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Home improvements with a green twist? Energy efficient improvements to your home or even a brand new hybrid car may just help you get one step closer to landing a big refund check. The hitch is it could be the last year to get that credit. Here is a short list of credits expiring this April.
In a perfect world, every taxpayer would file his or her returns on time. Unfortunately, that's not always the case — particularly in tough economic times. So what should you do if you have to file your taxes late?
Home improvements with a green twist? Energy efficient improvements to your home or even a brand new hybrid car may just help you get one step closer to landing a big fat refund this April. The problem is this may be the last year to get the credit. Here is the short list of credits expiring this April 2008.
With the current uncertainties in the housing marketing and the credit crunch this past year, everyone is looking to save wisely. And, if you are getting ready to file your 2007 taxes, you will want to take advantage of every available tax break. Here are a few tax deductions that will make filing a little easier on your pocketbook this year.
Now that April 15th has passed, most small business owners are feeling a collective sigh of relief. They have navigated through all of that paperwork and even filed on time. But what many small business owners do not know is that filing as a sole proprietorship could put you at risk for being audited because a Schedule C may raise a few more needless red flags than tax forms for a corporation. So what are those pesky red flags and how does a corporation help avoid them?
This year's dreaded April 15th fell on a Saturday, giving taxpayers until April 17th to file their taxes. Residents of the District of Columbia, Maine, Maryland, Massachusetts, New Hampshire, New York and Vermont were able to file their federal tax returns as late as Tuesday, April 18, 2006, due to Patriot's Day. But even with extra days, many citizens across the country fail to do their taxes in time. What's their solution? Many of them file an extension.
Although many taxpayers get lost in the myriad of IRS forms and rules (the IRS sends out 8 billion pages of forms and instructions each year) one thing is simple to understand - you don't want to pay taxes. The good news is, the more tax deductions you take, the lower your tax liability will be. If you itemize your deductions using a Schedule A, read these five tax strategies to will help lower your taxes and beef up your refund check from dear old Uncle Sam.
Who knew that last year's corporate tax cut would give any relief to the little guy? It's true. Lawmakers decided to allow taxpayers to deduct state and local sales tax. This tax break actually cost federal reserves $5 billion. But the bill's supporters considered it a worthwhile investment. The break won votes of support from representatives from states with no state income tax.
It has been a busy year in Washington. Here are just a few of the tax changes taking place. It is always wise to consult a tax-preparation professional for complex tax questions. For more information, visit the IRS Web site at www.irs.gov