Every year the tax tables are updated for cost of living allowance (COLA). Your tax filing status determines what tax bracket you’re going to be at. Generally speaking, married people filing jointly (MFJ) usually receives the best tax rate. The United States tax system is progressive, which means that as your income increases, your tax rate increases [...]
Taxes
How to Report Hobby Income and Expenses on Your Tax Return
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Hobbies keep balance in our life. It is an activity that we love and enjoy that help us relieve the stress of our day-to-day lives or a diversion to keep us sane. Although most hobbies are done just for leisure such as listening to music, playing sports, playing video games, reading books, traveling, or what [...]
Donate or Sell Broken Car?
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What happens if the cost of repair is more than the cost of the car? Would you give it up or have it fixed? This was the dilemma that my friend was facing. One of the car that he drives needed some repair but it turned out that it would cost him a lot of [...]
Home Business Start-up: Tax Payment Issues
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As a business owner, you also need to be aware of the types of taxes that you have to pay. You do not have to pay all the taxes discussed in this article because the other taxes varies depending on how you operate your business such as whether you are selling products, hiring employees, or [...]
List of Mortgage Certificate Program By State
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On my previous post, I talked about the mortgage credit certificate program: what it is, how it works, and what are the requirement to qualify. Each state or local agencies have their own eligibility and requirements. The amounts may vary as well so it is best to visit the city, county, or state that you [...]
Mortgage Credit Certificate (MCC): Home Buyers Tax Credit
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Before the first-time home buyer’s credit program came out, one home buyers tax credit that has been around for quite some time is the mortgage interest credit (MCC). The first-time home buyer’s credit is only good for tax years 2008 to 2010 but it offers a much higher one-time home buyers tax credit worth as [...]
7 Mistakes People Make Just To Get A Huge Tax Refund
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In general, tax deduction should be the secondary reason not the primary reason for your spending. In other words, do not overspend for the sole purpose of claiming the expense as a deduction in order to get more refund during tax time!! Spending just to claim a tax deduction is like spending $1 to get [...]
The Tax Year 2010 Deadline is Today – 6 Useful Tax Articles To Help You Get Through
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Today is the deadline for filing the tax return for tax year 2010. Because the Emancipation Day, which is a holiday observed in the District of Columbia, was observed on Friday, April 15, 2011, the IRS extended the due date to today for taxpayers to file their 2010 returns and pay taxes. By law, D.C. holidays [...]
7 Useful Tax Articles For Last Minute Filers
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Because the Emancipation Day, which is a holiday observed in the District of Columbia, will be observed on Friday, April 15, 2011, the IRS is extending the due date to Monday, April 18, 2011 for taxpayers to file their 2010 returns and pay taxes. By law, D.C. holidays impact tax deadlines in the same way [...]
American Opportunity Credit: Why It’s Called The Expanded Hope Credit
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See why the American Opportunity Credit is called the expanded Hope Credit. A quick comparison between the American Opportunity Credit and Hope Credit and see why the American Opportunity Credit is a much better credit when claiming an educational credit on your tax return.
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