If you're interested in tax related articles and current tax updates and issues, here you will find a wide selection of tools and information. Please bookmark this page and stop back often, as current information is added frequently.
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2008 standard mileage rates released -- January 2008
If you use the IRS standard mileage rate to reimburse yourself or your employees for the business use of personal automobiles, it's time to update your calculation..
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How to get a copy of a missing tax return -- January 2008
Fortunately, you don't need to post a classified ad to obtain a copy of a missing tax return. In some cases, getting a replacement can be as simple as...
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Self-employed taxpayers get a health insurance tax break -- December 2007
Healthcare issues are once again part of the national debate. As political candidates stake out policy positions...
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What's an "EIN"? -- December 2007
An "EIN," or employer identification number, is a nine-digit number that you use to identify your business when filing various tax returns with the IRS. You may know it by another acronym, "TIN," which stands for taxpayer identification number...
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Are you missing out on the "saver's credit"? -- December 2007
If you're not sure what the "saver's credit" is, you're not alone. Members of the Senate Finance Committee believe many people who are eligible to claim the credit are unaware of its existence...
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Note the recordkeeping requirements for charitable contributions -- December 2007
Are you drawing up your year-end charitable contributions list? After you check it twice, add a reminder to gather the paperwork required to claim a gift for yourself: an itemized tax deduction...
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Year-end tax strategies for investors -- November 2007
Here's a recipe for holiday cheer: Sweeten your year-end portfolio update with tax savings. Just remember to start planning now to achieve the best result...
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Year-end tax to-do's for individuals -- November 2007
"Countdown" time is here again, with reminders everywhere pointing out how many days are left until anticipated events. While you're marking your calendar...
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Year-end tax planning for business owners -- November 2007
There are no time machines, so you can't come back to today from the future. That's one reason planning ahead is important -- and why now is the time to think about what you can do before...
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Zero capital gains rate coming in 2008 -- November 2007
You already know the federal tax rate on capital gains varies, depending on your tax bracket, the kind of property you sell, and how long you owned it...
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How to determine the amount of a casualty loss deduction -- October 2007
Fire, flood, tornado. Violent weather can wreak emotional and financial havoc. If your home, vehicle or other personal property is damaged or destroyed by a sudden...
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Plan for the tax consequences of required minimum distributions -- October 2007
After all the advice you've received about saving for retirement, taking money out of your traditional IRAs and other qualified retirement plans may feel strange. Yet once you reach age 70...
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Do you know the tax effects of foreclosure? -- October 2007
As you listen to the debate over the latest turmoil in the real estate market, you may wonder how losing a home in foreclosure proceedings could result in taxable income...
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Like-kind exchanges - Be aware of this tax saver -- September 2007
There's a lot to like about like-kind exchanges -- and a lot to consider before you use this tax-saving strategy...
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Business gifts: What are the rules? -- September 2007
Rewarding loyalty. Enhancing morale. Whatever your reason for giving business gifts, you're probably aware of the general rule limiting your deduction to $25 per recipient...
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Quick tax guide to business vehicle expenses -- September 2007
When you're knee-deep in the paperwork required to set up payroll records for new You plot the fastest route to your client’s office with an on-board navigation system. You use a hands-free cell to leave last-minute instructions for your staff on the way to the meeting...
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Payroll records for new employees: What you need to know -- September 2007
When you're knee-deep in the paperwork required to set up payroll records for new employees, it may be difficult...
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Tune up your business retirement plan -- August 2007
Change happens at an ever-increasing rate. New tax laws are enacted, your business grows, additional employees are hired...
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Is your worker an employee or an independent contractor? -- August 2007
Are your workers properly classified as independent contractors? Or are they employees...
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This energy credit is due to expire -- August 2007
Make energy-efficient improvements to your existing home and you could save money on current and future utility costs...
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Keep track of nondeductible IRA contributions -- August 2007
As the tax rules governing Individual Retirement Accounts change over the years, it’s easy to forget some of the more enduring ones, like recordkeeping requirements for nondeductible contributions...
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Check out the private mortgage insurance deduction -- July 2007
Thanks to the Tax Relief and Health Care Act of 2006, there’s a new tax break available if you’re a homeowner who itemizes: the private mortgage insurance deduction...
