Tag Archives: United State

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

Solutions To The America’s Hard Economic Time

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With $1.3 trillion deficit decline in State’s Revenue, and 43 States faced with budget deficit, these proves that the United States of America is not left out in this hard economic time. As a solution to the situation, 2012 taxes, tax cuts was enacted.  Unfortunately, it was tricky hence; the US resorted to slashing programs and lowering costs. Worse still, it led to increase of some taxes but still a total of eight-tax cut set forth.

2012 taxes, tax cuts stands out as a major challenge. Brooking reports show that 40 States raised taxes and consequently spending declined. Previously, … Read more at 2009 Taxes

How to Avoid an IRS Tax Audit

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Tax season is upon us, and people seem to react to tax season with mixed feelings. Of course, if you are expecting a refund this year, then you are probably excited to file your taxes. But be honest – there is that little voice in the back of your head worrying about being audited, right? After all, people rank the experience of an IRS audit right up there with a root canal. If you want to do your best to steer clear of the worst come tax time, here are some tips for how to avoid an IRS tax audit:… Read more at 2009 Taxes

Don’t Forget these Deductions for your 2011 Return

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Hopefully you aren’t procrastinating so much that it makes a difference, but its important to note that the due date for filing your 2011 United States federal income tax return isn’t the traditional April 15th, rather its April 18, 2012. This is due to the celebration of Emancipation Day (the day that President Lincoln signed the Declaration of Emancipation) a day earlier than normal (since April 16th is a Saturday this year). As you gather together all of your financial information for fiscal year 2011, minimize your tax liability by keeping the following deductions in mind:

Child Care Deduction
One … 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