Tax Deductions

How are Lawsuit Settlements Taxed
Are lawsuit settlements taxed? If so, how are lawsuit settlements taxed? Read on...

Are Lawsuit Settlements Taxable
The amount received in lieu of settlement may be taxable or tax-exempt depending upon the classification of the damage or the award. Are lawsuit settlements taxable? Read on...

Tax Shelters
Tax shelters are indeed ‘sheltering’ methods adotped by individuals and businesses to effectively reduce that part of their income which is taxable. This in turn helps them reduce the payments due to the various tax collecting entities and the government.

Investment Based Deduction
Budget 2009 has taken a new initiative by introducing the concept of allowing deduction under income-tax for investment made in a new business ‘based on investment’ and ‘not based on profit earned’. It has inserted section 35AD allowing deduction of in­vestment in specified businesses under the Income-tax Act, 1961. This is in place of allowing for exemption or deduction of profit earned from a new business.

Cost Segregation correctly depreciation real estate 10
Depreciation is an important non-cash tax deduction. By increasing tax deductions, commercial property owners affect federal income tax reduction. The increase in tax write-offs generates such a large tax cut that some wonder if it is a tax shelter or tax evasion scheme. It is not. Cost segregation is an IRS-guided process used to increase tax deductions during the tax preparation process.

Deducting Moving Expenses From Taxing
Many of you know that a portion of your apartment rent is tax deductible. But most of you may not be aware that the apartment moving expenses are also tax deductible to some extent. You can file a tax return for lodging expenses, moving goods and temporary storage of goods. But there are some criteria, which you should be eligible for tax deduction.

Self Employed Tax Deductions - Alas Poor Yorick, I Knew Them Well…
Self employed tax deductions have always been the "saving grace" for years of tax hikes aimed at them. What would happen to America's economy if hundreds of thousands of small business owners weren't allowed those deductions anymore?

More Tax Deduction Means Tax Reduction
Most commercial real estate owners are paying excess federal income taxes because they are not depreciating their property as quickly as they should. A cost segregation study allows property owners to both defer and reduce federal income taxes. Cost segregation increases depreciation (a non-cash deduction) for commercial real estate owners.

Business Tax Deduction Tips
Tax tips and tax help to assist taxpayers by describing options for tax reduction and tax cuts through lawful tax deductions.

Section 179 - 4th Qtr Tax Saving Strategy for Small Business
Use the power of available deductions to boost your business’s bottom line in 2007. Purchase new or "new to you" used business equipment now. Then place it in service by December 31st to realize exceptional tax savings.

The Rich to Pay More in Taxes
A new tax proposal makes rich pay more and the middle class pay less.

Claiming a Home Improvement Tax Deduction
Home improvements can often qualify for a tax deduction. Learn the difference between a home improvement and a home repair and get ready to claim your home improvement tax deduction.

Looking For Another Tax Deduction? You Might Qualify For an IRA
Are you searching for another income tax deduction and wonder whether you qualify for an IRA? If so, here are the new contribution rules--some brand new as the result of the Pension Protection Act of 2006.

These 4 Last-Minute, Year-End Tax Strategies Can Save You Money
By taking action now, taxpayers may reduce their tax liabilities for 2006.

Real Estate Tax Breaks for Your Home
It is always beneficial during tax season to own real estate, which gives you many annual deductions. If you purchased residential real estate during this year, however, you can look forward to even more generous savings at tax time.

Reduce Your Tax Payments
Reduce your tax payments by claiming an interest payment deduction.

The Ultimate Tax Planning Strategy
Every dollar that you can rescue from taxes can be put to use to grow your wealth; here is a concept to create the most beneficial deductions.

Writing Off Vehicles as Tax Deductions
Can you really write off your car as a business expense? Maybe. CPA Stephen L. Nelson explains.