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Will the change in the "kiddie tax" affect you? -- July 2007
These rules govern the taxability of your child’s unearned income and currently apply to children under age 18. But starting in 2008...
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The Work Opportunity Tax Credit could benefit your business -- July 2007
Are you hiring? If so, Congress recently extended a tax break you may want to investigate: the Work Opportunity Tax Credit...
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The Small Business and Work Opportunity Tax Act of 2007 is signed by Bush -- July 2007
On May 25, President Bush signed federal tax legislation that will affect your business and personal income tax returns this year and in the future...
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Tax tips for that summer job -- July 2007
Is your child looking for a job this summer? If so, you both may have questions about taxes...
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Tax tips for first-time homebuyers -- June 2007
As a first-time homebuyer, mortgages and moving are probably uppermost on your mind. But your new home...
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Tax to-do's for June -- June 2007
Summer's here, and it's time to take action on your midyear tax planning to-do list. Here are three...
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Is it a business or a hobby? -- June 2007
For federal tax purposes, the determination of “business” or “hobby” is a matter of deduction. If your new venture is considered a business, you can deduct losses against other income...
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Tax tips when you change jobs -- May 2007
Planning to change employers this year? As you look forward to starting your new job, you’re probably not thinking about taxes. But actions you take now can have an impact next April...
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How long should you keep tax records? -- May 2007
Is your file cabinet overflowing? Do you hesitate to purge tax information because you’re not sure what to keep and what to discard...
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What to do if you accidentally left information off your return -- May 2007
Whew! The rush is over and your personal income tax return is done for another year -- or so you thought, right up until the moment you discover information you forgot to include...
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Don't fall for these tax scams -- May 2007
In today's connected world, tax scammers can reach you via e-mail, on the Internet, in person, and over the telephone. Here are three common schemes to watch out for...
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Knowing your top tax bracket can help you cut your tax bill -- April 2007
Even before completing the forms, you probably have an idea of whether you'll owe money or can expect a refund when you file your federal income tax return. But do you know your top tax bracket...
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Watch for carryforwards in your tax planning -- April 2007
Even as you finalize, file, and pay your 2006 federal income taxes, you might need to be thinking about how much you'll owe for 2007...
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Estimated taxes: Do you have to pay them? -- April 2007
Even as you finalize, file, and pay your 2006 federal income taxes, you might need to be thinking about how much you'll owe for 2007...
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Are you about to lose your 2003 tax refund? -- April 2007
You know that April 17, 2007, is the deadline for paying your federal income taxes for 2006. But did you know it’s also the last date you can claim a refund of taxes you paid during 2003...
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What you should know about deducting mortgage interest -- March 2007
Generally, you can deduct all the interest you pay on mortgages you take out to buy your home as long as total loans are less than $1,000,000...
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Is that business expense deductible? -- March 2007
It costs money to operate your business. Naturally you’d like to reduce your taxable income by deducting what you spend. Deductible operating expenses — commonplace costs related to your business, like salaries...
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Look above the lines for tax savings -- March 2007
“Above-the-line deductions” are items of adjustments you can subtract from your total income, whether you itemize or not...
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Know the bascis on "basis" -- March 2007
Did you buy property for your business in 2006? Sell stocks or mutual funds? Receive an inheritance? In all of these events, your total investment in the property – known as basis – can affect your tax return...
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What else do you have to file? -- February 2007
When you think of taxes during this time of year, your individual income tax return is probably the one that comes to mind first. But you may be responsible for filing other returns as well...
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Don't forget to claim the phone tax refund -- February 2007
The idea seems simple. If you paid for long-distance phone service between March 1, 2003, and July 31, 2006, you can claim a one-time refund of the related federal excise tax on your 2006 return. But the instructions look complicated, and the IRS has issued warnings about making mistakes...
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Yes, you can still take these three tax deductions -- February 2007
A last minute tax law signed in late December revived three deductions that can help reduce taxes on...
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Check the year-end information forms you receive -- January 2007
At the end of January, you will be receiving your information forms for 2006. These are the W-2s and 1099s you receive from employers, banks, and brokerage houses reporting wages, interest, dividends, and other types of income...
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A tax professional gives you more than a tax return -- January 2007
At this time of year, advertising for tax preparation software is everywhere. You may be asking yourself, "Why do I need a tax professional when sophisticated tax software is readily available...
