Did you know that unemployment benefits are subject to income tax? It comes as a surprise to many people. But don’t fret too much because there are also special tax breaks for the unemployed, such as job search deductions and the earned income credit.
This is part four of Money Under 30’s six part “No-Stress Guide To Filing Your Taxes”. Tax schedules are basically supporting documentation to your tax return. They are used to claim additional deductions such as mortgage interest or a loss on a business. This is good stuff to understand as your tax return gets more complex.
This is part two of Money Under 30’s six step “No-Stress Guide To Filing Your Taxes”. Once you have your required forms and documents you can decide which option is best for preparing your taxes. While filing by hand is free, tax software is easier. A professional is expensive but might give you the peace of mind you need.
The recent Congressional debate on whether to extend Bush-era tax cuts was long and drawn out, but it looks like our government may have finally reached a compromise, conclusion, agreement—whatever you’d like to call it—for now, anyway. But how do these tax cuts REALLY affect you? Since many of the tax cuts are extensions (not […]
If you’re self-employed or a business owner and you haven’t heard of the Section 179 deduction, it’s time to get familiar with it, because the Small Business Jobs and Credits Act of 2010 has increased the thresholds on this valuable tax deduction for 2010 and 2011. What is the Section 179 deduction? The Section 179 […]
When it comes to your taxes, knowing the lingo is key to understanding them. What’s the difference between and tax credit, tax deduction, and an adjustment? A credit is an amount off what you owe, dollar for dollar. Tax deductions and adjustments are amounts off your income, which reduces your taxable income. Tricky right?