When filling out your tax extension form, you may wonder if you and your spouse need to fill out your own forms. In fact, you more than likely do not if you’re filing jointly. Here is a handy guide for what to do on your 2010 tax extension form if you are filing this way. [...]
Tax Deductions
Filing for a tax extension can really help when you need some extra time to finish your taxes. This can be especially true for members of the military. Knowing this, the IRS has set up a system to help those serving their country finish tax filing in a timely manner. But you may be confused [...]
Taxpayers who itemized their deductions saved over $1 trillion last year. However, not everyone who did this saved money. In fact, sometimes taking the standard deduction will get you the most money on your federal refund status. Should I Itemize or Take the Standard Deduction? Figuring out if you should choose the standard or itemized [...]
Many people look at their car and see something that sucks up a lot of money. While it is true that cars can be expensive, there are many tax deductions to consider. The more tax deductions that you find the more money you are going to save on your income taxes. And that is something [...]
In general, cash and property donations to qualified charitable organizations are deductible on your individual income tax return. You may also carry forward excess tax deductions for 5 years. However, if you receive something back in exchange for your donation (such as an item or service), you must reduce your tax deduction by the value [...]
Tax Deductions for Medical Expenses Your medical expenses may be steep, but at least you have the option of deducting them on your tax return. The IRS allows medical tax deductions for “the prevention or alleviation of a physical or mental defect or illness,” a relatively broad category. Common types of medical expenses that may [...]
It is well-known that education costs money and tuition is expensive. These days, more and more people are going back to school to improve their technical or professional skills, qualify for promotion or advancement, earn higher paychecks, or purely to enhance their quality of life. Claiming a deduction on your tax return for your work-related [...]
Did you know that there are tax deductions for education? In other words, you can save money on your taxes thanks to expenses that you spend on furthering your education. This is something that many people miss out on, year after year. One of the main reasons for this is that people tend to turn [...]
Many homebuyers and homeowners take advantage of the federal tax deduction for mortgage points. Mortgage points refer to certain charges that are paid to attain a home mortgage. Sometimes called “discount points”, they are a form of prepaid interest that must be deducted over the term of a mortgage. Typically, each point is equal to [...]
If you own a home there are many income tax deductions that you can take advantage of. There is no denying that you spend a lot of money, month in and month out, to maintain your home. The least you can do for yourself is take advantage of the tax deductions that the IRS makes [...]
