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
Category Archives: Key Deductions or Credits
18 February 2012
Tax Blog – Payroll Tax cut will be extended for 2012!
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
31 January 2012
WNBP Radio Show – 5 Tax Deductions for 2011 tax returns
In this Radio Podcast on WNBP.com 1450 AM with morning host Win Damon we discuss 5 big deductions that people need to maximize on when filing their 2011 Tax Returns. These deductions include claiming unreimbursed business expenses, claiming student loan … Continue reading
30 January 2012
Tax tip of the day for Teachers!
Teachers Take Your Deductions! Teachers who spend money on teaching related supplies and are not reimbursed by their employer are allowed to deduct those expenses to reduce their taxable income. The first $250 is deducted directly from taxable income. Unreimbursed … Continue reading
27 January 2012
Take Your IRA Deductions on your Tax Return
In 2011, taxpayers and their spouses may each be able to contribute up to $6,000 or $12,000 total to their traditional IRAs. Not only will $12,000 help a couple save for retirement, but it often results in a valuable tax … Continue reading
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