Tag: Medicare

Buying A House And Saving on Taxes

When it’s time for you to buy a house, make sure that you aren’t just blindly following any advice. Buying a House is serious business. Make sure that you take your time to fully understand that you are getting into. Your finances are going to either take a major hit, or you’re going to be able to gain leverage when purchasing your dream home. The key to moving forward within this world is simple, you need to have patience, and you’ll need to also make sure that you’re in line with the tax breaks that help you, not hurt you. Without fully understanding some of the crucial tips for purchasing a home and possibly saving money on your taxes as a result, things can get really difficult.

Changing Tax Deductions

One thing that H&R Block professionals recommend in regards to purchasing a home and getting the best opportunity at the same time is to look into claiming itemized deductions. These will help you pinpoint a lion’s share of deductions that standard solutions won’t allow you to get. If you bought a house in the past year, this will be amazing.

Cover of "Buying a House: An Easy, Smart ...
Cover via Amazon Buying A House

Go Beyond The Basics

When doing taxes, you need to focus on looking at beyond just the basics. You’ll find that a great deal can be dropped off your overall taxes, including deductions like interest, points, real estate taxes, and so much more. When it comes time to fill out paperwork, take a step back and allow a professional to look at your files. You may find out that there are some hidden gems in terms of deducting overall tax liability and more.

The Record Keeping Process

One of the most crucial tips that you can take with you today, especially when it comes to saving money on your taxes every year is to make sure that you have a clear picture of your finances, and anything that pertains to the purchase, sale, and upkeep of your home. It is a wise move to invest in a good filing cabinet and keep paperwork for upwards of 5 years. You’ll find that if you’re meticulous with this, you’ll make great gains moving forward with the world of purchasing a home, getting a mortgage, and saving money on your tax return.

One last thing you should remember is simple, hire a good tax preparation professional. Seek out qualified H&R Block providers and you’ll find that your next preparation could end up giving you a serious kickback in return.

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House Republicans On The Offensive Following Extended Tax Fight

Congressional Republicans are looking to change the subject, following a long, drawn out battle over cuts in 2012 taxes. They are doing so by pushing for new legislation, that they propose will promote transportation and energy projects, not only creating jobs but also cutting taxes for cash-strapped businesses.

On the other side, Democrats are hoping to continue their winning record by pushing  Republicans to vote on jobs programs that would be financed by increasing taxes on the rich. During an election year, this might just be a winning strategy.

The parties’ differing uses of legislative power serve to emphasize the conclusions that each party took away following the brawl over new payroll taxes, which ended only when Congress finally passed on a $143 billion package to President Obama.  The bill also included a payroll tax cut of 2%, and provisions to preserve extended unemployment benefits for those who have been unable to find a job in the long-term. An additional provision will prevent Medicare from decreasing payments to participating doctors.

Until the Republicans dropped their, previously ardent demands for hefty spending cuts, the Democrats had succeeded in presenting the opposing party as opponents of a tax break that would benefit most middle-class Americans. Not a good spot for the Republicans to be in during an important election year.

This puts the GOP in a position where they feel that they need to get the voter’s attention focused on other issues. In this case, they point primarily to what they cite as the failure of President Obama’s jobs and economic stimulus plans.

To this end, House GOP members are working hard to push threw bills that put job growth at the top of the agenda. Examples of this strategy include a $460 billion dollar transportation bill that is linked to additional oil drilling legislation.

But the odds of them passing this legislation, particularly a bill that addresses oil billing, are almost zero. Nonetheless, House Republicans will continue to present themselves as the pro-job party.

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Tax Information For Small Businesses And Self-Employed Individuals

The 2011 Tax season is quickly approaching, and many people are busy getting all of their tax information together so they can file their taxes on time. Business owners face many more challenges at tax time than employees. It is crucial for business owners to have all of the information they need in order to file their taxes, which can be quite a grueling process. In most cases, the law does not require businesses to keep detailed records, but they must be able to supply evidence of all earnings related transactions. Small business owners should keep a record of their sales slips, purchases, receipts, payrolls, paid bills, invoices and any other financial documents. All businesses should employ a qualified bookkeeper or accountant who is able to keep accurate business records throughout the year.

Self-employed individuals must also prepare themselves accordingly before filing their taxes. Most people who work as freelancers do not bother to hire a bookkeeper or accountant. Unless someone knows the ins and outs of taxes, they will need to conduct plenty of research before filing their tax return. For example, there are many tax write offs that need to be considered. A local income tax agency can help a self-employed individual file their income tax return, but the person filing is responsible for providing them with all of the required information. Just like small business owners, self-employed individuals should save all of their financial documents throughout the year.

There is plenty of information for Small Business and Self-Employed Individuals available online. Small business owners and self-employed individuals can find out more information online at the IRS government website. The official IRS website offers information on forms for small businesses, employer ID number applications, social security, Medicare, income tax and more. The IRS website offers helpful articles, videos, virtual workshops and a printable tax calendar. They also offer information on small business tax audits.

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