During the economic downturn for the past couple years, millions of Americans have lost their job. However, as part of the American Reinvestment Recovery Act, the government made sure that even the unemployed are also taken care of by offering numerous benefits such as extending the unemployment benefits, exclusion of up to $2,400 of income, and subsidizing the COBRA health … [Read more...] about Tax Issues For The Unemployed Individuals
Investments
Miscellaneous Items You Can Deduct On Schedule A
There are really two kinds of miscellaneous deductions that can be deducted on your itemized schedule: items that are subject to the 2% of AGI limitation, which will be discussed on this article and the ones that are not such as gambling losses, casualty or theft losses, etc. Miscellaneous Section Subject to the 2% of AGI limitations means that you can only deduct the amount … [Read more...] about Miscellaneous Items You Can Deduct On Schedule A
Schedule A: Interest Expense You Can Deduct
Interest expense is the amount of money you pay for the use of borrowed funds. Certain types of interest expense may be deductible depending on where you use those borrowed money. Most consumers have various debts such as home mortgage debt, auto loans, credit card balances, student loans, business loans, and investment loans. Most of these interest expense are reported on your … [Read more...] about Schedule A: Interest Expense You Can Deduct
Defined Contribution Plans For Government And/Or Non-Profit Employees
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. But if you work for … [Read more...] about Defined Contribution Plans For Government And/Or Non-Profit Employees
Types of Retirement Plan: Employer Sponsored Plans
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 even if there are no retirement plans at work, you … [Read more...] about Types of Retirement Plan: Employer Sponsored Plans