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Did you forget last year's refund? -- January 2007
Are you still waiting for your refund from last year's taxes? If so, the IRS would like to hear from you. They have over 95,000 refund checks that they haven't been able to deliver. At an average refund amount of $963...
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Congress gives last-minute reprieve to these tax breaks -- January 2007
In the spirit of the holiday season, Congress has come up with a gift package for taxpayers. They've just renewed a number of tax breaks that had expired at the end of last year. The renewal is effective for 2006 and 2007...
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College savings plans are now permanent -- January 2007
One of the most popular ways to save for college is with a Section 529 plan. These plans offer a great combination of flexibility and tax benefits. Until recently, the tax benefits were scheduled to expire after 2010. But this year's Pension Protection Act...
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There's more than one way to be charitable -- December 2006
During the holiday season, many of us want to support our favorite charities. Your first thought might be to write a check, but there are other ways to give. You might even receive a tax break in the process...
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Consider bunching your itemized deductions -- December 2006
We all face one question at tax time: to itemize deductions or take the standard deduction? For 2006, the standard deduction is $10,300 for married couples and $5,150 for single filers. If you're on the borderline, consider a "bunching" strategy...
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Are you ready for 2006 mutual fund distributions? -- December 2006
If you’re a mutual fund investor, you’ll almost certainly receive a distribution this month. And in many cases you’ll owe taxes on the distribution...
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Know the tax rules when disaster strikes -- December 2006
Hurricanes, tornadoes, earthquakes, wildfires, floods, storms. Few parts of the country escape the risk of natural disaster. If you’re an unlucky victim, you may receive help from insurance and federal disaster aid. But the tax code also offers some relief...
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New law creates a charitable donation opportunity -- November 2006
The Pension Protection Act recently passed by Congress has an interesting tax break for older taxpayers. It offers the chance to donate to charity and reduce taxes at the same time...
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Save on taxes while you save for retirement -- November 2006
Don’t rule out saving for retirement just because your income is low. We all need to save as much as possible for our later years. And now Congress has extended a tax break that rewards your saving with a lower tax bill...
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The HERO Act gives a tax break to the military -- November 2006
There’s welcome news for military personnel serving in combat areas, such as Iraq and Afghanistan. Congress has passed the HERO Act, allowing them to count tax-free combat pay as “compensation” when making IRA contributions...
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Do an investment review as part of your tax planning -- November 2006
This is a good time of year to review your investments. If you’re not meeting your financial goals for the year, there’s still time to make changes. Make sure your portfolio is appropriately balanced among stocks, bonds, and other investments...
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Save on energy; save on taxes -- October 2006
Winter is approaching, energy costs are high, and you’re thinking about conservation. Don’t forget that cutting your energy use can cut your tax bill, too. Make the right energy-saving improvements and you can earn tax credits. These directly offset the taxes you owe. But remember, most credits are available only for 2006 and 2007...
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Do you face this IRA deadline? -- October 2006
Did you reach age 70½ this year? If so, you may have a decision to make before year-end. That’s because if you have a traditional IRA, you must start taking required distributions each year once you reach that age. But a special rule allows you to postpone...
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Do an investment review as part of your tax planning -- October 2006
This is a good time of year to review your investments. If you’re not meeting your financial goals for the year, there’s still time to make changes. Make sure your portfolio is appropriately balanced among stocks, bonds, and other investments...
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It's time for a fall tax tune-up -- October 2006
Fall is a great time for a tax review, while there’s still time to make changes. Look at these five areas to see how your tax situation is shaping up for the year...
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Recent Pension Law Included Some Retirement Tax Breaks -- October 2006
On August 17, 2006, President Bush signed a major new law on pension plans. The law includes some provisions that will affect the rules for retirement savings. You may feel the impact of these changes in the months and years ahead...
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You may receive a bonus refund with your 2006 tax filing -- September 2006
Did you know that you may qualify for an extra refund when you file your 2006 taxes? And if you qualify, you can claim the refund by filling out just one extra line on your 2006 tax return...
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The new pension law changes charitable donation rules -- September 2006
In early August, Congress passed a major new law on pension plans. Buried in the fine print were some unexpected tax provisions. These could affect your ability to claim a deduction for certain kinds of charitable contributions...
