Deductions

Adjust or Change Your Paycheck Tax Withholding (W4) After These Personal and Financial Life Events

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During the year many people have personal and financial life changing events that can affect how much they pay in taxes. But they often forget to adjust their income or paycheck tax withholding to cater for these events. This means they ending up owing taxes and associated penalties when filing; or missing out on extra [...]

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2011-2012 Alternative Minimum Tax (AMT) and Exemption Amounts

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Everybody should pay their fair share of taxes, right? It would be difficult to find somebody who doesn’t believe that but in reality it’s not that simple. The tax code is a complicated document which gives rise to a number of loopholes that are widely known (and used) by the nation’s wealthy as well as [...]

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Year End Tax Planning – 15 Tax Deductions and Credits To Remember

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As the year draws to a close it’s always a good idea to review your tax situation and in light of that, we have put together a collection of fifteen tax deductions worth considering to lower your overall tax bill. But act soon, because if you wait until next year to evaluate your current tax [...]

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How to Reduce Your Tax Bill Liability By Lowering Your Taxable Income and Claiming More Deductions

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I recently filed my taxes and much to my disappointment I ended up owing taxes. While paying taxes is not itself a bad thing, after all I did not give an interest free loan to Uncle Sam, what really hurts is that if I had undertaken a few actions earlier in the year I could [...]

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