Tax Deductions

Tax deductions signify the amount deducted from a person’s gross income so as to reduce the taxable income. The basic standard deduction depends on the individual’s tax return filing status. The taxpayer need not pay income tax on expenses termed tax deductible. Expenses such as legal fees, medical expenses, donations, and investments are sometimes listed as tax-deductible expenses. Although investments are tax deductible, the brokerage fees and commissions paid are not considered so. Apart from the basic standard deduction, additional tax deductions can be filed, after taking conditions such as age and blindness into consideration.

Per Diem Rates and Business Taxes

The tax code for the United States is over 50,000 pages. Buried in this code is the subject of per diem rates, a topic that can save businesses money on their taxes.

How To Minimize Your Taxes On Wealth

Taxes on wealth or simply wealth tax is the tax levied on the value of wealth owned by a person. As the term ‘wealth’ carries with it a broader meaning, generally capital transfer taxes (which includ...

US House to Continue Fight for Reduction of Estate Taxes

Legislation has been introduced into the US House of Representatives that would reduce the number of Americans subject to the estate tax.

IRS Audit: What to Watch Out For; The Self-Employed Are in the Bullseye

According to latest reports, the Internal Revenue Service, or IRS, is increasing the total number of income tax returns selected for audit. But it isn't as bad as it sounds, because the audit rate has actually gone down.

Learn The Tax Benefits Of A Flexible-Benefits Plan

Flexible-benefits Plan (FBP) is an employee benefits plan which helps the employees’ to save considerable amount of taxes by paying certain expenses from their pre-tax income. Some of the eligible ex...

Use Your House as a Tax Shelter

A good tax shelter is hard to come by, but the perfect shelter may be right in front of your eyes, most people do not realize that that the government allows us to use our homes as a way of collecting a tax deductions, credits, and benefits.

Taxes Are Voluntary - When You Use An Employee Stock Ownership Plan (ESOP)

If you are reading this I was successful in getting your attention. The financial strategy known as ESOP (employee stock ownership plan) has saved business owners one trillion dollars in income tax, that's twelve zeros. $1,000,000,000,000. Read further to learn whether an ESOP is right for your business.

Appraisers Lower Costs for Federal Tax Savings on Small Property Depreciation

Tax savings through cost segregation is no longer out of reach for investors in small and medium size properties. With appraiser expertise, fees for analysis are often one-third to one-half lower than those charged by traditional preparers.

How To Get Some Tax Relief

Tax relief shouldn't have to be a nightmare. Find out more in this article.

Use Your Home to Your Tax Advantage

Homeowners get some nice perks when it comes to paying their income taxes.

The IRS Cancels Status of Many Credit Counseling Services

The IRS has canceled the tax-exempt status of some of the nation's largest educational credit counseling services after determining that they prey on debt-ridden customers.

IRS Crushes Credit Counseling Groups Claiming Non-Profit Status

Many credit counseling groups claim they are in it just to help you and not make a profit as indicated by their charitable organization status. The IRS is not happy.