Paying Taxes
Is a live-in girlfriend or boyfriend tax-deductible?
Maybe, if she wasn’t working last year, or didn’t earn very much. A qualifying partner gives you an extra personal exemption, worth $3,800. This works…
How much tax should I have withheld?
Withholding tax (also known as “payroll withholding”) is essentially income tax that is withheld from your wages and sent directly to the IRS by your…
What is a ‘marginal tax rate?’
So glad you asked! Published tax rates are confusing, and cause many people to think they are paying more in taxes than they really are.Your…
Understanding and establishing ‘Material Participation’ for tax purposes
When it comes to your income taxes, U.S. tax law makes a distinction between different types of income — including income from passive investments and…
Location matters when choosing a retirement home
When you retire, you may find that there are many options when it comes to choosing where to live out your golden years. Key factors…
Can I claim the home office tax deduction for part time work?
There are many expenses associated with homeownership, so it’s nice to know that there are tax breaks to help ease the financial burden. The Home…
What is mortgage forgiveness?
The Mortgage Debt Relief Act of 2007 can help homeowners in foreclosure or short sale situations The current housing market is full of foreclosed…
Is It Worth It To Itemize Your Taxes
While the U.S. tax code is rife with loopholes, few people take advantage of them. Only about a third of taxpayers itemize their deductions, according…
