Category Archives: Tax Relief

How To Take Advantage of Mortgage Tax Deductions

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Mortgage Tax Deductions

Often when considering purchasing a home, one of the things that intrigues potential homeowner’s is the right to be able to claim mortgage tax deductions. There are a number of deductions that are available including interest payments, points and some closing costs. What is not always evident however, is what must be done in order to claim these deductions and when they might be most beneficial.

Prepare for additional paperwork

One of the first things that a taxpayer will need to do to take advantage of mortgage tax deductions is to prepare to itemize deductions. The … Read more at 2009 Taxes

All You Need To Know About Dealing With Tax Liability

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Do not let tax liability force you to pay more than your fair share of taxes. The IRS has been providing special reliefs to people who have not been able to meet their tax obligations for the last few years.

The tax revenue authority body through its “Fresh Start” initiative is taking target at small business owners and the unemployed to meet revenue collection targets set previously.

According to Doug Shulman, IRS Commissioner, the agency has an obligation to work with struggling taxpayers in order to find a workable solution for both parties.

Every taxpayer should know that failing to … Read more at 2009 Taxes

Tax Breaks for Homeowners: Are You Missing Out?

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There are many tax breaks that get overlooked, but homeowners often overlook the most obvious deductions. The truth is, as a homeowner, you stand to save hundreds if not thousands off your taxes. However, it all boils down to knowing what you qualify for. The following are just some of the tax breaks homeowners may be missing out on.

Mortgage Interest

The interest you pay on your mortgage should be one the first tax breaks you take advantage of. Those filing single can deduct mortgage interest on homes up to $500,000 ($1 million for married couples). This will require … Read more at 2009 Taxes

Essential Tax Tips for Freelance Writers

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The career of a freelance writer can be very rewarding. However, the career can quickly lose its appeal when tax time arrives and you owe several thousand dollars. Thankfully, there are things you can do to reduce your tax bill and prevent owing such a large sum at once. The following are just five essential tax tips for freelance writers.

Pay Your Estimated Taxes

This cannot be stressed enough. Freelance writers need to pay estimated taxes in April, June, September and January of the following year. These payments will ensure that you don’t get penalized for paying your taxes late … Read more at 2009 Taxes

Top Ten Most Overlooked Tax Deductions

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Each year the Internal Revenue Service (IRS) reports the most common tax deductions taxpayers forget about when submitting their income tax return.  Among one of the most common mistakes taxpayers make is they forget to place their Social Security number on the form or they make a mistake when entering the information.

It is possible for some taxpayers to be overpaying so it helps to make sure you review deductions available and understand how to claim them correctly to obtain the credit.  Below is a list of the most common deductions overlooked by taxpayers:

  1. State sales tax: Taxpayers who live
Read more at 2009 Taxes

Be Ready For Retirement & Plan Your Pension Now

Tax Act

In your early twenties it is hard to imagine that day when you can stop working for good. However, pensions have been big news recently and regardless of your age you should think about what kind of financial situation you want to be in come retirement.

How to go about setting up a pension

Setting up a pension will require some research as there are many different types of pension options. You should look at whether your company has a pension and also investigate pension schemes offered by outside agencies. In addition, don’t be afraid to go to a … Read more at 2009 Taxes