Deductions | Best Tax Tips

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Last Minute Tax Tips

A few last minute tax tips this year. You do not want to miss these items on your tax return as you finish things off these last few days. Bigger standard deduction Image by Getty Images via Daylife Homeowners who pay state and local real estate taxes but don’t file an itemized return will receive a larger standard deduction. Besides the standard deduction, you can get the amount...

April 13th, 2009 by The Tax Man

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Home Based Business Tax Reminders

If you use part of your home for business, you may be able to deduct expenses for the business use of your home. These expenses may include mortgage interest, insurance, utilities, repairs, and depreciation. The Image by fensterbme via Flickr home office deduction is available for homeowners and renters, and applies to all types of homes, from apartments to mobile homes. However, the Internet...

April 2nd, 2009 by The Tax Man

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Did you sell stock in an Insurance Company that had demutualized?

What does this recent case mean for you? If you sold shares from a demutualization, you may also be eligible for a refund of tax paid. You must file an amended federal tax return and it must be timely filed. The rules for filing amended returns, just like the facts of this case, are complex. Also, keep in mind that the IRS Image via Wikipedia may appeal the court’s decision. A higher...

April 2nd, 2009 by The Tax Man

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New Withholding Tables Now Available on IRS.gov; Most Workers Will See Bigger Paychecks this Spring

IR-2009-13, Feb 21, 2009 WASHINGTON ? The Internal Revenue Service today released new withholding tables that will result in more take-home pay this spring for millions of American workers. Image by Getty Images via Daylife The new tables incorporate the new Making Work Pay credit, one of the key tax provisions included in the American Recovery and Reinvestment Act of 2009 that became law earlier...

February 27th, 2009 by The Tax Man

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Home Sale Exclusion Modified for 2009.

Image by Maggie T via Flickr The home sale exclusion is one of the most popular tax breaks in the Tax Code. A married couple filing jointly can generally exclude up to $500,000 in gain (single individuals up to $250,000). Before the new law, if a second home becomes a principal residence, after two years the owner could sell it and exclude up to $250,000 in gain from their income or up to $500,000...

February 20th, 2009 by The Tax Man

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Stability of the Tax Base: A comparison of Per...

2008 Savings Bond/Higher Education Expense Exclusion

Modified adjusted gross income phase-out–married, joint, $100,650–$130,650; all other filing status, $67,100–$82,100 Image via Wikipedia a2a_config.linkname="2008 Savings Bond/Higher Education Expense Exclusion"; a2a_config.linkurl="http://besttaxtips.com/2009/02/2008-savings-bondhigher-education-expense-exclusion/"; a2a.init("page");

February 15th, 2009 by The Tax Man

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2008 Interest on Education Loans

Image by Getty Images via Daylife 2008 Interest on Education Loans Maximum interest deduction–$2,500 Modified adjusted gross income phase-out range–Married, joint, $115,000–$145,000; all other filing status, $55,000–$70,000 a2a_config.linkname="2008 Interest on Education Loans"; a2a_config.linkurl="http://besttaxtips.com/2009/02/2008-interest-on-education-loans/"; a2a.init("page");

February 13th, 2009 by The Tax Man

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Tax Breaks for Active Military Personnel and Reservists

More than three million individuals are either on active or reserve duty with the U.S. armed forces. Just before Memorial Day, Congress gave these individuals and their families some important tax relief in the Heroes Earnings Assistance and Relief Tax Act of 2008. The tax incentives are targeted to military personnel on active duty, reservists called to active duty and military families. Image...

February 9th, 2009 by The Tax Man

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2008 Itemized Deduction Phaseout

All filing status but married separate–$159,950; Married, separate–$79,975 a2a_config.linkname="2008 Itemized Deduction Phaseout"; a2a_config.linkurl="http://besttaxtips.com/2009/02/2008-itemized-deduction-phaseout/"; a2a.init("page");

February 9th, 2009 by The Tax Man

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Charitable Giving

Significant tax savings can be achieved through a properly planned program of gifts to charity. Although a contribution may be motivated by humanitarian reasons, it is nevertheless wise to take the tax considerations into account when making a contribution. Charitable giving can be divided into two general categories. First, there are donations that are made on a regular basis and involve relatively...

January 21st, 2009 by The Tax Man

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