In an effort to help promote alternative energy and energy conservation, the federal government is offering some tax credits to people who buy certain products like insulated windows, energy-efficient heat pumps and hybrid cars.
In August of 2005 the federal government passed the Energy Policy Act, and the resulting tax credits went into effect January […]

Here’s a look at homeowner expenses you can deduct, ones you can’t and some tips to get the most tax advantages out of your property owning status.
Mortgage interest
Your biggest tax break is reflected in the house payment you make each month since, for most homeowners, the bulk of that check goes toward interest. […]

Per Diems deduction can be one of the best flight attendant deductions. This deduction depends on which city you layover in. The IRS states that you can either itemize each city you fly to or you may take a standard rate. If you fly domestic, this standard rate can work to your advantage. We are […]

Donate-your-car, as the name suggests, is the custom of donating cars to a charity organization when you feel that you do not want to use the car or you want to buy a new one for yourself.
This practice is very popular in the United States because of tax benefits associated with donating a car. […]

If you are considering hiring a nanny to care for your children then there are a few important considerations about nanny tax which you need to take into account. Read on to find out more.
When it comes to hiring a nanny one of the most important considerations will be the expense. Whilst having a […]

Wikipedia defines car donation or donate-your-car as thus - car donation refers to the practice of giving away no-longer-wanted automobiles to charity organizations.
In the United States, charitable donations provide a tax benefit; as such, this type of giving has become very popular. For values less than $5000, the value of the tax deduction comes […]

The current tax system imposed on corporations by the U.S. government is at best, a biased system; for corporations that have a net profit, taxes on those profits amount to a full one-third. So, if you’re doing business as a standard ‘C’ corporation, and you do manage to make a profit, you’re going to […]

* Is Social Security retirement income taxable?
Social Security retirement benefits are taxable, although it depends on your total income and civil status. Federal law states that an individual must pay taxes if he/she has annual Social Security retirement income of more than $25,000. If he/she has a married status, they must pay such taxes […]

Why Tax Loop Holes Must Exist
A long long time a go, in a country far far away, in China to be exact, there was a hunter that put nets in 4 sides of the forest. The hunter wanted to catch all animals. Then a king passed by. He said, ‘Remove the nets in the […]

When the month of April rolls around most of America is preparing their income tax returns. Each year all individuals who made an income are required to report that income to federal and state governments by filing an income tax return.
Taxpayers must file two separate income tax returns. One income tax return goes […]