Archive for income tax
As the end of the year races toward us, the opportunities to find and take advantage of tax deductions and loopholes to save money on income taxes are growing scarce. Fortunately, there are still plenty of tax saving strategies that you can implement even with just a few weeks to go until the end of the tax year. One of the most effective ways for typical households to lower their tax bill is by... Read more→
Updated Information for 2010 179 Deduction Limits for Small Business Taxes has been published. Business tax deductions are important in order to offset high business taxes levied against small business owners and entrepreneurs. Business owners, particularly, single proprietors are often hit with high tax bills because of the Self Employment Taxes. Self-employment taxes, or SE Tax, is so high because... Read more→
A great tax saving strategy, particularly for higher-income taxpayers is to start a small business. Many expenses that are not deductible for regular Federal Income Taxes are deductible to a business. For example, the mileage deduction is not deductible for personal driving purposes, and mileage driving to work is also not deductible. However, mileage driven for business purposes is tax deductible. While... Read more→
Here they come. Articles, columns, emails, and websites by the dozens (hundreds? thousands?) each offering tax advice in the guise of tips and tricks while actually offering up nothing more than the same old retread of a supposed gold mine of tax savings. This is the true, cold, hard fact: There is virtually nothing you can do to lower the amount of taxes you pay on earnings that come in the... Read more→
Muni Taxes Stay the Same
CommentsThe U.S. Supreme Court in a 7-2 decision upheld the central tenant of most state’s municipal bond [tag]tax[/tag] policy, specifically that a state can exempt it’s own muni bonds from taxes while taxing the interest on other state’s [tag]muni bonds[/tag]. So, nothing changes from before. If you live in California, the only way to avoid state tax on bond interest is to buy California... Read more→
