When you own a home and you pay a mortgage on it, then the interest on that mortgage may be deductible on your tax return. Any interest paid on a line of credit or home equity loan also counts as mortgage interest. You can deduct mortgage interest only if you meet the following: 1. You must file
Still waiting to receive your refund or stimulus check?
If you filed your tax return months ago and still have not received your refund or economic stimulus check then you need to check with the IRS. If the IRS has your incorrect address, then all it takes is an address update with them and all your missing checks will be mailed to you. If you are
2009 Standard Mileage Rates
The IRS has announced the 2009 standard mileage rates used to calculate auto expenses for business, charitable, medical, and moving purposes. Starting January 1, 2009, the standard mileage rates for cars will be: 55 cents per mile for business miles 24 cents per mile for medical or moving
Need to amend a past years tax return?
Have you recently realized that you made a mistake on a prior years tax return? No need to worry, you can go ahead and file an amended return. Usually the IRS will catch mistakes such as math errors or missing forms like W-2's or 1099's, but you should go ahead and file an amended return in the
Refinancing Your Home – Are the Costs Tax Deductible?
When you refinance your home you may be eligible to deduct some of the costs associated with your loans. One of these costs are "points". "Points" is used to describe some of the charges you incur to obtain your mortgage. Taxpayers who itemize may be able to deduct the points paid as mortgage
Is the Profit on Your Home Sale Taxable?
When going to sell your home many people wonder if the profit they make off of the sale will be taxable or not. The answer is sometimes yes and sometimes no. Generally the profit you make off of selling your home is considered a capital gain and taxed at capital gains rates. However, there are
2009 Inflation Adjustments Widen Tax Brackets and Tax Benefits
Due to inflation adjustments, tax brackets are set to widen in 2009. The IRS announced the new personal exemption and standard deduction amounts on October 16, 2008. The key changes that will affect 2009 tax brackets include the following: The new personal and dependency exemption amounts
S Corporation Lens at Squidoo.com
I just published a new lens at squidoo on Saving Taxes with S Corporations. While it's not for everyone, there could be significant savings on self employment tax. The Squidoo lens goes through an example of a business owner with the same income under all the different entity types (S Corporation,