Mortgage Credit Certificate (MCC): Home Buyers Tax Credit

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 […]

Types of Mutual Fund Equity Investment Options

Investing in our retirement funds is no easy task. Somehow, we would probably need to at least get an idea on where we are investing our money. There are a lot of investment assets available in the market nowadays such as bonds, cash equivalents, equity funds, stocks, etc. Although investing in direct stocks may yield […]

Why You Should Fight For Every Percent You Can Get on Your Finances

1%, it seems so little and potentially, a regular person may think that it is very immaterial. However, when you apply it to your finances, this one percent makes a big difference!! Check out how this 1% affects both your investments and debts.

Applying for and Benefits of a US Citizenship

My wife just sent her application for US citizenship last month and I’m really surprised on how expensive it is nowadays. The application fees have increased throughout the years as  now the cost is $680 ($595 for the N-400 form application and $85 for the biometric fingerprinting). It seems that almost every year the fees […]

Most Common Types of Employer Defined Contribution Plans

A defined contribution plan is retirement plan that does not promise a specific amount of benefits at retirement. In fact on these plans, the employee or the employer or both contribute to the employee’s individual account under the plan, sometimes at a set rate of return, for example, a 7 or 8 percent of earnings […]

7 Mistakes People Make Just To Get A Huge Tax Refund

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

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

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

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.

4 Most Common Mistakes Made on the Tax Return

Taxes are a very complicated subject not only for regular citizens but also for the tax professionals. There are just so many rules and so many books on the tax codes that it would be impossible for one person to keep up. This is probably one of the reasons that a lot of people really […]

10 Income Subject To Tax That You May Not Be Aware Of

According to the IRS, you must report your worldwide income on your tax return. Income is not just about the salary that you received. It would also include a lot of items such as gains on the property you sold and net income from your business or rental properties. The good news is that you […]

7 Homeownership Related Tax Credit and Deductions

One of the biggest advantage of home ownership versus renting is that there are a lot of financial benefits including numerous tax breaks available to the homeowners that are not available to renters. Most renters can only claim the standard deduction since they may not have enough expenses to itemize. When you become a homeowner, […]