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No change in the estate tax, but don't postpone your planning -- September 2006
Last month Congress failed to pass a major tax bill that would have changed the rules on estate taxes. To encourage passage, the bill included a raise in the minimum wage and extension of a number of expired tax breaks for businesses and individuals...
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Consider this retirement planning opportunity -- September 2006
Usually tax planning aims to reduce next April’s tax bill. But if you’re willing to look ahead to 2010, the recently enacted tax law introduced a new tax-saving opportunity. The new provision removes...
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Manage Your AGI to Save Your Tax Breaks -- August 2006
One number on your tax return has special importance. You’ll find it at the bottom of the first page. It’s called “adjusted gross income” or AGI for short. Why is it important? Because your AGI controls your qualification for...
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To Deduct Business Driving Costs, Keep Good Records -- August 2006
If you use your car or truck for business, you’ll want to deduct your business driving costs. Generally you’ll have a choice of two methods...
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Did You Make a Mistake? Ammend Your Tax Return -- August 2006
You’ve filed your return, you’ve received your refund check, and you don’t want to think about last year’s taxes again. Oops! You discover you made a mistake on your return. You might have overlooked a big deduction...
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The Alternative Minimum Tax: Don't Relax Yet -- August 2006
Are you at risk for the alternative minimum tax (AMT) in 2006? This “parallel” tax system has caught more and more middle-income taxpayers in recent years, often showing up as a nasty, last-minute tax surprise. The recently signed Tax Act provided some relief, but only for this year...
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New "Kiddie Tax" Covers More Kids -- July 2006
Do your children have savings accounts or other investments held in their own name? If so, the tax on those investments could change. That’s because of a change in recent tax legislation, which expanded the “kiddie tax” to cover children up to age 18. Previously it applied only up to age 14...
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Work a Summer Job - Start an IRA -- July 2006
Are your children working at summer jobs this year? Many high school and college students take a summer job to earn pocket money or save for next year’s college costs. A summer job can be a good thing for children — it helps instill a responsible work ethic and teaches them about the workplace...
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Plan Your Annual Tax Free Giving -- July 2006
It’s not too early to plan your tax-free gift program for 2006. Each year, you can make gifts of up to $12,000 each to as many people as you want, free of any gift tax liability. Your spouse has a similar limit, so as a couple you can give up to $24,000 to each person each year...
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Vacation Home Planning Can Save Your Tax Deduction -- July 2006
Owners of vacation homes often rent out the property when they’re not using it themselves. Renting out your vacation home may or may not make sense for you. The principal variables are the number of days you rent the property...
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What You Need to Know About Taxes and Your Child's Summer Job -- June 2006
Your daughter Sally, a junior in high school, announces that she’s found herself a job for the summer. How will that affect her tax situation and yours...
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Prepaid College Tuition Plans Just Became a Little More Favorable -- June 2006
If you’re wondering how best to save for your child’s future education costs, prepaid tuition plans just became a little more attractive. That’s because the Deficit Reduction Act, signed in February, removed one of the drawbacks of these plans...
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New Tax Bill Extends Existing Tax Breaks -- June 2006
You might owe a little less tax next April, thanks to the tax bill recently passed by Congress. And you’ll also benefit from other existing tax breaks for a few years longer. Here’s a summary of the major provisions in the new law signed by President Bush on May 17, 2006...
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Marriage Calls for a Tax Review -- June 2006
Are wedding bells in your future this summer? If so, add tax updates to the long list of things to do. It's not very exciting, but you should at least take care of some paperwork to keep your tax situation in order...
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Know the Tax Impacts of Remodeling -- May 2006
Walk around your neighborhood and you're likely to see homes being remodeled. Perhaps you, too, are considering a new deck, kitchen or bathroom this spring. If so, understand the tax consequences...
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Are You Eligible for the Child Care Tax Credit? -- May 2006
Do you pay for child care so you can go to work? If so, you might be eligible for a tax credit based on the amount you pay. It’s called the "child and dependent care credit," and it doesn’t just apply to costs for child care...
