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Tax and Tax Information * Tax Deductions
Sources Of Tax Deductions
Carl LaFresnaye
Taxes are expensive! And though we don't mind paying “our fair share,” everyone is happy when they find a way to reduce their taxes.
One of the simplest ways to reduce the taxes you will owe is to have items that qualify for tax deductions. As long as you
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N.Y.âs Paterson Shuns Wall Street Stock Transfer Tax (Update2) (BusinessWeek)
New York Governor David Paterson, facing at least a $9 billion budget deficit, rejected a call for a stock transfer tax on Wall Street.
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Donating To A Charity
Donations to established non-profit organizations qualify for a tax deduction. Be sure to get a receipt for your donation in case you are ever audited. It needs to state the name and address of the organization, what you donated (money, items, car, etc.) and the value that the company claimed for it. If you donate thrift store value items at a place that has no representative standing by to give you a receipt, write up specifically what you donated, the date, and the number of the drop-box if there is one, or the location of it.
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NY Governor Rejects Reimposing Stock Transfer Tax (Reuters Via Yahoo! News)
New York state should not reimpose a stock transfer tax as this would make Wall Street firms move to other cities such as New Jersey's Newark, or other states like Connecticut, Governor David Paterson...
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Donations can be in cash or as items to be sold or used for the less-fortunate, like clothing, toys, shoes, blankets, etc. They can also be “boats, cars, RVs” as we've heard on the radio. These companies take your vehicle and give you the Blue Book value for their vehicle, either all as a tax deduction, or sometimes half in cash. Sometimes you can designate to which organization you want your contribution to go – whether the American Heart Association, the Federation for the Blind, La Leche League, or another qualified non-profit organization.
Medical Expenses
Some medical expenses qualify as tax deductions. Be sure to keep track of them throughout the year, retaining receipts for doctor visits, prescription medicines, and other qualifying items. All of these can be added together to go on your tax deduction form.
Child Care Expenses
Child care can be a very expensive, ongoing, expense. If you're a parent of young children, unless you have a willing parent who doesn't mind being on “grandma duty” every time you need it, you will likely have child care expenses. Most child care expenses are for when the parents are at work, and will be in the form of a day care (whether in an in-home or freestanding day-care facility) or an after-school program.
Business Expenses
Some business expenses qualify for a tax deduction. You should be keeping track of all business expenses as a regular course of business, anyhow. Fortunately, some of them will help you pay less taxes overall.
Check with your tax preparation advisor to know which of these deductions will be applicable in your personal situation, as well as how to maximize their use.
What Other Authors say about Taxes
SIPP Providers UK
by joanee
A SIPP is a type of Pension which provides you a tax efficient way in which you can invest funds to build a regular income and a tax free lump sum amount when you reach an age above 50. SIPP is different...
Quick Facts on Disability Insurance
by Tony Novak
Quick Facts About Disability Insurance§The sole purpose of individual disability insurance is to replace your after-tax income in the event of an accident or illness. These policies do not provide protection...
Doing Your Taxes
by Carl LaFresnaye
When an individual is younger, it is much easier to do taxes at the end of the year since there usually is not anyone to claim other than the individual him or herself, as well as the fact that not many...
Does IRS have a Refund or Stimulus Check for you
by
The Internal Revenue Service is trying to find 279,000 recipients for more than $163 million in undelivered economic stimulus payments, according to the government. The average undelivered check is worth...
Taxes Necessary Evil
by Frank Vanderlugt
Ah, taxes. We all pay them. And in contrast to the popular myth that the poor and middle class pay the bulk of the taxes in the United States, in actuality, the rich do.According to the National Taxpayers...
Preparing Ahead For A Pleasant Tax Day
by Carl LaFresnaye
How did you spend your last tax day? In line at a post office at almost midnight, dropping off your taxes? Dreading going on an extension again – knowing if you owe and don't pay it on time, there will...
Getting The Biggest Benefit From Tax Help
by Stephen Kreutzer
Taxes are a way of American life. They are own duty to pay and file. Many people go in search of someone to help them when tax time rolls around. Tax help seems to be in abundance from January 1st to April...
Tax Magic: How To Turn Taxable Income Into Tax-Free Income
by Wayne M. Davies
Believe it or not, there are ways to convert taxable incomeinto non-taxable income, without any fear of an IRS audit.Here's one of my favorites. It's been part of ourtax code for over 30 years, yet many...
Deciding when to File a Tax Return?
by Keith Hoyng
April 15th - "The Day of Reckoning"! Every year, millions of Americans get ready to pay taxes to Uncle Sam, or get ready to collect a tax refund from Uncle Sam; when did this become the great day that...
