Tag Archives: Tax
Tax Tips for Newlyweds
Posted on 20. Aug, 2010 by admin.
Getting married involves hundreds of details and decisions, from wedding planning to house hunting to joint checking accounts. Although taxes may not be high on your priority list, it’s important to consider how you will file your annual returns as newlyweds. With tax season less than a year away, it’s a great time to look at some of the changes you may need to make for the IRS.
Here are some basic tips:
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Expanded Home Tax Credit for Armed Service Members
Posted on 23. Jun, 2010 by admin.
Our courageous armed service men and women now have until April 30, 2011 to take advantage of the home buyer tax credit. Although it expired a little over a month ago for most Americans, this extra year goes a long way for qualified service members.
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6 Overlooked Tax Breaks
Posted on 17. Nov, 2009 by admin.
Whether you run a big corporation, a small start-up, or a busy household, your main tax concern is likely minimizing the amount you have to pay and maximizing the return you receive at the end of the year. One of the best ways to accomplish this is enlisting the services of a Certified Tax Professional, who can clue you into potential tax benefits. Below are just some of the breaks that are often overlooked by those who file their own returns:
Medical expenses: If your annual medical bills add up to over 7.5% of your income, they can be written off as a tax deduction. While you can’t count portions that were paid by an insurance policy, any non-covered costs are eligible, including associated expenses like insurance premiums and mileage to and from a treatment facility.
Property taxes: As of 2008, married couples filing jointly can enter a standard deduction of up to $1,000 for real estate taxes, and single homeowners can deduct up to $500—even if they don’t have enough deductions to file an itemized return on a Schedule A.
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