2011 Federal Tax Deductions
Everyone is looking for deductions for their 2011 federal tax situation. We’ve all heard of the mortgage deduction, the medical deduction, and even deductions for owning an electric car–but are those all the deductions you can find? It’s important to know all the deductions, so you can maximize your own personal benefits this tax season. There are many “unique” deductions that are perfectly legitimate that most individuals probably are not even aware exist. These deductions have been used in the past and are still on the books. Perhaps they might even help you this tax … Read more at 2011 Tax.
Tax season is upon us, and with it comes a lot of work and a lot of stress. It is everyone’s goal to come out of a tax filing with some extra money in pocket – or at least to have to come up with as little out of pocket as possible. Therefore, it is extremely important not to miss any and every possible deduction you can take whenever you are preparing your tax forms. If you are not an expert in tax code, then it is likely there are some deductions you could miss if you are not … Read more at 2011 Tax.
If you want a tax credit for retirement savings contributions, you might be able to get it if you already make eligible contributions to your company sponsored plan. It all is based on how old you are and how much you are earning.
How much you can get back
Should you be making eligible contributions to an IRA, 401k or another retirement plan, it might be possible to get a credit of as much as $1,000-$2,000 if you are married and filing together. The credit is based on a percent of the contribution amount. The lower your income, … Read more at 2011 Tax.
Welcome to the February 16, 2012 edition of Tax Carnival Ecstasy. In this edition we have an article by Bill Smith on Discharging Your Tax Debts In Bankruptcy Court. Pat Huddleston wants you to protext yourself from fraud in Accountants; A Love Story. And finally we have 8 Tips to Prepare for Retirement including a tax perspective. Hope you enjoy the articles, bookmark, share, tweet, like on Facebook and come back soon.
Bill Smith presents Can You Discharge Your Tax Debts In Bankruptcy Court… Read more at 2011 Tax.
Romney Has Big Stash in Cayman Islands
It might not be immediately obvious, but Mitt Romney has millions of his fortune in investments funds in the Cayman islands, an infamous tax refuge.
A representative for Romney says he obeys the law, and that he pays the normal taxes despite where his money is.
As Republican nominations get closer, Romney is finding it harder to keep the secrets about his wealth under wraps.
Jack Blum, a lawyer from Washington thinks Romeny’s financial situation is a disgrace to the United States tax system.
Romney recently let out that he has been … Read more at 2011 Tax.
Your 401K retirement account is something that is very important to your future retirement. However, like many other people you may be considering borrowing money from your 401K account to fund something that is important to you such as starting up a business. It goes without saying that you should never make a rash decision with regards to borrowing from your 401K account, as you could potentially be risking a comfortable retirement by doing this. However, there is sometimes occasions when it can be fine or even advisable to borrow from your 401K account as opposed to looking at … Read more at 2011 Tax.keep looking »