Taxes

5 Money Myths About Housing And Taxes That Can Cost You Big!

Taxes
Money Myths

Many of us grow up hearing various sayings about money. Some of them are passed down as wise quotes, while others may be pieces of advice given to us by by someone trying to help us out. A small number of these things turn out to be good, sound advice; however, the majority of them [...]

These 5 Commonly-Missed Tax Deductions Could Be Costing You Money

Taxes
overlooked tax deductions

Almost everyone complains about paying taxes, wouldn’t you agree?. In fact, many people go to great (sometimes) illegal lengths to avoid paying them. However, the IRS estimates that millions of taxpayers fail to claim these overlooked tax deductions, thereby overpaying their taxes each year! Here is a list of a few of the more common tax [...]

How To Organize Yourself For Tax Preparation

Taxes
Thumbnail image for How To Organize Yourself For Tax Preparation

Ever since I became a tax preparer, I’ve noticed how little people actually pay attention to their finances…especially their taxes! Most people simply throw their receipts into a shoebox, grab a bunch of unopened envelopes (which they believe contains their various tax documents) from employers, banks, and mortgage companies, and dump all of this paperwork on [...]

What the Tax Cut Extension Means For You

Taxes
Thumbnail image for What the Tax Cut Extension Means For You

The White House issued a fact sheet that explained the benefits of the tax cut extension in more detail. Here’s a broad overview of the four main benefits as outlined by the White House: 1. Payroll Tax Cut for Workers This would include a 2% payroll tax cut for employees, which would result in tax relief [...]

What You Need to Know About Tax Deductions and Tax Credits (And Why It Matters)!

Personal Finance
Thumbnail image for What You Need to Know About Tax Deductions and Tax Credits (And Why It Matters)!

In the course of preparing tax returns over the last few years, I have heard people confuse the concepts of tax credits and tax deductions. What’s worse is that I’ve even seen various financial writers and bloggers misuse the terms when performing various types of analysis involving taxes. Let’s take a look at the difference. [...]

What You Need to Know About a 1031 Exchange

Taxes
Thumbnail image for What You Need to Know About a 1031 Exchange

Tax Free Exchange (1031 Exchange) Explained Normally, when you sell investment property, and realize a gain, you must pay taxes on that gain. However, if you are replacing that property with another one of equal or greater value, you may be able to classify it as a tax free exchange, otherwise known as a 1031 exchange. Be [...]

4 Factors to Consider Before Doing a Roth IRA Conversion

IRAs

So we are about halfway through 2010!  Hard to believe isn’t it? Although some of the buzz has seemingly died down about the year of the Roth IRA Conversion, there is still some controversy regarding whether folks should convert their Traditional IRAs to a Roth. For those of you wondering what exactly is a Roth IRA,  Well, here are the [...]

← Previous Entries