Posts Tagged ‘tax’
The IRS and the Tax Mileage Deduction · 9 January 2012
Those long business trips may be boring and tedious, but there is a bright side to them: the Tax Mileage Deduction. For every mile you drive for your business, you get to deduct a certain amount of money; so if you do a lot of driving for your job, you’ll have a nice wad of [...]
When You Inherit, You Get Taxed? · 22 December 2011
The federal inheritance tax is also commonly referred to as a “death tax” because it is a tax that is imposed on all estate money and property after estate owners pass away and leave their estate or a portion of their estate to another person. When the federal government imposes an estate tax, the amount [...]
Tried to Use Google Translate on: the EIC Tax Table · 20 December 2011
For example, TurboTax Online offers a free calculator. The amount you are eligible for is determined by your income level and family size. The tax credit either increases your refund or reduces the amount of tax you owe. EIC (Earned Income Credit) Table # of Children Refund Amount Income Limits 0 $457 $13,460 ($18,470- Married [...]
The True 2011 IRS Tax Brackets · 8 December 2011
One of the important things to understand about the irs tax brackets is that you are only taxed a certain percentage for the money you make in each bracket. This may seem unclear at first, but here’s an example: Fred makes $80,000 a year and is due for a small raise that will bring him [...]
Some Ins and Outs of the Annual Gift Tax Exclusion · 29 November 2011
So what’s all the hub-bub about the annual gift tax exclusion? There are a few guidelines to ensure your gift is nontaxable: The gift amount cannot exceed the gift tax exclusion amount during one calendar year. If you have paid for someone else’s education expenses, then no matter how large the amount, this will remain [...]
