MoneyUnder30.com

Home Mortgage Interest Deduction: What You Need to Know

Want to save thousands on your taxes? Consider buying a home. Without a doubt, the home mortgage interest deduction is a major perk of home ownership: the mortgage interest you pay on your home reduces your taxable income. The first-year interest payments on a $180,000 30-year fixed rate home loan at 5.01 percent add up […]

Watch Out For The Alternative Minimum Tax

Watch Out For The Alternative Minimum Tax

The alternative minimum tax, or AMT, is designed to keep wealthy tax payers from taking so many deductions that they end up not paying taxes. If you end up qualifying for the AMT then quite a few of your deductions no longer count. So just when you thought you had it all figured out they change the rules.

Itemized Deductions: A Beginner’s Guide

Itemized Deductions- A Beginner’s Guide

Should you itemize your deductions? It’s a question you will have to answer when you start filing your tax return. Here’s a quick look at what’s deductible and when you should take the standard deduction and when you should itemize.

What Are the Chances of Being Audited?

What Are the Chances of Being Audited-

Being audited a big fear for taxpayers. No one wants the government going combing through their finances. The good news only about one percent of Americans are audited each year, and even that figure is weighted towards those with high incomes.

Should You Hire a Tax Preparer?

Should You Hire a Tax Preparer-

Hiring a tax professional is the safe way to go. If you are confused by your taxes or have a lot of questions it’s probably a good idea to go ahead and get a pro on your side.

Six Tax Breaks To Look For This Season

For most of us, tax season is anything but a good time. That said, you may just find some fun in unearthing some hidden tax breaks that you’ve been missing out on! And it’s a good year for it: the American Recovery & Reinvestment Act (ARRA) of 2009 created several completely new tax credits and […]

$6,500 Home Buyer Tax Credit

IMPORTANT: This article applies to a tax credit in 2009 and 2010 that has now expired. Use this information for historical purposes only. The information here does NOT apply to current tax years. Good news for prospective home-buyers: It looks like Congress will extend the $8,000 first-time home buyer tax credit that was slated to […]

$15,000 Home Buyer Tax Credit?

IMPORTANT: This article applies to a tax credit in 2009 and 2010 that has now expired. Use this information for historical purposes only. The information here does NOT apply to current tax years. The $8,000 first-time home buyer tax credit program has been such a success, Washington is asking: Can we live without it? That […]

$8,000 First-Time Home Buyer Tax Credit

IMPORTANT: This article applies to a tax credit in 2008 and 2009 that has now expired. Use this information for historical purposes only. The information here does NOT apply to current tax years. My article on the $7,500 first time home buyer tax credit has become one of the most popular on this site, with […]