Money Savvy


Archive for the 'Taxes' Category

Mar 14 2007

The Tax Increase Protection and Reconciliation Act of 2005 - What’s It Mean for You?

Published by Jennifer under Taxes

The Tax Increase Protection and Reconciliation Act of 2005 (HR 4297) is designed to give investors a break on long term capital gains income and qualified dividend income. The bill replaces a previous one, which offered essentially the same tax breaks but was set to expire in 2008. The new bill is in effect until [...]

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Mar 13 2007

The Pitfalls of Squirreling Money Away in Overseas Tax Shelters

Published by Jennifer under Taxes

Overseas tax shelters are the dirty little secret of the tax world. While they are generally inaccessible to us mere mortals, everyone has heard whispers about the super wealthy squirreling their huge wads of cash off in some Cayman Island bank, thereby escaping the need to give Uncle Sam his due. Even some people who [...]

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Mar 12 2007

The Downside of Taxes when It Comes to Self-Employment Work from Home?

Published by Jennifer under Taxes

Many people around the country enjoy being able to work from home.  There are a number of benefits and advantages that accompany individuals who are able to work from the comfort of their own home, working their own hours and doing what they personally want to do.  Some people are not as responsible as they [...]

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Mar 11 2007

Taxing Reasons for Owning vs. Renting

Published by Jennifer under Taxes

Real estate is very popular as a means for living and residency as well as a means for people to generate some extra income.  While there are many different financial reasons for why a person should own a home versus why that same individual might want to rent a home, when it comes to taxes [...]

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Mar 11 2007

Seven Major Tax Breaks You Can Take to Decrease Uncle Sam’s Share

Published by Jennifer under Taxes

Tax is a little word with a big punch, striking fear into the heart nearly every working American at least once or year (or sometimes every few weeks, when you see that deduction from your paycheck). Doing your taxes is difficult enough, and then at the end of your process, you might find yourself surprised [...]

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Mar 10 2007

Poor IRS – Types of Income Even They Cannot Tax

Published by Jennifer under Taxes

There are actually a surprising number of different types of income that cannot be taxed by the Internal Revenue Service.  Nontaxable income is the income that a person receives that does not need to be reported to the IRS.  Some people may not know what income is and is not taxable when it comes to [...]

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Mar 09 2007

Payment Options for Those Who Owe the IRS

Published by Jennifer under Taxes

As that April 15 tax deadline approached every year, many people get caught up in tax refund fever, and spend most of their time worrying how they’re going to spend that refund check. Many other people, however, wish they had such worries. Millions of people end up owing the IRS money every year, and hundreds [...]

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Mar 09 2007

Newlyweds - Discuss Taxes and Other Financial Matters Now before Filing

Published by Jennifer under Taxes

When you’re planning a wedding, between the dresses and the invitations and the catering and the flowers, often the last thing on your mind is tax planning. Who wants to consider something so dry, when you’re busy daydreaming about your sun-soaked beach honeymoon? But getting your financial ducks in a row may be crucial to [...]

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Mar 08 2007

Hobby and Other Alternative Income - Your Tax Reporting Requirements

Published by Jennifer under Taxes

Some parts of tax reporting are easy. Everyone knows you have to report your income from your job, large financial gifts, financial windfalls like lottery wins, capital gains, and so on. But what about income you generate while fulfilling your hobby interests, money you get paid for an occasional service your provide, such as pet [...]

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Mar 07 2007

Gimme Shelter - Why Your Home is the Best Tax Shelter You Have

Published by Jennifer under Taxes

If you’re living in a rental property, then you may be missing out the chance to save hundreds, even thousands, on your tax bill, while all the while helping your landlord prop up his own financial worth. Among the many benefits of owning your own home are the tax breaks that come along with it. [...]

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