Taxes

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.

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.

Hope Credit: Who can still use this educational tax credit?

With the introduction of the American Opportunity Credit, the Hope credit faded away since it offers less benefit. However, the Hope Credit yields a higher benefit if you are part of this group. The article also discusses the test that you need to meet to qualify, what expenses you can deduct, what you can’t deduct and how to calculate the credit.

2010 Tax Tables

Looking for the 2010 Federal Tax Table? Look no more. On this article you’ll find the 2010 tax brackets and how taxes are determined for Single, Head of Household (HH), Married Filing Joint (MFJ), and Married Filing Separate (MFS) taxpayers.

Understanding Tax Credits – List of Common Tax Credits

A guide to understanding how tax credit works, how it is different from a tax deduction, and the various types of tax credit.