If you own a home do you know all the tax deductions and tax breaks that you might be entitled to? When you own your own home there are numerous tax breaks that you will want to be aware of so that you can reduce your end of the year tax bill. Here is a detailed look at the tax breaks you might qualify for. Mortgage ... Read More
Tax Deductions for Capital Losses: How This Deduction Works
If you've incurred a significant loss from the sale of assets you owned or used for investment or personal purposes, you can claim those losses on your 1040 form as capital loss deductions. Capital loss deductions can reduce your taxable income, meaning a smaller tax bill (with limitations on deduction amount)--or a larger ... Read More
General Republican Viewpoints on Taxes
Taxes: they’re among the most debated areas of governmental policy—and the most debated economic policy—because they literally affect everyone. While specific policies ebb and flow over time, particularly as they pertain to different types of taxes, party doctrine on fiscal matters has remained broadly consistent over a period ... Read More
General Democratic Viewpoints on Taxes
Taxes impact everyone, every day, and are thus among the most discussed governmental policy matters in the United States, from K Street to Main Street. Given the importance of—and interest in—fiscal policy, the major American political parties spend a great deal of time laying out and explaining their positions to the public. ... Read More
What Duty Free Means and How to Take Advantage of Duty Free Shopping
Most people have heard the term “duty free shopping” before, or seen “duty free shop” signs at airports, but many consumers have only a vague idea of what it means and how they can take advantage of it. Duty Free Defined The concept of duty free shopping enables the citizens of a country to shop for items in another country ... Read More
What is the Exit Tax and Who Does It Effect?
Some people make a decision to give up United States citizenship in an effort to avoid US tax obligations. Ending US citizenship is simple – just need to announce it formally and surrender passport; but the wealthier you are, the more expensive this strategy becomes. In June of 2008, the Heroes Earnings Assistance and Relief ... Read More
Tax Brackets & Tax Tables for 2012
The 2011 tax season is long gone, and the majority of Americans have already filed their information to the IRS. Although this is out of the way, you should start preparing yourself for the 2012 tax season. Knowing which bracket you fall under determines your 2012 tax rates. The rates are the same for both single and married ... Read More
6 Most Common Tax Filing Mistakes to Avoid
Tax Day 2012 is April 17th, but don’t let those extra two days to file lull you into a sense of complacency. The time to be preparing your taxes is now. Procrastination leads to last-minute rushing, and rushing leads to mistakes on your tax form. Whether you prepare your taxes by hand, use tax software or hire a licensed ... Read More
Where is My Tax Refund? How to Check Status of an IRS Refund
Some people are not required to file an IRS tax return because their income falls below a certain amount. However, these same people may be owed an IRS refund. Additionally, the IRS receives undeliverable tax refund checks back each year, totaling in the millions of dollars. If the IRS owes you money, here's how to claim it ... Read More
Tax Credits, Deductions & Advice for Seniors Filing Taxes
There are many ways through which the elderly can reduce their income taxes. Approximately 13% of the U.S. population is over the age of 65, and a large percentage of seniors are on fixed incomes. Reducing tax liability is necessary for many individuals, as senior income doesn't usually increase when living expenses ... Read More
Mitt Romney & Ron Paul: Historic Overview of Their Views on Taxes
Because taxes can significantly impact the economy by changing the cash flow available to both individuals and businesses, a presidential candidate's view on taxes has become an increasingly hot topic during the past several election seasons. Each presidential candidate's view on tax policy is different. Some candidates weigh ... Read More
2012 IRS Standard Mileage Tax Deduction Rate?
The 2012 IRS mileage rates (2013 IRS mileage rates) vary depending on whether you are claiming mileage for business travel, moving expenses, charitable work or medical-related traveling. Each category of travel has its own mileage rate used to calculate the tax deductible expenses related to driving your vehicle. IRS mileage ... Read More
