Deductions Articles

1). Tax Returns - Should You Itemize? By : Richard A. Chapo
When you finally decide it is time to prepare your taxes, the first question is whether you should itemize your deductions or take the standard deduction provided by the IRS. Choices, Choices… Tax deductions are a very simple part of a theoretically simple tax reporting system. If you’ve ever prepared your own taxes, you know this simply isn’t true.
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2). Valuable Tax Deductions for your Vehicle You Can't Afford to Miss By : Germaine A. Hoston
Is your business missing out on valuable tax deductions you can take for the use of your personal vehicle for business purposes?If you haven't done so already, you should definitely beat a path to the door of your local office supply store and pick up a notebook for logging the mileage you drive to conduct business—and be sure to log the miles you drove to buy it! Not taking the trouble to do this is like letting your pricey gasoline flow onto the pavement instead of into your tank.
Article Related to: taxes, deductions, home-based business, small business, entrepreneur, incorporate, corporation, mileage rate, vehicle deduction

3). Write-Off Bad Business Debts On Your Taxes By : Nomad Rick
Practically every small business has receivables that it cannot obtain from clients. If your small business doesn't have any such receivables, consider yourself lucky. For those small businesses that suffer from uncollected receivables, solace can be taken from the fact you can claim a tax deduction. Bad Debt Tax Deduction A small business can write-off bad debt losses if it meets nominal requirements.
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4). How To Audit-Proof Your Tax Return Forever: A Recent Close Encounter Of The IRS-Kind By : Wayne M. Davies
Congress has passed legislation that is supposed to result in a more "sensitive" Internal Revenue Service. You know, not such a lean, mean, tax-collecting machine. Hmmm . . . . What do you think? A few months ago, one of my clients (let's call him Mr. Jones) got one of those IRS "love letters" requesting more information about his return, and the IRS wanted to meet with Mr.
Article Related to: tax, deductions, audit, irs

5). List of Tax Records To Keep By : Richard A. Chapo
When preparing your taxes, the goal is obviously to deduct every last penny you can. Many people are amazingly good at it. Just keep in mind you need receipts for the deductions. List of Tax Records To Keep Filling out and filing tax returns is really a quest to conquer the mountain. In this case, the mountain is your gross income. The IRS helpfully lets you know this by making you write it down right away and repeat it in various places on your 1040 form.
Article Related to: tax, taxes, irs, records, tax records, mortgage interest, dependents, receipts, expenses, deductions

6). Deducting Alimony Payments By : Richard A. Chapo
Over 50% of marriages end in divorce in the United States. Many divorce decrees include provisions for the payment of alimony. The IRS takes the position that such payments constitute a form of income and create an alimony tax deduction for the person making payments. According to the IRS, alimony payments are taxable to the recipient in the year received.
Article Related to: alimony, divorce, tax deduction, deduction, deductions, taxes, tax, irs

7). Tax Credits for Toyota Hybrids To Be Cut In Half By : Richard A. Chapo
If you purchase a new hybrid car after January 1, 2006, you can get a major tax credit for doing so. Alas, the tax credits applicable for Toyota hybrids are about to be cut in half. Tax Credits for Toyota Hybrids To Be Cut In Half The government uses all types of methodology to modify our behavior. While many look for nefarious conspiracies and such, the government usually does it right before our eyes.
Article Related to: tax, taxes, irs, toyota, credits, hybrid, deductions, reduction, oil, fuel

8). IRS Approves Saturn Vue Green Line for Tax Credit By : Richard A. Chapo
The IRS is working its way through various automobiles that qualify their owners for tax credits. The Saturn model of cars has just been reviewed with one particular model being approved. IRS Approves Saturn Vue Green Line for Tax Credit Owning a hybrid car was pretty much a financial windfall from the outset. The cars provided tremendous savings on fuel costs.
Article Related to: taxes, tax, irs, deductions, credits, tax returns, saturn, vue, green, hybrid

9). Honda Natural Gas Cars Issued Massive Tax Credits By IRS By : Richard A. Chapo
Between global warming and massive increases in fuel prices, many people are reconsidering their transportation. Honda has two natural gas cars the IRS absolutely loves. Honda Natural Gas Cars Issued Massive Tax Credits By IRS In 2005, the federal government passed a new energy policy act that created tax benefits for the use of alternative fuel vehicles.
Article Related to: taxes, tax, honda, gx, natural gas, alternative fuel, gas, tax credits, deductions

10). Overview of the Almighty Tax Deduction for Small Businesses By : Richard A. Chapo
Taxes are the great bane of most businesses. Alas, tax deductions act as a salve to cool the burning and itching of your bank account. Overview of the Almighty Tax Deduction for Small Businesses The tax system in the United States is an undeniable mess. With tens of thousands of pages of laws and regulations, the phrase cruel and unusual comes to mind when it is time to pay your taxes.
Article Related to: tax, taxes, irs, deductions, business, small business, home based business, ordinary, necessary

11). Is the Limited Liability Company the Right Entity for Your Business? By : Germaine A. Hoston
Should you operate your business as a corporation? Or is there another, simpler alternative. You've probably noticed that in the past decade there are more and more businesses with their names followed by the letters "LLC" instead of "Inc.". "LLC" stands for Limited Liability Company, is the newest type of legal entity that exists in the United States, and for many entrepreneurs it is the ideal marriage between the tax advantages of the limited partnership and the limited liability feature of the corporation.
Article Related to: llc, incorporate, corporation, small business, home based business, accounting, irs, deductions, business law, taxes, estate planning

12). Dealing With Taxes If You Live and Work Outside The United States By : Richard A. Chapo
When solar cells first came on the scene in the 1950s, they were simple. Now, there are a wide variety of cells and more are coming as technology improves. An Overview of Solar Cells Through The Years Solar cells are the basic component of any active system used to convert sunlight into a form of energy. Traditionally, solar cells were used as the key part of panel systems that generated electricity or heat for homes.
Article Related to: tax, taxes, irs, internal revenue service, income, exemption, foreign, deductions

13). IRS Audits and the Percentages By : Richard A. Chapo
For most Americans, the mere suggestion of an IRS audit is enough to require the changing of the pants. So, what percent chance do you have of an IRS audit? IRS Audits and the Percentages Relax; the percentages of IRS picking you for audit are very small if you have filed your taxes honestly and properly. The IRS gets a couple hundred million tax returns filed every year.
Article Related to: irs, tax, taxes, audits, percentage, income, unreported, deductions, program

14). Financial Security in an Unstable Economy By : Randy Gilbert
Few families pass on actual knowledge about wealth building to their children. Negative feelings of poverty and scarcity can last for generations.
Article Related to: mortgage, finance, real estate, taxes, interest, deductions, wealth, budget, money, cash, stocks

15). Use Your Car to Cut Your Taxes By : Katryna Johnson
Your car is a valuable tax deduction, if you know the rules.
Article Related to: taxes, deductions, vehicles, mileage

16). Something Every Tax Payer Needs To Know By : Ranju Kumar
Every individual once in a while has to think about paying tax. It has been a very important matter to each and every one. As people are more and more concerned about the amount of taxes to be paid, they generally forget that it will always boomerang in the form of services which will most certainly make the world the most wonderful and enjoyable place to live in.
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17). Mortgage Tax Tips To Help Save You Money By : Joseph Kenny
Did you know that there are different kinds of tax benefits associated with having a mortgage? With a mortgage loan, you can potentially claim certain deductions, which can be a big help to your financial circumstances
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