Tax Saving Tips

Tips for income taxes, property tax, sales tax...

How to save on your federal income tax, property taxes, sales tax, and more. Make filing and paying your taxes less costly with our tips, including deductions you may not know you are eligible for.

May 2013
18

5 Tax Deductions for Job Seekers

by Jessica Bosari
Posted In:  taxes

Some Job Hunting Costs Are Tax Deductible

Trying to find a job is a full-time job in itself. Not only is it a stressful and frustrating experience, often it requires a lot of money. But if you pay attention to how you are seeking employment, and remembering to keep track of what you are spending, much of the costs related to job-hunting can be recouped as tax deductions for job search related expenses. Educating yourself about the things that qualify as a tax deduction can actually save you a lot of money. Here are six things to consider:Read the rest...

Mar 2013
17

Tax Savings: When Should a Married Couple File Separate Tax Returns?

by Jessica Bosari
Posted In:  taxes

tax savingsSome Life Circumstances Trump the Tax Savings of Filing Jointly

Filing jointly is a popular option for most couples because it saves money. Filing a joint tax return also simplifies the process of settling accounts with the government. It’s just easier for a married couple to combine their income and share the allowable deductions. Married couples filing jointly also qualify for more deductions than single filers do. But the Internal Revenue Service (IRS) tax code is insanely complex. There are times when it makes more sense to file separately even when you are married.Read the rest...

Mar 2013
11

6 Everyday Expenses that Serve as Income Tax Deductions

by Jessica Bosari
Posted In:  taxes

income tax deductions, expensesPeople often overlook these every day expenses that qualify as Income Tax Deductions

So the tax year has come and gone, and you’ve finally received your tax return, only to find that it wasn’t as big as you thought it would be. In fact, Uncle Sam seemed to have taken a rather big bite. Well then, now is the time to explore ways to increase your deductions in the coming tax season. Here are six simple ways you can lower your taxable income, which will enable you to glean a much healthier tax return next year.Read the rest...

Feb 2013
23

The Complicated Finances of Same Sex Marriage

by Jessica Bosari
Posted In:  taxes

gay same sex financesFew issues have stirred as much controversy in America as same sex marriage. Every state in the union seems to have slightly different policies defining marriage and they are in various stages of accepting or excluding gay marriage. Federal laws add more confusion. Taxes are especially frustrating to gay couples. In addition traveling to states that do not recognize their union can present legal and financial challenges.Read the rest...

Feb 2013
16

Don't Let Identity Theft Hijack Your E-File Taxes

by Jessica Bosari
Posted In:  taxes

tax fraudWith tax season in full swing, identity thieves are trolling the internet looking for Social Security Numbers (SSNs) and other personal information to get rich quick. According to the Wall Street Journal, this type of tax fraud is the “third-largest theft of federal funds after Medicare/Medicaid and unemployment-insurance fraud.” The Journal further reports that more than 1.1 million cases of tax-identity theft were filed in 2011, up from 51,700 in 2008, accounting for nearly $5.2 billion in fraudulent refunds.Read the rest...

Aug 2012
26

Navigating the Waters of Donated Boats

by Jessica Bosari
Posted In:  taxes

If your boat never made it into the water this season, it might be time to consider selling. Unfortunately, the boat market is miserable right now, with few people able to buy and a lot of people looking to sell. The solution might be to donate your boat to charity. Donating your boat to a reliable charity is an excellent way to give back to the less fortunate, while saving a little money on the side. Because it is a donation, you can have your boat donation written off on your taxes. This will help you save some money, while donating to those in needs. If you're one of those who always wanted a boat but couldn't afford it, buying a donated boat could be the solution.Read the rest...

May 2012
18

6 Tax Credits Small Business Owners Often Miss

by Jessica Bosari
Posted In:  small business  taxes

High tax bills are a common lament of small business owners. Yet, there are a number of tax credits that can help off-set that obligation that many small business owners never claim. Here are six of the most overlooked tax credits that can help your business reduce its tax obligation. Read the rest...

Apr 2012
11

Make the Most of Tax Credits and Deductions

by Jessica Bosari
Posted In:  taxes

Everyone in the United States who earns more than $600 in a calendar year is required to pay taxes on their income. If you do not file an income tax return and you earned enough to qualify to pay taxes, you could face a hefty fine or even some time in jail. The IRS does not work quickly, but they are very thorough. You might think you got away with skipping your taxes this year, but a few years from now, you'll hear from the IRS when they figure out that you owe them money. Remember, the FBI did not catch Al Capone; he was caught and convicted by the IRS.Read the rest...

Apr 2012
10

Top Tax Deductions for Landlords

by Guest Blogger
Posted In:  small business  taxes

Most people are familiar with the mortgage interest deduction available for a first or second residence but don't realize there are many other tax savings opportunities available for owners of rental property. Because renting out property is considered a business, landlords are allowed to deduct a wide range of expenses related to operating that business, particularly if there is no personal use of the property in question by the owner.Read the rest...

Mar 2012
15

7 Essential Tax Tips for the Unemployed

by Jessica Bosari
Posted In:  taxes


Unemployment continues to be a serious issue for many families in the United States. Not only does unemployment cause day-to-day stress, it also poses an unusual situation when filing your annual income taxes. As unfair as it may seem, unemployment income is taxable income. If you've been unemployed during the past year, it's essential that you read the following tips to be sure of filing your taxes properly. You've been through enough - the last thing you need is an audit.Read the rest...