Schedule A: Taxes You Can Deduct

It seems that there are just so may taxes that we have to pay from federal, state, sales, gift taxes, etc. The good thing about this is that the IRS allows us to deduct a few of these items on our tax return. However, not all taxes are deductible. You can deduct any of the […]

Important Tax Update for 2010 You Don’t Want To Miss

On my last post, I talked about the various 2009 tax benefits that were expanded in 2010. Some of these tax benefits have been extended and there are quite a few that were no longer valid for 2010. However, Congress have passed new tax provisions that have expanded additional tax benefits for the American people […]

Unreimbursed Employee Expenses: What Can You Deduct

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?

Tips For Choosing A Home Based Business

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?

Corporations: The Pros and Cons

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.

Buying a Town house: What You Should Know Before You Buy One

Town home is a hybrid between a condominium and a single family house. It is similar to a condominium because townhomes are usually clustered together to create a community with common areas like swimming pools, playgrounds, gated community, etc. Thus, requires a governing body called the Home Owner’s Association. On the other hand, it is […]

Why you should try to maximize your “Above-the-line” Deduction If You Can

Explains what AGI or “Above-the-line” deduction means, the various examples of an adjustments to gross income (AGI), and why you need to maximize these deductions.

Buying A Home: Tips on Finding an Agent

On the previous post, we discussed if you should hire an agent or not. And let’s say you have decided that hiring an agent is the right path for you to help you with the buying process, so the next question is how do you find one? Below are some of the useful tips that […]

Buying a Home: Should You Hire an Agent?

So you want to buy a home and you’re wondering if you can do this on your own? Of course, you can! There is really no law requiring you to have an agent when purchasing a house. If you think you can handle the complexity of a real estate contract, then you can move forward […]

The Pros and Cons of Buying Newly Built Homes

From time to time, my wife and I will check out new homes in the area or even in the adjacent communities. We do this to see the various designs and how furniture is set-up in the house. Talk about nothing to do with our lives but, hey, we are planning on buying and moving […]

5 Things you must do in Advance before Purchasing a House

Finally decided on buying a house? Before you make and drastic actions, it is important to know that there are some valuable things that you have to do first. Below are top five things that you need to accomplish:

Tuition And Fees Deduction: When To Use This Tax Relief?

The Tuition and Fees Deduction is an educational tax relief that can help you alleviate the cost of education in the United States. Discusses why you would need to consider this instead of a credit, the various test that you need to pass before you can claim this deduction, what expenses qualify, what expenses do not qualify, who is eligible, and how much expenses you can deduct.