Fredrick James-Educating the Masses to Help You Save On Taxes

Archive for the ‘Personal Finance’ Category

Health care reform-who really benefits? No one knows for sure...yet.

The Health Care Reform Bill was one of the most controversial pieces of legislation passed down since the creation of Social Security. There is no question that this issue and the way it was handled by lawmakers has left the Citizens of the United States quite….well, divided. Not to mention confused, frustrated and unhappy. Read the rest of this entry »

Tax planning for Average Joes? You bet!

Many people don’t think they make enough to worry about tax planning, but what they don’t realize is no matter what your income level, tax planning can help you make adjustments that will significantly reduce your tax liability.

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Want to be the Master of Your Universe?

I recently wrote a series on the various tax deductions and credits available to help you better afford continuing education like the Lifetime Learning Credit, the American Opportunity Credit & Student Loan Interest Deductions. If you’ve been toying with the idea of going for your Masters, I’ve got some good news for you especially if you’re a higher earning taxpayer that is having your Lifetime Learning Credit and the Tuition Deduction phased out.

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Source: MinnPost.com

If given the choice would you rather pay higher taxes or donate to the charity or charities of your choice? Surprisingly the US government does give tax payers that choice, up to a point. If you haven’t been taking advantage of this before, now is a good time to begin. You get to feel good about helping others AND you get a tax break!

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Obama signing the bill at the White House

Whether you love it, hate it or are ambivalent towards it, the Patient Protection and Affordable Care Act was signed into law on March 23 will be affecting your life in some way over the next four years. As a rule, bills are generally quite convoluted and hard to understand; one of this size and with such far reaching affects, is no exception.

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Earlier we discussed the tax implications of discharged debt and that the tax code, at face value, considers discharged bad debt (absent of any special exceptions) as taxable income. But of course, nothing is as simple as that in the world of Federal tax laws, so let’s delve into a few of the different ways this debt is viewed by our government.

There are two general categories for discharged debts: consumer loans (credit cards, automobile loans, mortgages) or business related loans (bonds, commercial mortgages, equipment loans). Each type is treated slightly differently when it comes to income tax recognition and/or exclusion. Today we’re going to cover the personal or consumer related loans.

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More Americans are headed back to school, Federal tax deductions help with the expense

So far we’ve discussed the American Opportunity Tax Credit (modified Hope Credit), the Lifetime Learning Credit and even Tuition & Fee Deductions. Today though, we’re going to cover the last in our 4 part series on education tax incentives—Student Loan Interest Deduction. The great thing about this deduction is that you can take this deduction even if you qualify for the other tax credits or deductions! Read the rest of this entry »

Post-secondary education costs are on the rise but Federal tax incentives attempt to provide some respite

While we’ve been talking about the Lifetime Learning Credit and the American Opportunity Credit (Hope Credit, modified for 2009-10), I would be remiss to leave out other options for taxpayers who may not qualify for either credit. If you don’t qualify for anything else, you may not be left completely on your own; you may still be able to claim a small deduction for some education expenses. Read the rest of this entry »

Federal Tax Credits Help Working Adults Return to the Classroom

Last week we discussed the benefits of the American Opportunity Tax Credit (or modified Hope Credit, this week we are going to take a look at the Lifetime Learning Credit.

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Looking to advance or change careers, many working adults are headed back to the classroom

For many American’s, the ideal of living in the “Land of Opportunity” seems to be quickly fading into nothing more than a distant memory. It’s unfortunate that the turn of our economy has dimmed the hopes of so many, but there is still opportunity to be had.

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