There are a number of benefits when donating a car to Goodwill. Not only does it allow you to give back to the local community but you can also receive a tax benefit by making a charitable donation to a qualifying organization. Fortunately, there is ...
Being a home owner comes with many benefits such as not having loud neighbors above you, enjoying a backyard barbecue and paying yourself by building equity in the place you live. An additional and often used benefit from owning a home is called a ho...
Most tax filers take advantage of the standard deduction provided to all individuals to lower their adjusted gross income and minimize their tax burden. There are however a number of other deductions and credits which can be easily missed but help si...
Vehicle donation is a common activity done by many individuals to both realize a tax benefit and also support their favorite charity. Many households own more than a few vehicles and normally there is one that doesn't get used very often or may not b...
Personal tax deductions are the best way to lower your adjustable gross income and minimize the tax bite every year. Many families do not itemize their annual deductions which is a mistake as it can save the average tax filer hundreds if not thousan...
No landlord would pay more than necessary for utilities or other operating expenses for a rental property. Yet millions of landlords pay more taxes on their rental income than they have to. Why? Rental real estate provides more tax benefits than almo...
When you start your own business, it seems like there's always yet another thing you need to spend money on to keep it running smoothly. Fortunately, most of them will be tax deductible. The IRS defines a deductible expense as something that is ordin...
The most recent numbers from 2007 show that nearly 51 million people itemized deductions claiming more than $1.33 trillion worth of deductions. Another 91 million taxpayers only claimed the standard deduction. Some of those who took the easy way out...
This year is almost over, and that means that you have some time left to figure out what tax breaks are still available to you. These tax breaks include deductions and credits. It is important to understand, though, that there are differences between...
Every year, the IRS dutifully reports the most common blunders that taxpayers make on their returns. And every year, at or near the top of the "oops" list is forgetting to enter their Social Security number at the top of the tax form or making a mist...
There are numerous tax deductions which can prove to be extremely beneficial to many families come tax season. Some deductions are obvious like the Earned Income Credit or Charitable contributions but others may be less so. Below are a list of the ...
There are a number of home tax deductions allowed under the law, and if you use these deductions properly, you will be able to save a good deal of money on your taxes. Below are some of the home deductions that you should take if you want to save mon...
It is possible to make improvements to your home and save some money at tax time at the same time. Tax deductions for home improvements follow some definite guidelines. The most important thing to understand when considering tax deductions for hom...
Everyone loves to find ways around giving Uncle Sam his cut in taxes to help preserve more capital and assets for you. Makes sense considering you earned the money and most people could use it to pay off bills, vacation, retirement, etc. Every year...