I have always utilized my Health Flexible Savings Account (HFSA) from work because it is very generous when it comes to getting tax breaks. I have saved tax dollars year after year for items such as over-the-counter medicines, insurance co-pay deductibles, eye care and other health expenses that are normally not covered by my insurance [...]
How a Home-based Business Helps You Reduce Taxes Even More – Part 2: Business Losses
November 24, 2010 By
On the last post, we discussed the other tax benefit of operating a home based business: taxpayers are able to avail additional tax deductions that may not be available for employees. Some of these are expenses that these individuals may be spending already but unable to deduct because they are working for someone else. On [...]
How a Home-based Business Helps You Reduce Taxes Even More – Part I: Deductions
November 22, 2010 By
Did you know that one of the best ways to reduce your taxes is to start a business? This is because there are a lot of tax deductions that are available to business owners that are normally not available if you are working for someone else. Small businesses are considered as the backbone of the [...]
Unreimbursed Employee Expenses: What Can You Deduct
November 18, 2010 By
Your job may require you to pay out-of-pocket costs but your employer may not reimburse you for those expenses. When this happens, you may be able to deduct those expenses on your tax return. So the question is what can you deduct and how do you report it on your tax return?
3 Poor Savings Habits and 4 Tips on How to Overcome Them
November 17, 2010 By
The 3 Poor Savings Habit: People are not achieving their retirement goals mainly because of the following poor savings habit: 1. Not saving early. Often enough, young people do not realize or do not even think about retirement. They think that it is too far in ahead and they do not need to worry about [...]
10 Above the Line Deductions You Don’t Want to Miss
November 15, 2010 By
Last week, we’ve talked about why you should maximize your above-the-line deductions or adjustments to your gross income. The AGI (or adjusted gross income) are used when calculating some limitations for your other deductions or credit. You see, you do not have to itemized your expenses for you to claim these deductions. This means that [...]
Tips For Choosing A Home Based Business
November 12, 2010 By
Finding the right business is never easy. The last thing you want to do is to start something and waste your time on it and later find out that it is not for you. There are a lot of opportunities out there and it seems that each one of them is promoted as the best business available. So what do you do and where do you start?
Defined Contribution Plans For Government And/Or Non-Profit Employees
November 10, 2010 By
Government employees retirement plans are very similar to the private sectors because the tax contribution are deductible, the interest earned are tax deferred, and there are matching contributions provided. The difference probably is how it is named in the tax code. You are probably very familiar with the 401(k) plans because most companies have these. [...]
Types of Retirement Plan: Employer Sponsored Plans
November 8, 2010 By
Retirement plans are now all over the place as more people become aware of the importance of them. The government has been supporting this by providing various tax breaks because they are letting us know that we cannot rely on social security benefits alone. If you are self-employed, there are retirement plans for that. And [...]
Corporations: The Pros and Cons
November 5, 2010 By
Explains what a corporation is, what are the advantages and disadvantages when choosing this as your business entity, and the common federal tax forms used.
Follow Us!