Taxes
For the most part, I typically assume that people who have misinformation came by it honestly. Usually, they didn’t quite understand fully what they read or were told. After all, one of the trickiest things about managing money and personal finance is that there are so many exceptions and nuances. In a lot of cases, [...]
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Today is April 15th; taxes are due today. Wait! Actually, tax day 2011 is actually on April 18th thanks to a Washington D.C. holiday being observed on April 15th. That means all you slacker, procrastinators, and just plain still working on them taxpayers out there get a whole other weekend to work on your income [...]
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How to use your 401k account for your mortgage. What are your options for withdrawing money from a 401k for your home or mortgage?
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Contributions to IRA accounts for 2010 and 2011 are subject to an annual limit of $5,000 for all taxpayers under age 50. (The IRA contribution limits for 2011 are the same as the IRA contribution limits for 2010.) IRA owners over age 50 can contribute an additional $1,000 catch-up contribution to their IRA account for [...]
When deducting eligible automobile expenses, taxpayers have the option of deducting actual expenses or using the optional standard mileage rates to deduct automotive expenses. Because, the records required in order to deduct the actual expenses and depreciation of a car expenses are extensive and detailed, most people opt to use the standard mileage deduction. In [...]
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The IRS has announced new 2011 tax numbers regarding the standard deduction for single filers and for those married filing jointly, as well as the 2011 value of the personal and dependent deduction. By law, these standard tax numbers are adjusted for inflation each year. As a result, these tax deductions can increase or decrease [...]
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One of the biggest tax deductions most taxpayers will qualify for is the interest paid on their mortgage. Mortgage interest is tax deductible. Up to 100 percent of mortgage interest paid during the tax year can be deducted on your income taxes as long as your total mortgage balance is less than $1 million. In [...]
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