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What Are The Tax Breaks For Purchasing A Home in 2012

If you purchase your home before year end, you are eligible for a few tax breaks which will offset your taxable income. In addition, you’ll be able to apply several tax breaks to your 2013 tax return when tax rates are scheduled to rise given President Obama’s recent victory. Find out the tax benefits for purchasing a home now. Read More.

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If the Presidential election and Congress don’t interfere, tax rates are scheduled to increase significantly in 2013 for investors and corporations. Proper planning now can yield significant tax savings. Read More.

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Do I Owe Taxes If I Withdraw From My IRA To Pay For a Home?


The purpose of an individual retirement account is to provide individuals with a tax favorable vehicle for retirement planning. As such, the IRS levies a hefty 10% early withdrawal penalty should an IRA holder withdraw from their account prior to reaching the age of 59 1/2. There are exceptions to this rule which include withdrawing funds to purchase a first home. .
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What Job-Hunting Costs Can I Deduct on My Tax Return?


The labor market is still struggling with elevated levels of unemployment. That means that there should be a large number of individuals looking for work in addition to those already in the labor force and looking to upgrade. Searching for jobs can be expensive. Find out what costs are deductible. .
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What Are The Tax Breaks For Donating a Car to Charity?


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It used to be that you could just deduct your old clunker based on the Kelly Blue Book fair market value on Schedule A of your form 1040. Things have changed, thanks to those that took advantage of this seemingly straightforward tax break. .
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Which Divorced Parent Can Claim The Child Care Expenses?


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Parents going through a divorce usually fight over more than just the assets that the family holds. They also argue over who can claim the children as dependents on their tax returns, among other child care related expenses. .
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What Happens If I Suffer a Casualty Loss or Theft During the Year?


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The extreme weather that impacted much of the deep south last week, should be a reminder to all of the tax consequences for suffering a casualty loss or theft during the year. If you're one of the unlucky ones, find out what you need to know to reduce your tax liability. .
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irs definition primary residence

The first-time homebuyer tax credit craze began in 2008 for most purchasers. Four years later, there may still be tax implications for those that claimed the credit. Did you sell or are now renting a home you purchased with the first-time homebuyer tax credit? Read More.

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Which Property is Considered My Primary Residence?

irs definition primary residence

Many wealth homeowners and interstate commuters, live in multiple locations throughout the year. In some instances, a place that they may not consider a primary residence, can qualify and significantly reduce their capital gains tax. Read More.

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