income taxes Related Resources & Guides
Below are income taxes related information and resources from our contributors.Congress to Take Action – Bush Tax Cuts to Expire
When most people think about IRS garnishment they typically think about their wages being levied. Unfortunately, that’s only one of many things the IRS can garnish. Basically, they can levy just about any income or financial account or attach a lien to any physical or real property that they want to. Nothing you have is safe from the IRS unless you know how to protect yourself.
How Can I Deduct Rental Car Costs On My Income Tax?
One of the popular questions asked related to tax is “Can I deduct rental car costs on my income tax?”. Many countries impose massive taxes on rental cars. Rental car companies are becoming more infuriated with the increasing taxes imposed on their clients.
Don’t forget to claim the Child Tax Credit
This year the child tax credit has been increased. The reason for the increase is mainly due to the increased cost to raise children and to stimulate the economy. This credit is separate from your personal child exemption that you normally take and is a great way to get some money back.
A Primer to Solar Energy Credit and Residential Energy Efficient Property Credits
This nonrefundable energy tax credit may help you pay for qualified residential alternative energy equipment, such as geothermal heat pumps, solar hot water heaters, and wind turbines. The credit was expanded by The American Recovery and Reinvestment Act in early 2009. A few of the previously imposed maximum amounts were eliminated and it now provides for a credit equal to 30% of the cost of qualified property. The credit is usually equal to 30% of the cost of the equipment and may include the cost of the labor used to install it. For 2009, there is generally no cap on this credit and it’s available for equipment placed into service through 2016. Regrettably, it’s a nonrefundable credit, which is an important, because in this case, your credit is limited to your tax liability.
Elderly or Disabled Tax Credit
A tax credit may be available if you are 65 years of age prior to December 31, 2009 or under 65 but retired and were permanently and totally disabled on the date you retired. Regrettably, this credit is not as significant as some of the other tax credits that are available to qualifying individuals. Notwithstanding the size of the credit, like any tax credit, it should not be overlooked since it could result in some unanticipated cash for you.
Education Tax Credit – Now Includes Computers
New tax legislation signed in February 2009, increases the Hope Credit from $1,800 to $2,500 and changes its name to The American Opportunity Tax Credit for two years. The new credit has a broader reach then the Hope Credit, and is now available to more taxpayers, including taxpayers with higher incomes and those that do not owe a tax. In addition, required course materials will be considered a qualifying expense, and the credit claimed is extended from two years to four post-secondary education years.
Don’t Forget These Home Tax Deductions
Many homeowners are living in one of their biggest tax deductions without even realizing it. This is especially true of people who have added on to their home or done some remodeling project recently. There are actually lots of different ways you can use home improvements for tax deductions. Sure, you can usually deduct the amount of interest you pay on your mortgage or home equity loans, but there are also a multitude of home expenses and repairs you can use to reduce your taxable income if you meet certain requirements.
Some Loans May Come With Large Tax Benefits
It turns out that not all loan programs are the same when it comes times to look at your tax situation. Did you know that when you borrow money you could also be shrinking the amount of federal taxes you have to pay to the government? Some loans can give you a tax credit which lowers the income tax you owe and other types of loans can give you a tax deduction which lowers your gross income. Just about everyone needs to borrow money from time to time and it’s smart to do your research before jumping into a big loan commitment. Here’s a brief guide to which loans may give you for a tax credit, though obviously everyone’s tax situation will be different.
Decrease Your Income Taxes With These Common Loans
It turns out that not all loans are the same when it comes times to pay your taxes. Were you aware that when you borrow money you could actually be shrinking the amount of taxes you have to pay at the end of the year? Some loans may give you a tax credit which lowers the tax you owe and other kinds of loans can give you a tax deduction which reduces your gross taxable income. Almost everyone needs to borrow cash sometimes and it’s smart to do your research before jumping into a big loan commitment. Here’s a brief guide to which loans may qualify you for a tax deduction, though obviously everyone’s tax situation will be different.
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