Archives for September 2010

Understanding the Lifetime Learning Credit

The Lifetime Learning Credit is an educational tax credit that can help alleviate the cost of education in the United States. Discusses the various test that you need to pass before you can claim this credit, what expenses qualify, what expenses do not qualify, who is eligible, and how to calculate the credit.

Home Renters Should Not Pay More Taxes: A Rebuttal On Financial Samurai’s Article

Article is in response to Financial Samurai’s “Renters Should Pay More Taxes.” homeowners should not envy the renters if renters don’t pay rental taxes. We’re talking about 3 great tax breaks for the homeowners versus one tax relief (no rental tax) for the renters and the homeowners want to take away that single tax relief for the renter?

Why It Makes Financial Sense To Buy A House

I believe people want to buy a house because it is still considered one of the American dreams. People seem to associate home ownership with the standard of living. We somehow see an improvement on our living status after we bought the house. We also feel that we have a sense of financial security knowing that we own something of value. To top it off, it also comes with the following financial benefits:

Audit Finds the IRS Inability to Track the Home Buyer’s Credit

For a change, the IRS are the ones who got audited. A recent article in the Los Angeles Times stated that  an audit raises questions about the IRS ability to track home buyers credit. The auditor found that the IRS lacks a system to keep track or to monitor on the individuals who claimed the […]

Partnership: The Pros and Cons

Explains what a partnership is, what are the advantages and disadvantages when choosing this as your business entity, and the common federal tax forms used.

Buying A Condominium: What You Should Know Before Buying One

So you want to buy a home but are considering a condominium because of the amenities, the community, and whatever reason you may have. But before you buy one, you should weigh the various pros and cons of owning one carefully and decide if this is really for you.

Understanding the American Opportunity Credit

The American Opportunity credit is a new educational credit in order to help alleviate the cost of education in the United States. Discusses the various test that you need to pass before you can claim this credit, what expenses qualify, what expenses do not qualify, who is eligible, and how to calculate the credit.

How The Health Reform Act Affected My Employee Benefits

It’s that time of the year again for our employee benefits annual enrollment, which is on October 1 thru October 30, 2010, and I just received a newsletter which includes the preview of the upcoming changes. The annual enrollment from my work allows me to make changes on the following benefits: Health Insurance Dental Insurance […]

Understanding Tax Deductions

Talks about what a tax deduction is, the various types of tax deductions, and the biggest mistakes people make when claiming the tax deduction.

Sole Proprietorship: The Pros and Cons

The article discusses what a sole proprietorship is as a form of business entity, the advantages and the disadvantages, and the various forms of tax forms that are used.