Tag Archives: deduction
Tax credit
Thursday, May 6, 2010 // 0 Comments // Tax Law
A tax credit is different than a tax deduction, which reduces taxable income. A credit, though, reduces your tax liability dollar-for-dollar. For example, if there were a tax credit of $1000 for using environmentally friendly construction materials, you would owe $1000 less in taxes that year.
Read more & Talk about itFinancing arrangements
Thursday, May 6, 2010 // 0 Comments // Tax Law
Related individuals often use complicated arrangements involving capital gains taxes to their advantage. Capital gains incur fewer taxes than other investment income, so one person might decide to pay inflated interest rates to a related person in order to reduce the overall taxable value of the investment. Then, when withdrawing the investment, a huge capital [...]
Read more & Talk about itCan I deduct expenses from using my car for business?
Thursday, May 6, 2010 // 0 Comments // FAQs
Yes, you may take a deduction for automobile use. However, you’ll need to keep detailed records to support this deduction, in case the IRS decides to audit you. Your records should include a log of all miles traveled for business purposes, with a notation indicating the purpose of the trips.
Read more & Talk about itTax-Law For Individuals
Thursday, May 6, 2010 // 4 Comments // News
Alternative Minimum Tax (AMT) There are several changes affecting Alternative Minimum Tax for 2009. Child-Related Tax Changes Information on adoption benefits, child’s investment income, the definition of a qualifying child, and additional child tax credit. COBRA Premium Assistance P.L. 111-118 made changes to the COBRA premium assistance provisions. Decreased Estimated Tax Payments for Qualified Individuals [...]
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