New for 2006, the Roth 401k Plan
by Alan D Campbell
One of the new tax strategies available in 2006 is the Roth 401k. A taxpayer may place up to $15,000 ($20,000 if age 50 or older) in a Roth 401k instead of a regular 401k plan in 2006. The 401k plan needs...
Income Tax Help
by LeeAnna
There are many websites on the Internet today that gives much needed income tax help for those who have no idea of what's going on during tax time. Income tax is a tax paid on income, unfortunately no...
Who are the CPA Moms? Your Tax Professional Forever!!!!
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“CPA Moms - Tax Moms - EA Moms" are trade names given to Accounting and Tax Professionals who chose to work in an “relaxed” environment. Some "Moms" work from home, other work from personal offices. Not all are Moms, there are some Dads. We call them Mr. Tax Moms. CPA Dads or Enrolled Agents Dads.
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Each Mom is independent. Once a client starts working with a Mom, the client will keep the same “Mom” year after year regardless of where the client moves or relocates. Being in a “relaxed” environment has many advantages. Lower overhead, faster response time, more availability, etc.
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To be a member a CPA Mom, Tax Moms, or an Erolled Moms the Tax Professional must ALWAYS be in good standing with their state licensing agency, experienced, and must demonstrate a high level of ethics, professionalism and proficiency.
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Tax Net Inc, the parent company for all CPA Moms, Tax Moms and Enrolled Moms, developed the marketing and on-line systems to help qualified Tax Professionals who "choose" work from their “relaxed” environment and offer better service at a lower price to the consumer.
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Since the “Moms” do taxes and accounting of all complexities, there is always a Mom available for every level of work. Since each Mom has a private 800 number, you are just a phone call away, regardless of where you live.
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For reliability and dependability of Tax Net, Inc, the parent company of the “Moms” organization click on the Better Business Bureau (BBB) icon. To Join CPA Moms
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Index of Articles about Taxes
What Other Authors say about Taxes
SIPP Providers UK
by joanee
A SIPP is a type of Pension which provides you a tax efficient way in which you can invest funds to build a regular income and a tax free lump sum amount when you reach an age above 50. SIPP is different...
Quick Facts on Disability Insurance
by Tony Novak
Quick Facts About Disability Insurance§The sole purpose of individual disability insurance is to replace your after-tax income in the event of an accident or illness. These policies do not provide protection...
Doing Your Taxes
by Carl LaFresnaye
When an individual is younger, it is much easier to do taxes at the end of the year since there usually is not anyone to claim other than the individual him or herself, as well as the fact that not many...
Does IRS have a Refund or Stimulus Check for you
by
The Internal Revenue Service is trying to find 279,000 recipients for more than $163 million in undelivered economic stimulus payments, according to the government. The average undelivered check is worth...
Taxes Necessary Evil
by Frank Vanderlugt
Ah, taxes. We all pay them. And in contrast to the popular myth that the poor and middle class pay the bulk of the taxes in the United States, in actuality, the rich do.According to the National Taxpayers...
Preparing Ahead For A Pleasant Tax Day
by Carl LaFresnaye
How did you spend your last tax day? In line at a post office at almost midnight, dropping off your taxes? Dreading going on an extension again – knowing if you owe and don't pay it on time, there will...
Getting The Biggest Benefit From Tax Help
by Stephen Kreutzer
Taxes are a way of American life. They are own duty to pay and file. Many people go in search of someone to help them when tax time rolls around. Tax help seems to be in abundance from January 1st to April...
Tax Magic: How To Turn Taxable Income Into Tax-Free Income
by Wayne M. Davies
Believe it or not, there are ways to convert taxable incomeinto non-taxable income, without any fear of an IRS audit.Here's one of my favorites. It's been part of ourtax code for over 30 years, yet many...
Deciding when to File a Tax Return?
by Keith Hoyng
April 15th - "The Day of Reckoning"! Every year, millions of Americans get ready to pay taxes to Uncle Sam, or get ready to collect a tax refund from Uncle Sam; when did this become the great day that...
New for 2006, the Roth 401k Plan
by Alan D Campbell
One of the new tax strategies available in 2006 is the Roth 401k. A taxpayer may place up to $15,000 ($20,000 if age 50 or older) in a Roth 401k instead of a regular 401k plan in 2006. The 401k plan needs...
Income Tax Help
by LeeAnna
There are many websites on the Internet today that gives much needed income tax help for those who have no idea of what's going on during tax time. Income tax is a tax paid on income, unfortunately no...
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