In 2008 (due to the economic downturn), the Housing and Economic Recovery Act passed that enabled Americans to qualify for a federal tax credit if they purchased a home that year. If you purchased a home in 2008, the credit acts like an interest free loan and was expected to be paid back on your tax
How to Maximize your Rental Income by Reducing your Rental Income Tax
Most people are happy to own income properties, but the complicated rental income taxes deter them from turning it into a thriving business. Property owners have a mandate to pay two types of housing taxes, namely, the real estate tax and the capital gain taxes. Although the charges are said to be
How To Know If I Owe More Taxes
In December 2017, tax Cuts and job cuts were enacted in the United States by the department of revenue. This resulted in a change in the direction employers take to determine the amount of income tax that is to be deducted from your salary. Many Americans did not know that the W-4 forms required an
The Paradox of the Pandemic: Savings Increase During Economic Downturn
Unexpectedly, amongst a jarring amount of job losses and shuttered small businesses, many Americans have spent the past several months of the coronavirus pandemic improving their own personal finances by saving more money or paying off lingering debt. Almost half of Americans have managed to
Are Landscaping and Pest Control Tax Deductible?
To begin with, some landscaping and pest control eligibility is dependent on where your business operates. For instance, if your startup is currently run from your home, then the parameters are different from someone running their business out of a commercial office/building. If you work from
What Is An Unconscionable Transaction?
Many entrepreneurs are familiar with the Pareto Principle or 80/20 rule as it applies to client-relationships. Essentially, 20% of your clients make up 80% of your problems. This can be especially difficult if your burgeoning business is trying to get a foothold in the industry and you have to deal
What You Should Know Before Filing Doubt As To Liability
Let me set the stage for you. It's a Thursday, the week's almost done, you're about a third of the way through the month, you're already making your weekend plans (a combination of chores and recreational activities), when suddenly, you remember you haven't checked your mailbox since Monday. Of
3 Simple Tax Deductions for a Home Renovation
When you renovate a home, the IRS normally doesn't regard the improvements a deductible expenditure. Still, it is true, that updates or renovations can be used in various ways to decrease your taxes.Let’s take a look at the options. First, there is the mortgage on your home.Making home