MONEY AND FINANCE

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.

Non-deductible Deductions

Many taxpayers confuse spousal and child support with alimony. Of the three, only alimony is deductible. It is considered income to the recipient and an expense to the payer. All of us wish we could deduct spousal and child support expenses. We’d probably never owe a dime in taxes if that was the case. Read More…

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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Fixed Interest Rate Definition

A relatively easy concept to understand, fixed interest rate is one of those rare financial terms that really means what it says. A fixed interest rate is a predetermined rate for the entire term of a loan, no matter the length of the loan. Read More…

Tax Records

The term tax records refers to your tax returns and the documents supporting the information in these returns. Supporting documents, for most people, include receipts, bank statements, 1099s, expense logs, etc. Read More…

Tax Information With A Twist

Tax information with a twist. A quick set of simple changes you can make very few people know about. You’re going to enjoy Mr. Cash’s tax information with a twist. Read More…