MONEY AND FINANCE

Tax Property Records

Tax property records are the records of how your real and personal property are taxed by the appropriate jurisdictional authority in your state. Generally, all taxing statutes and codes are passed by the state and acted upon by the local tax assessor. As a matter of policy, a tax assessor has a threefold responsibility. He must first, discover then list and third, value all property subject to taxation. This is applicable to both real and personal property as defined by law. Read More…

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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…

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Tax Tips Today

Tax tips come in a variety of shapes, sizes and value. It seems every guru who can spell tax has tips for sale. However, the best tax tips may be in front of your eyes as you prepare your return. In fact, read this and become a little more savvy next tax time around. Read More…

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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.

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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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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…

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What Does Interest Mean?

A good way to think of interest on a loan is to think of it as rent on the borrowed money. If you borrowed money from a bank, you would be charged a certain rate on the money loaned to you. Read More…

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Demand Loan Definition

One particular loan that many businesses use is called a demand loan. The concept is relatively simple. A demand loan is an agreement providing the lender the ability to demand full payment of the remaining balance of the loan at any point in time after the loan is executed. Read More…

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Avoiding The Death Tax

This method does not apply to everyone so please consult with your tax advisor/attorney/CPA before you jump into this IRS approved method. I say it doesn’t apply to everyone because the very rich and the very poor will probably use a tax structured device for their personal estate. Middle class America should seriously consider this device. Read More…

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