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4 Quick and Easy Ways to Save on Your Taxes This Year

4 Quick and Easy Ways to Save on Your Taxes This Year 7

If you’re the type who dreads tax time each year, chances are you haven’t yet filed. Fortunately, this year, you have until April 17th to file your taxes or request an extension. Keep in mind, however, that just because you can request an automatic filing extension, it doesn’t mean you can delay paying your taxes. … Read more4 Quick and Easy Ways to Save on Your Taxes This Year

Federal Income Tax Return Filing Requirements for Retirees

Federal Income Tax Return Filing Requirements for Retirees 16

Do retirees have to file a federal income tax return? You might think that the days spent filing income tax return each year is behind you once you retired; however, being retired doesn’t necessarily get you out of filing a return with the IRS. In fact, you may want to file even if you are … Read moreFederal Income Tax Return Filing Requirements for Retirees

Should You Take a Deduction for the Business Use of Your Home?

Should You Take a Deduction for the Business Use of Your Home? 22

When you run a home business, there are a number of expenses that you take on yourself. Owning a business means that you take on some expenses, such as paying for your health insurance without help from an employer, and that you pay for the facilities you use. Luckily, a number of the expenses you … Read moreShould You Take a Deduction for the Business Use of Your Home?

What is the Alternative Minimum Tax and How Does It Work?

What is the Alternative Minimum Tax and How Does It Work? 25

What could be more stressful than figuring out your income tax? Discovering that you did not pay enough tax this year, and on top of that, many of your exemptions and deductions will no longer be applicable because you are subject to the Alternative Minimum Tax. The AMT is one of the most confusing tax … Read moreWhat is the Alternative Minimum Tax and How Does It Work?

Home Mortgage Interest Deduction: How It Works and the Big Myth

Home Mortgage Interest Deduction: How It Works and the Big Myth 28

One of the benefits of buying a home is that you can deduct the mortgage interest you are paying on your loan. Since the inception of the income tax in 1913, the mortgage tax deduction is still one of the most popular deductions for homeowners. Generally, all mortgage interest can be deducted from your federal … Read moreHome Mortgage Interest Deduction: How It Works and the Big Myth