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Tax Magic: How To Turn Taxable Income Into Tax-free Income

Believe it or not, there are ways to convert taxable income into non-taxable income, without any fear of an IRS audit. Here's one of my favorites. It's been part of our tax code for over 30 years, yet many still don't take advantage of it. What am I talking about? The IRA -- Individual Retirement Account. Now, before you say, "Oh, I know all about that one; what's so great about an IRA?", give me 10 minutes to explain 3 new benefits to the IRA rules that you may not realize. BENEFIT #1: How........ Read More

Gambling Income And Expenses - Tax Requirements

Hit a big one? With more and more gambling establishments, keep in mind the IRS requires people to report all gambling winnings as income on their tax return. Gambling income includes, but is not limited to, winnings from lotteries, raffles, horse and dog races and casinos. Unfortunately, gambling income also includes the fair market value of prizes such as cars, houses, trips or other non-cash prizes. Generally, if you receive $600 ($1,200 from bingo and slot machines and $1,500 from keno) or........ Read More

Reverse Mortgages – A Tax Free Income For Senior Citizens

I fully realize if it sounds too good to be true, it probably is and There Ain’t No Such Thing As A Free Lunch (TANSTAAFL) immediately jumped into your head when you read the title of this article. However, if you are 62 or over, you may have just found the goose that laid the golden egg. A reverse mortgage is exactly what the name implies. Rather than you paying a monthly sum of money to a mortgage company, a mortgage company pays you. There are three types of reverse mortgages and all have ........ Read More

Who Really Pays Income Taxes

With all the talk of the rich not paying their fair share of taxes and the tax cuts earlier this decade only going to the rich, here are some facts to contemplate and you as the reader can make up your own opinion. · The statement above could be true when you look at it from a pure dollar point of view. Someone who makes $500,000 versus someone who makes $50,000, if they each get a 5% tax cut, the first one pays $25,000 less in taxes, where the second one only pays $2,500 less in taxes. ........ Read More

Slash Income Taxes By Doing What You Love?

That's right, you can take advantage of the IRS tax code and save a lot of money that you'd otherwise send to Uncle Sam by doing what you love. The secret is to simply set yourself up as a small business and take tax deductions for related expenses! This is very easy and inexpensive to do. You can then turn many personal expenses into business one that you can deduct! It doesn't matter if you are retired (in fact this is a perfect time) or just getting started in life. You can start doing ........ Read More

Income Tax Return – Save Money & Take A Cruise!

What do filing an income tax return, saving money and taking a cruise all have in common? Well, if handled well, you can ‘have your cake and eat it too’! That’s right, you can save money and take a cruise by utilizing your tax return properly. In Canada for example, earners have the opportunity to invest in an RRSP – a registered retirement savings plan. By saving in an RRSP, one can minimize the amount of income tax that they must pay. Most employees have income tax deductions take........ Read More

How Wealth Tax Is Better Than Income Tax

Wealth Tax Do you want to move money from the wealthy to the poor? Well, tax wealth. Wealth tax causes far less market distortion, and hence, much fairer than income tax. Wealth tax hurt productivity less. If you live in a capitalistic country, then your income is yours fairly. However, Bob’s wealth might not be traceable to productivity. Bob might have gotten his wealth through inheritance gained through slavery, or genocide. The link between wealth to productivity is less than the link bet........ Read More

Why You Should Avoid Paying Income Taxes With A Credit Card

We all agree that the credit card is very convenient. That is why the IRS allows you pay your taxes through it. To sweeten the deal, credit card companies offer rewards in the form of frequent flyer miles. So you can get a free air ticket too. But hang on, is that convenient to your pocket too? Sadly, the answer is no. Disadvantages The IRS has authorized third party companies to process your credit card payments. However, you, the taxpayer has to pay for it. So, every time you use your cre........ Read More

Uk Taxation Treatment For Rental Income

Property Rental Income for Individuals UK Rents and licence's are regarded as UK land and property. Land and property income is all income deriving from such property as if it were a trade. Therefore this is calculated as all income being assessed in the tax year on an "accruals" basis. This means that income is taxed on an "arising" basis in the year of assessment, i.e. income that is due in the year, and not necessary income that is actually paid by the tenant. For example if a tenant ........ Read More

Income Tax Returns Your Accountant Should Not File

You've been feeling uneasy (perhaps even guilty) because you've failed to report your under the table business income. Perhaps you've never filed a tax return, even though you know you owe money. Finally, you contact an accountant to resolve the situation. Although it is commendable that you are trying to correct matters, hiring an accountant to do these delinquent returns could be a big mistake. The reason why is because tax evasion is a criminal offence or felony. You might also be subject to........ Read More

Is Your Ebay Income Taxable?

The income you get from selling items on eBay is just like the income you get from any other business: it is taxable, at least in theory. In practice, many get away without declaring profits from their eBay sales just because they’re hard for the government to track. If you want to be strictly within the law and legit, though, you should be paying tax. Income is Income. If you make money from it, then it’s income – and if it’s income, then it’s taxable. There is a question of scale i........ Read More

Top 7 Ways To Minimize Your Income Taxes

Are you paying too much in income taxes? Are you getting all the credits and deductions you are entitled to? Here are 7 tips to help you minimize taxes and keep more in your pocket: 1. Participate in company retirement plans. Every dollar you contribute will reduce your taxable income and thus your income taxes. Similarly, enroll in your company’s flexible spending account. You can set aside money for medical expenses and day care expenses. This money is “use it or lose it” so make........ Read More

Obtaining A Federal Income Tax Refund

“You’re getting an income tax refund”! Those are the words that every taxpayer would love to hear. A federal income tax refund occurs if the tax you owe is less than the sum of the total amount of refundable tax credits claimed and the total amount of withholding paid. For many individual taxpayers those federal tax refunds can be obtained through Earned Income credit, a real refund of overpayment of tax, or through an overpayment from previous years. Some people really believe that g........ Read More

Debt Settlement And Income Taxes

A very large number of people find themselves owing thousands of dollars to credit card companies and as a result, searching for viable options to successfully eliminate their debt in order to avoid a bankruptcy filing. Debt settlement has become a very popular alternative to bankruptcy amongst scores of individuals – especially since the bankruptcy laws changed back in October 2005. As you may know, debt settlement is a process which enables debtors (consumers) to negotiate a reduced pay-off ........ Read More

Income Taxes

Every year it’s the same thing. My husband and I argue about our income taxes. He works for a construction company and everything is taking care of for him. He can hand in his W-2 is and his last pay stub and all of this information will be there. He doesn’t have a lot of deductions so this is not something he has to worry about. I, however, have a lot more than that to deal with. Because I work from home as an independent contractor, I have to keep track of all of my earnings and all of m........ Read More


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Save Money Save Loan Budget Income Tax
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Save Money Save Loan Budget Income Tax
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Easy ways to save money