Archive for the ‘Personal Finance’ Category
Think Continuing College Education Is Out Of Reach? US Government Says, We’ll Pay You! (American Opportunity Tax Credit)
March 10th, 2010 | 
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American Opportunity Tax Credit - Money For Your Education
The workforce is in transition right now and there is a growing number of Americans returning to college to either update their degrees or get a college education for a totally new career. The reality of paying for tuition, books and other college related expenses on top of the usual living expenses makes the prospect daunting for many. Fortunately, in 2009 and 2010 Congress enacted a new college tuition tax credit designed to help pay for education expenses.
Fast and Easy Cash Accounting….oh, it’s Accrual World
Holy Cow! I'm Not Equipped to Make These Decisions Yet!
Accrual Method or Cash Method Accounting?
Federal Home Buyer Tax Credit Upgrade Documentation
Both Congress and Microsoft really like their Beta programs!
I suppose everyone in America has heard something concerning the Home Buyer tax credit by now. However, hearing about any new tax laws doesn’t necessarily mean you’ve got the full story. And…Surprise!! Congress is not known for writing tax (or any) laws in a user-friendly format. So I’ll try to break it down into plain English that we can all understand.
Posted in Personal Finance, taxes | 
Tags: buying a new home, new home buyers tax credit, tax breaks, tax credit, tax law, taxes | 
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Making Work Pay Tax Credit
Yes, we are back, rested and ready to hit the road running after a little break over the Holiday season! To start off the new 2010 tax year, I wanted to cover a topic that will affect most taxpayers in a positive way , the Making Work Pay Tax Credit.
Posted in Personal Finance, taxes |
Tags: accounting, American Rcovery and Reinvestment Act of 2009, earned income, earned income credit, find a good accountant, Fredrick James, independent contractor, IRS form 2210, Making Work Pay Tax Credit, Schedule M, tax, tax credit, taxable income, taxes |
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Unemployment Benefits: No Free Bailout For You
It’s been a tough year for Americans, and the numbers are looking pretty grim as we go into the Holiday Season. Florida’s overall unemployment rates are hovering just over 11% and nationwide they’re around 9.6%. According to The Wall Street Journal, the average length of official unemployment increased to 24.5 weeks, and the numbers of long-term unemployed has jumped to an all-time high of 4.4million. Everyone feeling jolly yet?
Well, there is one small ray of sunshine: Last week President Obama signed the unemployment extension legislation which provides for 14 weeks of extended benefit coverage for every state and an additional 6 weeks, for a total of 20 weeks, in high unemployment states where unemployment is over 8.5%. Read the rest of this entry »
2009 New Vehicle Sales Tax Deduction-You Haven’t Missed The Boat Yet!
Hang on, it's not too late to catch the new car deduction boat!
If you missed the mad rush to take advantage of the Cash for Clunkers program this year but you still need to buy a car, don’t fret, you might still be able to get a bit of cash back on your taxes!
New to Self-Employment Business Orientation: How to Avoid Tax Problems & Pave the Way to Success
Today people have more choices than ever before when it comes to making a living. Even those who keep their regular full time positions as employees are taking on side work as independent contractors and some are choosing to make the leap to full time self employment or starting their own small business.
Make sure you have your “parachute” packed when making the leap from employee to sole proprietor!
Finding the Right Accountant to Help Build Your Business
You know you need an accountant to help you figure out your financials and you’re worried about the looming possibility of being hit with a big tax bill in the spring. The problem is, you’ve heard horror stories from friends and family about awful accountants. So now you’re left wondering, how do you know what you’re getting yourself into?
Last week I went over the different types of accountancy services generally available to business owners. This week I wanted to follow up with some advice on an even more individual level: finding an accounting professional you can get along with, communicate with and work with. Yes, that’s a big deal.
Cash for Clunkers Demystified!
AP Photo/Rich Pedroncelli - "Cash for Clunkers" publicity stunt for dealership n Sacramento, CA
I am sure everyone has driven by the car lots lately and noticed an old car placed in a huge trash dumpster. Leave it to creative car dealerships to advertise the Case for Clunkers program. Everyone knows that the government is giving away money just to replace an old car with a new one. But not too many people understand the specifics of the program. So today we’re going to go through some main points to hopefully, clear things up a bit and help you decide if this is a program that you want to take advantage of. Read the rest of this entry »
So You Thought Your Home Foreclosure Was the End of Your Troubles, Huh? ( Part 2)
Last week we talked about homeowner cancellation of debt tax issues. This week we’re going to talk about another tax consequence related specifically to home foreclosures. Did you know that the tax code treats losing a home to foreclosure as a sale and may result in a taxable gain or loss? (Yes, I am beginning to feel I should recant my statement from last week that Government isn’t entirely heartless.)
Foreclosure may seem like the end of the road, but wait! There's more!