Installing ramps, railings, special bathtubs and pools may also be deductible. To find out which improvements qualify for deductions … (0 comments)
tax deductions: The Standard Mileage Rate and Tax Deductions
- 05/23/12 03:04 AM
If you use a vehicle exclusively for business purposes, like driving your clients (or yourself!) you may be able to qualify for a tax deduction using the standard mileage rate. While the IRS is extremely thorough about checking that your business mileage is separate from your personal mileage, careful tracking can keep the IRS at bay. Calculating your miles using the standard mileage rate can be difficult, but there are some great online resources to help you figure your numbers out. Here are great directions on how to calculate and file your taxes from tax blogger Eva Rosenberg: “Once you have … (0 comments)
tax deductions: Out-of-State Taxes You May Not Know You Had to File
- 02/15/12 03:35 AM
State tax laws are changing and not knowing could cost you. From tax expert Eva Rosenberg, today's Equifax Finance blog illustrates new state taxes for out-of-state taxes. No matter which state you live in and if they have changed their tax laws, you may still be affected. How? Doing business. If you have worked or even done business in another state, you may need to file. Online shopping. This is the big shocker, some of your online shopping may need to be added to your state taxes if the site you're shopping with didn't originally add sales tax. How can you … (1 comments)
tax deductions: It's Tax Time--Are you Filing Your Charitable Donations Correctly?
- 04/06/11 03:49 AM
If you felt charitable last year you could get more than karma points. If you file for deducitons correctly donations you made can yield some hefty tax benefits. Tax expert Eva Rosenberg broke down how to file correctly and get the most money back from charitable giving in simple, easy to follow steps on today's Equifax Personal Finance blog entry. She covers it all: money, stuff, donations to the church, donations of publicly traded stocks--you name it, and here are the highlights: IRS tax code requires you have substantiation for all of your deductions of $250 or more before you file … (0 comments)
tax deductions: 2010 Tax Relief: A Checklist of Tax Benefits For Your 2010 Tax Return
- 02/02/11 05:52 AM
All my Chicago and other Midwestern friends are hunkered down under piles of snow today. It's nice to spend the whole day in bunny slippers, but it's also a chance to get a jump on your taxes! By now, the tax-software companies have had time to update their programs to reflect the last-minute changes brought about by the 2010 Tax Relief Act. This means some changes to your return, and luckily Equifax blogger and tax expert Eva Rosenberg has broken down the tons of new information into a handy checklist. You're entitled to some new deductions this year, which could mean big … (1 comments)
tax deductions: Reevaluate Payroll Withholding Tax for 2011
- 01/05/11 01:44 AM
January dawns all fresh and clean. All our financial errors, oversights, and misjudgments from last year can be swept away (though we may still have to pay for our ills…), and we get to start this year with a clean slate. What’s the best way to start off correctly when you’re an employee? Reevaluate your payroll withholding tax and update your Form W-4 with your payroll department early in the year. Spread your tax burden evenly throughout the year to avoid large balances due come April. If you want to reevaluate your payroll withholdings, tax expert Eva Rosenberg has written an excellent … (2 comments)
tax deductions: Tax Advantages of Being Charitable
- 12/08/10 01:45 AM
Aah…This time of year is filled with generosity. Even curmudgeons are infected with the holiday spirit. Remember, however, that not everyone is enjoying this season’s largess. This year and last, many people’s lives have fallen apart. People who used to be your neighbors or coworkers—or even you—are now out of work, clutching at unemployment checks, or nothing.If you want to help out, tax expert Eva Rosenberg explains that there are multiple types of charitable giving. Some provide tax advantages, and others do not. Giving gifts to friends and family members may provide a warm and fuzzy feeling, but you can't write … (1 comments)
tax deductions: Write Off your Child's Summer Camp
- 07/19/10 05:32 AM
Remember when you looked forward eagerly to summer? When you were finally released in June, you flew out those schoolhouse doors and didn't look back! You didn't realize how much your parents dreaded those months, with you at loose ends while they had to work. Now you're a parent. You have a job. While you wish you could spend all day with your child, someone has to make a living. What's your best alternative? Summer camp! Not only is it a great way to keep your child occupied, distracted, educated or entertained-but you just might be able to get a … (0 comments)
tax deductions: I Can Get A Tax Credit When I Update My Home to Save Energy?
- 10/29/09 05:12 AM
The IRS just released this information on how you can weatherize your home and take advantage of a tax credit: WASHINGTON — People can now weatherize their homes and be rewarded for their efforts. According to the Internal Revenue Service, homeowners making energy-saving improvements this fall can cut their winter heating bills and lower their 2009 tax bill as well. The American Recovery and Reinvestment Act (Recovery Act), enacted earlier this year, expanded two home energy tax credits: the nonbusiness energy property credit and the residential energy efficient property credit. Eligible homeowners can claim both of these credits when they file … (4 comments)
tax deductions: Don't Miss First Time Home Buyers Tax Credit!
- 04/14/09 10:32 AM
FIRST-TIME HOME BUYERS, PAY ATTENTION! If you buy a new home in 2009, and close on or before December 1, 2009, you may qualify for an $8,000 tax credit. The National Association of Home Builders has created a number of resources to help Americans understand current conditions in the housing market and the advantages of homeownership. Visit www.FederalHousingTaxCredit.com, for detailed information about the tax credit. The tax credit is available to all first-time home buyers, but you don't have to wait for new construction to be built. According to the NAHB, there is 12.2 month inventory of new homes on … (2 comments)
tax deductions: IRS Tax Rules Change For 2008 And 2009
- 02/19/09 06:48 AM
The Obama stimulus package made some changes to IRS tax rules concerning real estate, home improvements, short sales and foreclosures. If you're a first time home buyer, you'll get either a $7,500 tax credit or a $8,000 tax credit, depending on when you bought your home. In addition, the timing of your home purchase affects whether you have to repay the home tax credit. IRS allows you to continue to take tax deductions for green home improvements and if you had a short sale or foreclosure recently, the money you lost won't be considered income thus saving you tax. As we … (2 comments)
tax deductions: IRS Announces 2009 Mileage Rates
- 11/25/08 01:22 PM
The Internal Revenue Service announced the 2009 optional standard mileage rates for 2009, which are used to calculate deductible costs on taxes. The rates can be used when operating a vehicle for business, charitable, medical or moving purposes. The 2009 rates, which go into effect on Jan. 1, are: - 55 cents per mile driven for business travel - 24 cents per mile driven for medical or moving purposes -14 cents per mile driven in service of charitable organizations.The 2009 rates reflect lower rates than the last half of 2008, when a special adjustment was added to account for higher … (1 comments)
Summer is a great time to make improvements on your home. Are you thinking about making your home energy efficient? You could qualify for tax deductions. An added bonus: your renovations may be tax deductible. These tax deductible renovations include:
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