The idea of donating your used car is no more a secret to derive tax benefits. Most people in the country are now aware about the monetary rather than intrinsic value of a donation. If you, however, do not know how a used car donation might help you, and if you are about to donate a car, I would suggest you to wait for a while, at least till you finish reading this article. There are few things you need to know before you give away your car to a charitable organization. Here are thee important used car donation tips. 1.    Understand that even crap has value This is one of the most important things you must know, if you intend to save money on tax. You throw away, or give away items to some people just because it’s crap for you. Maybe it isn’t for somebody else. It isn’t for you [...]

Paying taxes is one of the dreadful things in my life. Every year, I contact my financial consultant, parents, friends, and colleagues, to discuss various tax deductions available. This year, however, I got a whole list of medical expenses tax deductions from my granny (Thank You Grandma). After reading the list I realized that I can include all medical expenses paid for myself, my spouse (no, I am still single), or any members of my family, as deductibles. Some of the common ones are listed below: Any amount paid for dental insurance, medical insurance or long term care insurance premiums. Insurance deductibles, which includes co-payments as well Fees paid to doctors, chiropractors, psychiatrists, health practitioners, dentists, etc. Expenses on hospitals, long term care services, [...]

The custody of children is a major issue that needs to be resolved well before a couple actually goes for divorce. The custodial guardian gets tax benefits on the child. But then deicing upon the custodial parent and the tax benefit can be quite a complicated task. If you are one of the parents going for a divorce, here are certain things that you should keep yourself aware of. As a rule of thumb, the custodial parent, the one with whom the child stays for the major part of the year and whom the child is dependent is the one who gets tax benefits. But sometimes, the child might also be considered a dependent of the non-custodial parent when the custodial parent has to give him/her the right to take charge of the child. During that period, the non-custodial parent gets the right to claim [...]

The year has come to an end and you must be worried about the forthcoming tax issues. Understandably you want to save up on taxes. But you are not equipped with the best strategies to slash the taxes. You could think of your own way of saving up on taxes, but here are 3 ways in which you can let less amount of your precious money to slip away as taxes. These are particularly effective for owners of small businesses. Buy A Huge Sports Utility Vehicle This might not appear very palatable for you, but buying a Sports Utility Vehicle can actually help you in saving up on taxes. If you have a lot of business transportation you can always buy this vehicle. You can use it. If its cost and maintenance were the only issues of concern to you, here’s some good news for you. SUV’s used about 50 % [...]

On the 6th of November the first time home buyer’s credit has been extended and liberalized through the Worker, Homeownership, and Business Assistance Act of 2009. There’s reason for you to rejoice but just wait. There are certain things that you should know about this act. As expected the home purchase deadline has been extended till the 30th of November next year for all the principal residences of the United States.. If on that date your purchase is in the middle of a deal you can expect your deadline to be relaxed for a couple of months from then. If you are an existing homeowner who bought a replacement of the US principle residence after the sixth of November this year, you qualify for the tax credit though it’s a reduced one. The first time home buyers as defined by the [...]