Taxes

June 29, 2008

  • Standard versus Itemized Deductions

    Have you ever thought about your options when it comes to deductions and your tax return?  You are not alone.  Many people use the 1040EZ or the standard 1040 form and that’s that.  Here are some facts concerning both types of deductions. (…)

May 30, 2008

  • Three Ways to Reduce Tax Bill

    Sometimes we have to bite the bullet.  I mean that we have to pay some of our hard-earned money to Uncle Sam.  However, there is a big difference between owing him $5,000 and owing him $500.  Here are three ways to reduce the amount you have to produce at tax time:
    1.  Use as many tax credits as you qualify for.  Tax credits are better than deductions.  Tax credits lower the amount of money that you will owe to the IRS.  There are education tax credits that you can take advantage of if your child is in college.  Why not open a Coverdell education savings account?  At least $2,000 can be put into an account by you and other family members for use by your child towards educational expenses. 
    Parents may also opt to use the HOPE tax credit or the Lifetime Learning tax credit.  Child and dependent care tax credits can be deducted on a tax return as well.  You must have paid these expenses during the calendar year for your child.  The earned income tax credit applies to both single and married people in low to medium income homes. (…)

  • Keogh Retirement Plan

    The options for retirement are growing.  It used to be that workers depended on their pension after working thirty years or more for a company.  These days, employers offer retirement benefits to employees, and employees can also find other options on their own.  For the self-employed person, a Keogh is an option for retirement saving. (…)

May 29, 2008

  • Minimize your Tax Liability

    Have you ever had the “tax time jitters”?  That’s when you wait anxiously for the tax preparer to give you the good news or the bad news.  Help yourself by minimizing the taxes you could possibly owe at the start of the tax year. (…)

May 25, 2008

  • Benefits of Incorporating a Business

    Starting a business is not easy.  There are many considerations that go into the process.  How will it be managed?  Do I need partners?  What type of growth do I expect?  Your head will likely swim with the possibilities and the work that goes into starting off on the right foot. (…)

May 24, 2008

  • Increase Your Withholding Amount

    Tax forms are a pain in the neck for most people.  We fill them out to the best of our ability but still don’t understand all the intricacies of what they mean at tax filing time.  Some people seem to pay even though they have done the right things.  Well, there is always something else you can do. (…)

May 22, 2008

  • Easy Ways to Track Business Transactions

    A business is more than just buying and selling goods and services.  It would be easy if it was, but then the business would find it harder to grow any larger because it would never know how far it had already come.  Accounting can be tricky, but you don’t have to be a math whiz to keep track of business transactions. (…)

May 21, 2008

  • Five Things for Next Year’s Taxes

    It is tax time again.  Some of us will pay and some of us will get a refund.  One thing we all will do is try to plan better for next year’s tax season.  This year is already sewn up, but next year is anybody’s game.  Here are five things that you can consider for your personal taxes for next year. (…)

April 15, 2008

April 10, 2008