The tuition tax credits are popular right now, and I’m going to assume that many of you who are in college, or have kids in college are familiar with taking the tax credit. However, it’s the less popular tuition and fees deduction that needs some more attention from most people. College Tuition Tax Options When […]
Exploring Vacation Home Tax Rules
Posted byNow that everything is moving quickly on our new vacation home rental, it’s time to talk tax! There are three high level categories for vacation home tax rules based on how often your rent your home and how often use it personally. Rent a Little When You: Rent Your Home 14 Days or Less If […]
Passive income seems like an oxymoron (albeit an intriguing one): how can I earn money while doing nothing? How can anyone earn money while doing nothing? It turns out that one way to earn money while doing nothing is by investing a sum of money in stocks and mutual funds that reap dividends. And the […]
Are You an Innocent Spouse?
Posted byMany married couples file a joint tax return, which means that they report their combined income and deduct their combined allowable expenses on the same tax form. This is because tax liabilities together may be less than tax liabilities if married and filing separately. However, if one spouse falsely fills out tax information or makes […]
What You Need to Know About Tax Losses
Posted byAmong business owners I know, “I can write it off” has become almost a daily refrain. Business owners can definitely deduct legitimate expenses from their income – and in some cases can claim a business loss if expenses exceed income. But not all income tax losses are completely tax deductible. If you have been dragging […]
7 Things To Do With Your Tax Refund
Posted byNow that the IRS has started accepting returns and distributing tax refunds, many of you are receiving large sums of money. If you’re not careful, you can easily sweep this money into your regular spending, earning several hundred to several thousand dollars worth of “extra” income and having nothing to show for it – it’s […]
TurboTax Free Premier Tax Filing
Posted byTurboTax is hooking up readers with free federal tax filing today. It’s our Free Money Friday deal this week! TurboTax gave me three free activation codes for the TurboTax Premier online version, so I’m giving them away to readers. How to Get Free TurboTax Codes Leave a comment below by Friday March 25, 9 am […]
You’ve filed your delinquent tax returns, or perhaps you are still teetering on the edge because of the fear that you don’t have enough money to pay all of your tax obligations. Maybe you are dreading the tax deadline because you have estimated your taxes and know that you will not have enough to pay […]
Every year April 15th rolls around, and for some people this date comes and goes without filing a federal tax return. Sometimes this is due to missing the tax filing deadline, confusion as to whether or not a person needs to file, or the physical inability to do so. But many times, it is because […]
Owning a home can be an expensive proposition. There is the mortgage, mortgage interest, homeowner’s insurance, property taxes, upkeep, and an added mortgage insurance premium for certain loan types and for people who do not have a big enough down payment when first purchasing their home. Fortunately for homeowners, the government generally encourages homeownership in […]