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
Tax Credits & Deductions
2013 IRS Tax Deduction Rate for Standard Mileage
Each year the IRS takes a look at the deduction allowed for mileage based upon gas prices, driving expenses, maintenance, registration costs and other costs that are associated with driving. For 2013 the IRS has increased the rates by 1 cent per mile from their 2012 levels for business and medical/moving driving miles. The ... Read More
Potential Tax Changes Obama Plans to Implement in Second Term
President Obama plans to make a few major changes to the tax code in his second term as President of the United States. The basis of Obama's plan is to keep fighting to keep taxes for middle-class families low, simplify the tax code, and to have millionaires and billionaires pay their "fair share" in order to reduce our ... Read More
Mitt Romney Proposed Tax Changes if Elected President
Mitt Romney proposes to make the Federal tax code fairer, flatter, and simpler if he is elected President of the United States. His tax proposal has come under much scrutiny because without factoring in economic growth, limited tax deductions and closing corporate tax loopholes, his plan will cut tax revenues by trillions of ... Read More
Back-to-School Tax Tips for Parents
With summer fading fast, parents and kids across the country are getting ready to head back to school. Whether your children are starting their freshman year of college or getting prepared for the first day of kindergarten, you may be able to save money at tax time on certain education-related expenses. Here are some of the top ... Read More
Heading Back to School? Tax Breaks for Adult Students
With unemployment still high, more older Americans are heading back to school in hopes of improving their job prospects. Of the estimated 20 million college students nationwide, 25% are over the age of 30, according to the U.S. Department of Education. The National Centerfor Education Statistics estimates that college enrollment ... Read More
Guide to Deducting Moving Expenses on Your Tax Return
[This deduction has been suspended from 2018 to 2025 for nonmilitary taxpayers] If you recently experienced a career change that necessitated relocating to a new city, you could claim most of your moving expenses as a deduction on your tax return. You would use Form 3903 to figure out your moving expenses and report them as ... Read More
How to Maximize Your 529 College Savings Plan
With the cost of college tuition increasing an average of 8% each year, it pays to start saving as early on as possible. Section 529 plans, also known as qualified tuition plans, offer parents a relatively easy tax-advantaged way to save. Every state offers at least one 529 plan option and anyone can contribute, regardless of ... Read More
Tax Tips and Tax Deductions for Bloggers
Many people regard blogging as a hobby—something that they do in their spare time, for their own personal enjoyment. But if blogging is your profession—an activity that you do for the purpose of making a profit—you probably qualify for various tax deductions that can help decrease your taxable income. Before asserting any tax ... Read More
How to Maximize Your Tax Savings at Work
If you’re looking for ways to decrease your tax liability, a good place to start is at work. There are several simple things you can do to cut your tax bill by hundreds or even thousands of dollars per year. The following tips can help you to make the most of your tax savings while on the job. Using Pretax Dollars Wisely One ... Read More
Tax Deduction & Tax Benefit for Donating a Car to Charity
When going over your finances in any given year, it is not only important to assess your income, but it is also vital to see which types of tax deductions you qualify for. Donating a car can equate to a significant tax donation depending on how much your car is worth, as well as the amount of money the charity sells it for. Keep ... Read More
Claiming Children & Relatives as Dependents on Your Tax Return
Tax season is swiftly approaching and as you gather together all of your tax forms and receipts, you may be wondering how to claim a dependent on your tax return. While the process of claiming a dependent on your income tax return can be confusing, if you follow a few basic rules, it can actually be quite simple. Why Claim a ... Read More