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Don't Overlook Tax Benefits When You Buy a House -- May 2006
If you buy a house this year, you’ll close the deal by signing a mind-numbing stack of papers. When that’s finished, don’t just file the documents away in a drawer. Hidden in there are some deductions you might be able to take this year...
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The Kiddie Tax Threshold Goes Up for 2006 -- May 2006
Beginning this year, your young children can earn more investment income before the "kiddie tax" kicks in. The kiddie tax rule applies to the investment earnings of a child under age 14...
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Buy Early to Maximize Hybrid Tax Credit -- April 2006
Last year’s Energy Bill had some good news for those planning to buy a hybrid car in 2006 – a new tax credit of up to $3,400. But there’s a catch...
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GO Zones Mean Business Tax Opportunities -- April 2006
Last December, Congress established “GO zones” – short for Gulf Opportunity Zones. It was part of an effort to boost the economy of the Gulf Coast areas devastated by hurricanes Katrina, Rita, and Wilma...
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Estate Taxes Fall - But You Still Need a Plan -- April 2006
There’s good news if you’re concerned about estate taxes. Beginning this year, the value of your estate that’s excluded from tax increased from $1.5 million to $2 million. And the top rate on taxable estates fell to 46%...
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Tax Filing: Don't Procrastinate - But if You Do, It Just Got Easier -- April 2006
It’s usually better to file your personal tax return earlier rather than later. You’ll get your hands on your refund sooner, you’ll have less time to misplace your tax records, and it’s one more job out of the way. But sometimes it’s just not possible to be ready by April 15...
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Get Double Tax Breaks for Education Expenses -- March 2006
Are you a college student, or do you have one in your family? If so, you should know about a one-time opportunity to receive double the normal tax credits for education expenses...
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Don't Overlook These Miscellaneous Tax Deductions -- March 2006
When you itemize deductions, it’s easy to remember the big three — mortgage interest, state and local taxes, and charitable contributions. You might also be able to deduct medical expenses, but only when they exceed 7.5% of your adjusted gross income (AGI)...
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Don't Miss this April 3rd Deadline -- March 2006
April 3, 2006, could be an important date for some retirees. If you reached age 70½ last year, it’s the last day to take your first required minimum distribution (RMD) from your traditional IRAs. Miss the deadline and you could face a 50% excise tax on the amount you should have withdrawn...
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You Still Have Time To Contribute to Last Year's IRA-- March 2006
Don’t forget you still have time to make a 2005 contribution to an IRA. If you didn’t reach the maximum for last year, you have until April 17 this year to make up the difference. It’s a great opportunity to boost your tax-advantaged retirement savings and possibly...
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Will you have to pay the alternative minimum tax for 2005?-- March 2006
You might have an unexpected tax liability for 2005, especially if you’re a middle- or high-income taxpayer. It’s called the alternative minimum tax, or AMT. It’s estimated that over three million people paid AMT in 2003, and that number is rising fast...
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Investigate the New Energy Tax Breaks for Business-- February 2006
DThe tax breaks in last year’s Energy Bill weren’t just for consumers and big oil companies. A surprising variety of other businesses can benefit too...
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What You Need to Know if You Donate a Vehicle to Charity -- February 2006
Did you donate your car or truck to charity last year? If so, be careful how you claim the deduction on your tax return. By donating your vehicle, you can dispose of it without a hassle, support a worthwhile cause, and get a tax break all at the same time...
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Improve Your Home's Energy Efficiency and Earn a Tax Break -- February 2006
During 2006 and 2007, you’ll receive tax credits if you make specified energy-saving improvements in your home. Remember that tax credits offset your tax liability dollar for dollar...
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Standard or Itemized: Know the Difference -- January 2006
Don’t think that you’re losing out just because you don’t have enough deductions to itemize. In fact, the reverse is true. Generally, if your itemized deductions are less than the standard deduction, it means the IRS is giving you some extra deductions. Here’s how that works...
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What's New for 2006 -- January 2006
Expect a number of tax changes for 2006. You’ll have the chance to claim new tax credits, but some old deductions have disappeared. There are also the usual inflation adjustments in retirement contributions, tax brackets, and other amounts...
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Hybrid Tax Breaks -- January 2006
Changes are ahead if you’re thinking of buying a hybrid vehicle. At the end of 2005, tax deductions were replaced by a potentially more valuable tax credit...
