A Winning Marketing Plan for Tax Planning

Integrating tax planning into your financial planning practice may help grow your business, but it must be marketed effectively and consistently. The key elements in developing a winning marketing plan are positioning and using the basic communication channels.

What is a 1031 Exchange?

1031 Tax Exchange from the IRS will allow you to save a lot of money, but how? What is it exactly?

Giving Your Car to Charity - The New Tax Rules

The IRS has changed the regulations on donating vehicles to charities. If you donated a car last year, you need to read the following to understand the new rules.

Giving To Charities - Tax Deductions and Such

The tax code in the United States contains many provisions to promote certain behavior. One area of behavior is the promotion of giving to qualified charities.

Tax Credits: Getting Your Share

Do you pay more than your fair share of the tax debt? Isn't it time to pay more attention to your budget than the government's deficit? Paying your fair share is an honor. Paying MORE than your fair share is bad stewardship.

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 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.

Build Wealth with a Tax-Free Gain on the Sale of Your Home

If you owned and lived in your home for at least two of the five years before you sold it, the gain is tax free up to $250,000 if single or up to $500,000 if married. However, if you ever used part of the home for business purposes, such as a home office, only the gain due to depreciation recapture is taxable. You can maximize the benefits of this exclusion by buying a home below value such as a foreclosure or building a home while acting as your own general contractor.

Minister's Housing Allowance

The housing allowance that a minister of the gospel receives as a part of the minister's compensation is not subject to income tax. May the minister deduct mortgage interest and real estate taxes on a home the minister owns for which the church provides a tax-free housing allowance? This article answers that question and explains the tax consequences of a minister's housing allowance.

Hybrid Rebate for 2006 Tax Credit for Hybrid Cars

New tax credit that replaces the 2005 tax deduction for Hybrid Motor Vehicles is potentially much more valuable. So if you waited to buy one of those environmentally friendly cars your procrastination has paid off.

What To Do If You Didn't Get a Form 1099

If you earned revenues as an independent contractor in 2005, you should have received a 1099 Form for the work. So, what if you haven’t received one?

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.

Prepaid Tuition Costs Can Save Thousands of Dollars in Gift and Estate Taxes

With education costs soaring to all time highs, making tuition payments for grandchildren and others can save lots of money in gift and estate taxes down the road - even if the donor is not alive when the tuition money is actually used.

IRS Gives Victims of Hurricane Katrina More Relief

The IRS has announced further tax relief for victims of Hurricane Katrina due to slow clean up efforts and obviously devastated areas.

Tax Pitfalls For An Internet Newbie

For those of us new to the Internet, here are some pointers on IRS audits and how vulnerable we are in our naivete.Culled from recent field audit experience!