100 Cost-Effective Articles - Tax Planning
The following titles are currently available. Read the abstracts below for a thumbnail synopsis of each article's full text.
To order, call 1-800-722-7270 ext. 135 today.
Mortgage Points: Rules for Deduction
When it comes to mortgages, it's easy to be confused about whether a homebuyer may take a full tax deduction for "points"—a portion of the loan amount of usually one, two, or three percent—paid to his or her mortgage lender. Generally, because points are prepaid interest, you must deduct them over the term of the mortgage. However, the Internal Revenue Service (IRS) states that points are deductible in the year of actual payment, as long as certain conditions are met.
(575 words)
Does Your Automobile Donation Qualify as a Tax Deduction?
Donating a vehicle is a great way to benefit a charity and reduce your tax liabilities. As with most tax benefits,
Internal Revenue Service (IRS) regulations apply. Following the rules can help ensure you receive a tax deduction for your good deed.
(432 words)
The Basics of Tax Basis
You probably know that when a capital asset is sold for profit, it is subject to a capital gains tax. But, did you know that how you acquired the property, and what you have done with it since acquisition, will affect the determination of "basis" and, ultimately, the "gain" on which the tax is paid? Basis is used to determine gain upon the disposition of an asset. Here's a closer look at basis and how it can affect capital gains.
(679 words)
The Early Bird May Get Tax Savings
Have you ever dropped your tax return in the mailbox just before the stroke of midnight? After just making the deadline, you may have sworn to begin earlier next time. Next year, you vow, things will be different, and you promise yourself that you will start your taxes far in advance. Even if the April deadline seems a long way off, the best time to begin your tax reduction planning is well in advance of filing. Fulfill your goals by taking advantage of these tax-saving tips, and possibly help those less fortunate in the process.
(528 words)
Tax Tips from the IRS
Even with the best intentions, filing taxes often becomes an event that is put off until the very last minute. For those who are not accountants, tax laws can be confusing, leaving many unsure of what they may deduct and how they should file. However, according to the Internal Revenue Service (IRS), the process can be simpler than you may think. Here are ten tax tips direct from the IRS designed to make your filing easier than ever.
(638 words)
A Tax Reform Update
Welcome tax relief continues through 2008, thanks to monumental tax reform in recent years. These measures have provided tax cuts, credits, and savings; however, much of this reform is temporary and will expire in the coming years. The following discussion addresses provisions affecting income taxes, estate taxes, and retirement savings opportunities in 2008.
(496 words)
Tax Audits: What You Should Know
For many taxpayers, the words "tax audit" can produce feelings of anxiety. It may put you at ease to know that in fiscal year 2004, the Internal Revenue Service (IRS, 2006) actually audited less than 1% of all tax returns. So, why all the concern? Not knowing the factors that can trigger an IRS audit often contributes to high levels of anxiety.
(677 words)