Spruce Up Your Finances

Financial tips to keep more of your hard-earned money

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 have you, there are hobbies that can generate a little income on the … [Read more...] about How to Report Hobby Income and Expenses on Your Tax Return

2011 Tax Tables and Rates

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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 as well. But the good … [Read more...] about 2011 Tax Tables and Rates

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 money to repair it. So he decided to give it up. He actually has two options that he was contemplating on: donate it … [Read more...] about Donate or Sell Broken Car?

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 much as $8,000 while MCC is ongoing and it is administered … [Read more...] about Mortgage Credit Certificate (MCC): Home Buyers Tax Credit