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,Â 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
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?
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 30 cents back, assuming that your federal and state tax rate is 30%. If I … [Read more...] about 7 Mistakes People Make Just To Get A Huge Tax Refund
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, chances are that your expenses will exceed the … [Read more...] about 7 Homeownership Related Tax Credit and Deductions
Education is very important for families because it provides unlimited opportunities for individuals who have one. The government knows this so as much as possible they would like to help by providing numerous education tax credits and deductions to both the people who are pursuing it and for the people that are teaching or providing the education. There are 5 most commonly … [Read more...] about 5 Education Tax Credits and Deductions You Don’t Want To Miss in 2010