If you suffer from a disability or a handicap, you should be aware that you may be qualified to certain money-saving tax breaks. Many individuals with such conditions are unaware of the special deductions for which they can qualify and, thus, end up missing out. If you have a handicap or a disability, take the time to research … more
Most people only start to think about their taxes as the April 15th deadline inches closer and closer, but there are actually many things you can do to lower your personal taxes over the whole year. By taking the time to learn these many tactics, you will be able to not only be ready for tax day, but also increase … more
The year 2012 may be somewhat tame when compared to other years when there were many changes to tax codes, but this doesn’t mean that there won’t be great deductions for Americans to take advantage of. As with any year, it is important to learn which of these benefits can be used to lower a person’s tax payments as much … more
There is good news and bad news about new 2012 tax deductions that could save you money on the yearly income tax you must pay. The bad news is that there are no new deductions. This means that the same ones you used last year will once again be relevant this year. However, the good news is that there are … more
Each year as the time comes again to prepare and file an income tax return, many people look and look to find the most deductions to reduce the amount of taxes they owe or to increase the amount of their refund. Here is a compilation of some useful but oftentimes overlooked, tax deduction tips that many people can qualify for.
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One of the defining characteristics of the American tax code is that it is specifically designed to encourage behavior that the government believes are productive and desirable. Not surprisingly, this includes higher education which leads to a better educated and more productive society and workplace. Therefore there are a host of different tax credits and deductions that relate to expenses … more
The American tax code is an extremely complex body of laws and regulations that really requires a degree of expertise to get the most out of the opportunities contained within it. Of course people with very simple tax situations do not necessarily need professional assistance, but then again their ability to maximize their refunds or minimize their liabilities is also … more
Like it or not, the American tax system is extremely complex. The tax code alone runs to many thousands of pages and the additional regulations run to many more thousands of pages. The result is one of the most complicated tax systems in the world and many people spend their entire professional careers learning how to handle different aspects of … more
As most small business owners already know, tax planning plays a big role in maximizing profit and minimizing expenses, and tax deductions are a big part of this. The American tax system is designed for more than merely collecting revenue, but is specifically designed to encourage behavior that the government feels is beneficial to society and the state. Among the … more
Generally speaking, the Internal Revenue Service (IRS) does allow tax payers to deduct the costs associated with their tax preparation as a miscellaneous deduction on Schedule A (Itemized Deductions) of the form 1040. However, as is the case with most things related to tax deductions, this deduction does have specific limitations and restrictions. Further, there are new changes that have … more
