ROTH IRA A Roth IRA is a unique retirement savings vehicle that has multiple uses. For individuals who qualify for a ROTH IRA, the account funds can be used to help pay for education expenses or a first time home … Continue reading
3 March 2012
Income Tax Benefits of Contributing to a ROTH IRA
NOW is a GREAT time to buy real estate as an investment and hold it for the long term Mortgage rates are at all time lows. And the mortgage interest deduction is one of the most valuable deductions on the … Continue reading
Tax Tip of the Day – Find out the right filing status for your particular situation Married taxpayers who file jointly enjoy lower Federal tax rates on income even if only one spouse is working. Two married filing jointly taxpayers … Continue reading
24 February 2012
Tax Tips – The Electric Motor Vehicle Credit
Saving the Environment and Saving Money! – Qualified Plug-in Electric Drive Motor Vehicle Credit Your Tax Savings = up to $7,500 Were you seriously considering the purchase of a Chevy Volt and then saw the $40,000 sticker price and had … Continue reading
24 February 2012
The Residential Energy Tax Credit
Saving the Environment and Saving Money Part I – The Residential Energy Tax Credit Your Tax Savings in 2011 = $500 Thinking about getting a new hot water heater or blowing some insulation into your attic but thought it might … Continue reading
24 February 2012
ERock Tax Tip – Claim your Child Tax Credit on form 1040
Tax Tip of the Day – Make Sure You Claim Your Child Tax Credit According to 2008 statistics the average cost to raise a child is nearly $200,000. Couple that with the cost of college and you have a … Continue reading
24 February 2012
ERock Tax Tip – Claim Unreimbursed Expenses on Form 2106
Tax Tip of the Day – Claim Unreimbursed Employer Business Expenses Do you incur any unreimbursed business expenses from your employer? Expenses could include travel, attending conferences, using your cell phone or automobile mileage. Any amount you spend on unreimbursed … Continue reading
18 February 2012
Tax Blog – Payroll Tax cut will be extended for 2012!
Government Giving Taxpayer up to $2,136 Tax Break in 2011 and another in 2012 by Reducing Social Security Withholding Your Tax Savings = up to $2,136 per year! For 2011 and probably 2012 social security paid by the taxpayer was reduced from 6.2% to … Continue reading
18 February 2012
Tax Tip – The American Opportunity Tax Credit
Education Tax Credits and Deductions: The American Opportunity Credit Your Tax Savings = up to $2,500 annually per student Worth up to $2,500 per year per student, the American Opportunity Credit is available to those students in their first four … Continue reading
18 February 2012
The Residential Energy Efficient Property Tax Credit
Saving the Environment and Saving Money Part II–The Residential Energy Efficient Property Tax Credit Your Tax Savings = Unlimited $$ – 30% of what you spend! Have you considered installing in your backyard one of those energy generating windmills that … Continue reading
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