MONEY AND FINANCE

Home Equity Loan – The Inner Secrets

You probably have heard the advertisements touting home equity loans as being the solution to your problems. You know, home repairs or improvements, debt consolidation, family emergencies and some ads go so far as encourage you to use a home equity loan to start an investment portfolio. Read More…

Learn About Tax Reform

When it comes to taxes, almost everyone agrees we need real tax reform and not just the band-aid solutions we have received up to now. After all, these so called reforms has left us with too many quirks, complications, and read tape. Unfortunately in this author’s opinion, Congress and real tax reform are still light years apart. But all isn’t bleak and the discerning person can take advantage of the laws as they exist through their filing document. Read More…

2009 Federal Income Tax Deductions

If you are one of those generous people who donated to help Haiti, you can deduct the 2010 Haitian Relief Donations on your 2009 Return.

According to the IRS, you can claim 2009 deductions for Haiti relief donations made between Jan. 12 and Feb. 28, 2010. The IRS defines cash donations as those that include contributions made via check, money order, credit card, charge card, debit card, phone or text message. This is pretty much their standard definition.

If your donation(s) were under $250, you need either a bank record such as a cancelled check or credit-card statement or a receipt from the charity to prove your generosity. If your donation(s) were $250 or more, you must have a receipt from the charity.

Some people donated using their phone or by a text message. The IRS says a service provider bill showing the name of the charity, the donation date, and the amount is sufficient proof. In order to deduct these charitable contributions, you must itemize your taxes. For more information to help save your money at tax time check out Tax Tips and Tax Reduction Tips today.

Keeping Tax Records

Something to keep in mind when it comes to keeping tax records is even though your records are no longer needed for tax purposes you don’t want to trash them yet. Check and see if you need to continue retaining them for other purposes.

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How to Turn Taxable Income into Tax Free Income

Believe it or not, there are ways to convert taxable income into non-taxable income, without any fear of an IRS audit. All you really need is the how-to information so you can get started. Read More…