• Tax Credit for Hybrid Cars

    Part of the government's economic stimulus package is offering hybrid car tax credits if you purchase an energy efficient car. Here, Jean Scheid takes a look at tax credit for hybrids and how they work.
    By Jean Scheid June 27, 2011 

  • Tax Deductible Items for the Self-Employed

    One of the advantages of having your own business is the variety of tax-deductible items available for the self-employed. Taking full advantage of all the available tax deductions can greatly reduce the taxes owing on self-employment income.
    By Patricia Tokar, CPA June 27, 2011 

  • Calculating Tax Deductions for Casualty Loss

    Is it still possible to claim a tax deduction for any financial loss suffered due to theft and other unforeseen events even if the property was insured? Generally, the answer to this is “Yes”, but only for the unreimbursed portion and...
    By ciel s cantoria June 24, 2011 

  • Tax Consequences of Foreclosure

    The 1099-C arrived in the mail along with other tax documents. The first question that many homeowners who have faced or are facing foreclosure are wondering is can you claim interest paid on a foreclosed house. The answer is no, you cannot, regardless...
    By Finn Orfano June 24, 2011 

  • Made an Error on Your IRS Return? Fear Not, They Can Be Corrected!

    You’ve prepared your taxes carefully, reviewed them, signed them and even sent them via certified mail to the Internal Revenue Service—good for you! But what if after mailing in that return you find you made an error? Should you expect...
    By Jean Scheid June 22, 2011 

  • Self-Employment Taxes: How to Calculate and Pay Self Employment Tax

    If you are starting a new business, an important and often overlooked part of the planning is to budget for the self-employment tax. Without this planning, the new owner could quickly find their expected profits eroded by taxes, or worse, find themselves...
    By Patricia Tokar, CPA June 18, 2011 

  • So Who Needs a Tax ID Number Anyway?

    The answer to who needs a tax ID number is almost any organization that files taxes or makes reports to the IRS. Learn if your business or situation requires a separate tax ID and how to get one.
    By Tim Plaehn June 14, 2011 

  • The Best Free Income Tax Programs

    Taxes don’t have to be intimidating. They don’t even have to be handled by an accountant or outside tax help. There are free programs available through government agencies and online to help you sort through finances and remain legal come...
    By Nicky LaMarco June 14, 2011 

  • How Do I Figure Sales Tax for a Transaction?

    When you go shopping, you may be surprised that the total is higher than you anticipated. This is because there is sales tax collected on many items and services. The amount of sales tax depends on where you live. How do you figure out the sales tax for...
    By W. A. Swan June 14, 2011 

  • What is the Maximum the IRS Will Let You Contribute to a 401k in 2011?

    When contributing to your retirement account, the Internal Revenue Service (IRS) sets a maximum amount you can contribute each year. The maximum the IRS will let you contribute to a 401k plan in 2011 remains the same as it was in 2010.
    By Kristie Lorette June 14, 2011 
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