If you’re buying a home in 2009, you could qualify for the first-time home buyer credit.  It allows you a credit of up to $8000, and it’s not a deduction, where you might only get a certain percentage back.  It counts as a complete refund, so you get the entire amount!  Here’s what you need [...]

Ah, tax season–everybody’s favorite time of year.  All right, maybe not, but that refund check is a pretty nice reward for all that trouble and stress.  If you’re like everyone else, you’re determined to get every penny back that you’re owed, but you’re probably still overlooking a lot of deductions you might not know about.  [...]

It’s the first of April and if you haven’t filed your taxes yet this year, here is a quick checklist to make sure you’re not making some of these common errors. One small mistake on your tax file can end up costing you money. Either you could get fined for the error, or you can [...]

There are a lot of services that provide tax advice or tax preparation. It’s highly recommended to seek the advice and consultation of a tax advisor, but if you do not have many complicated investments or tax deductions, using an online e-Filing tax software program would be an appropriate and inexpensive way to file your [...]

Tax rebate checks should be reaching your mailbox soon. Here’s how much to expect are suggestions on how to spend the money.

Preparing for Greater Tax Deductions Next Year
In Part 1 of this series, we looked at 7 year-end tax tips to boost your tax deductions and lower your taxable income. In Part 2 we discussed common, everyday expenses that can be itemized in order to reduce your income tax. Now realizing there are many tax incentives [...]

Common, Everyday Tax Deductions
In Part 1 of this series, we looked at 7 year-end tax tips to boost your tax deductions and lower your taxable income. In Part 2 we are going to list the common, everyday expenses that can be itemized in order to reduce the taxes you have to pay Uncle Sam. When [...]

End-of-Year Tax Break Exercises
Before you know it the ball is going to drop as we ring in the New Year. But before it is officially 2008, let’s spend some time wrapping up 2007 by discussing some ways you can lower your realized income, which means a lower tax bill or a bigger tax return. Here [...]

While debating on selling an asset that has increased in value, be sure to consider the tax implications. It may make better sense to hold off on cashing in or that tax man could eat all your profits.
Stocks are either taxed as a short-term capital gains or long-term capital gains, depending on the time frame [...]