How to Choose Tax Preparation Software

If you're like most Americans, you probably leave filing your income tax until the very last minute. Procrastination means that you probably need to get your taxes done quickly and thus probably require tax preparation software. These programs need to be easy to use, easy to install, and meet every area of anxiety and doubt. The software should provide helpful and accurate customer service as well as financial and tax advice.

Should You Itemize?

When you finally decide it is time to prepare your taxes, the first question is whether you should itemize your deductions or take the standard deduction provided by the IRS.

Here's Some Interesting Tidbits About the Annual Gift-Tax Exclusion

Here are some interesting tidbits about the annual gift tax exclusion that you should be aware of.

Where to Deduct Tax Preparation Fees

Are tax preparation fees deductible only as a miscellaneous itemized deduction for all taxpayers? Has the IRS issued a ruling that shows where taxpayers may deduct tax preparation fees to save the most in taxes? If you own rental real estate or you are self-employed, you need to read this article.

Take a Two-Week Vacation and Rent Your Home for Tax-Free Income

All income is taxable unless the law allows a specific exclusion. One of the allowable exclusions is the rental of your home for up to 14 days a year. This article provides an explanation of how a taxpayer can take advantage of this exclusion to generate tax-free income while enjoying a two-week vacation.

Cyprus Buying Investment Property - How to handle CGT

Everyone knows about capital gains taxes these days and tips to reduce the tax paid are welcome. This article tells how you can reduce this to a minimum when you come to realise your property investment in Cyprus. But you will still have to pay UK CGT but the good news is that you can set off what you have paid in Cyprus. Finally the article tells you how to avoid paying Cyprus CGT all together.

How to Deduct Points on a Real Estate Loan

Points represent prepaid interest on a real estate loan. Usually, a taxpayer must amortize the points by deducting them ratably over the life of the loan. However, a taxpayer who uses the cash method of accounting may usually deduct points in the year paid on a mortgage loan to purchase or improve the taxpayer's principal residence. The taxpayer may deduct these points even if the seller pays them.

Minimizing the Income Tax on the Receipt of Lump-Sum Social Security Benefits

Taxpayers who receive Social Security benefits in one lump sum might have to pay taxes on up to 85 percent of those benefits. This article explains to how minimize the income tax burden from the receipt of lump-sum Social Security benefits by making the proper election under Section 86(e) of the Internal Revenue Code.

What You Need To Know About Tax Write-offs For Casualty Losses

Life is full of ups and downs, and there is no way of predicting when you will suddenly find yourself in a bad situation. However, there is at least one up side to disaster; most can be counted as casualty losses or deductions on your taxes. While you won’t get all the money back you lost, for major losses, it is worth claiming the deduction.

How To Find A Good Tax Accountant

A tax accountant has been trained as an accountant and is able to inspect, prepare, and maintain financial records for a business or individual. However a tax accountants main focus is on preparing and maintaining tax information.

Top Tips For Saving Money On Your Tax Bill

Getting Ready To Submit Your Tax Return? Read these tips to save money before the tax year ends.

Tax Incentives for Saving for Education

Recent statistics show Americans are simply not saving money for the future. To encourage savings, the government has come up with tax incentives.

Checking The Status of Your Tax Refund Online

More than a few people are happy to learn they are due a tax refund after filling out their tax returns. If you are one of these people, here is how to check the status of your refund online.

Deducting Miles Driven on Behalf of a Charity

How much may a taxpayer deduct for miles driven on behalf of a charity? Do exceptions and limitations apply in some circumstances? Is a higher than normal deduction allowed in some cases? How does the tax law treat parking fees and tolls paid on behalf of a charity? If you drive your automobile on behalf of a charity, you need to read this article.