taxsavingsstrategies.blogspot.com
Tax Savings Strategies: March 2006
http://taxsavingsstrategies.blogspot.com/2006_03_01_archive.html
This blog describes and explains various strategies that taxpayers can use to reduce their federal income taxes, federal employment taxes, federal gift taxes, and federal estate taxes. Thursday, March 30, 2006. Deducting Miles Driven on Behalf of a Charity. For example, if a taxpayer drove her personal automobile a total of 500 miles to procure and distribute wheelchairs on behalf of a qualified charitable organization such as LifeNets http:/ www.lifenets.org/. If a taxpayer does not receive any reimburs...
taxsavingsstrategies.blogspot.com
Tax Savings Strategies: Minimizing the Income Tax on the Receipt of Lump-Sum Social Security Benefits
http://taxsavingsstrategies.blogspot.com/2006/03/minimizing-income-tax-on-receipt-of.html
This blog describes and explains various strategies that taxpayers can use to reduce their federal income taxes, federal employment taxes, federal gift taxes, and federal estate taxes. Wednesday, March 15, 2006. Minimizing the Income Tax on the Receipt of Lump-Sum Social Security Benefits. Why would a taxpayer receive lump-sum Social Security benefits? Section 86(e) of the Internal Revenue Code allows a taxpayer who receives lump-sum Social Security benefits to elect to include in gross income only the s...
taxsavingsstrategies.blogspot.com
Tax Savings Strategies: Newspaper Carrier Under Age 18 Is Not Subject to Self-Employment Tax
http://taxsavingsstrategies.blogspot.com/2006/03/newspaper-carrier-under-age-18-is-not.html
This blog describes and explains various strategies that taxpayers can use to reduce their federal income taxes, federal employment taxes, federal gift taxes, and federal estate taxes. Sunday, March 19, 2006. Newspaper Carrier Under Age 18 Is Not Subject to Self-Employment Tax. The income of a newspaper carrier who is under age 18 is not subject to the self-employment tax (Sections 1402(c)(2)(A) and 3121(b)(14)(B) . This rule also applies to carriers of magazines who are under age 18. If a teenager makes...
taxsavingsstrategies.blogspot.com
Tax Savings Strategies: Deducting Miles Driven on Behalf of a Charity
http://taxsavingsstrategies.blogspot.com/2006/03/deducting-miles-driven-on-behalf-of.html
This blog describes and explains various strategies that taxpayers can use to reduce their federal income taxes, federal employment taxes, federal gift taxes, and federal estate taxes. Thursday, March 30, 2006. Deducting Miles Driven on Behalf of a Charity. For example, if a taxpayer drove her personal automobile a total of 500 miles to procure and distribute wheelchairs on behalf of a qualified charitable organization such as LifeNets http:/ www.lifenets.org/. If a taxpayer does not receive any reimburs...
taxsavingsstrategies.blogspot.com
Tax Savings Strategies: How to Deduct Points on a Mortgage Loan
http://taxsavingsstrategies.blogspot.com/2006/03/how-to-deduct-points-on-mortgage-loan.html
This blog describes and explains various strategies that taxpayers can use to reduce their federal income taxes, federal employment taxes, federal gift taxes, and federal estate taxes. Sunday, March 12, 2006. How to Deduct Points on a Mortgage Loan. A point on a mortgage loan is one percentage point of the loan. For example, two points on a $200,000 mortgage loan would be $4,000 ($200,000 x 2%). Points represent prepaid interest. The deduction of interest, including points, on a home equity loan is limit...
taxsavingsstrategies.blogspot.com
Tax Savings Strategies: Six Month Extension Available Beginning in 2006
http://taxsavingsstrategies.blogspot.com/2006/03/six-month-extension-available.html
This blog describes and explains various strategies that taxpayers can use to reduce their federal income taxes, federal employment taxes, federal gift taxes, and federal estate taxes. Sunday, March 19, 2006. Six Month Extension Available Beginning in 2006. Taxpayers may e-file their extension request using tax preparation software or a service provided by a tax preparer. Taxpayers may also mail Form 4868, but a taxpayer should not. Be stapled or attached to Form 4868. Posted by Alan D Campbell @ 3:10 PM.
taxsavingsstrategies.blogspot.com
Tax Savings Strategies: February 2006
http://taxsavingsstrategies.blogspot.com/2006_02_01_archive.html
This blog describes and explains various strategies that taxpayers can use to reduce their federal income taxes, federal employment taxes, federal gift taxes, and federal estate taxes. Tuesday, February 28, 2006. Churches often provide ministers of the gospel with the free use of a home, which is often called a parsonage. The value of the parsonage is not subject to income tax up to the rental value of the home. The value of the parsonage is subject to self-employment tax. Although a taxpayer usually can...
taxsavingsstrategies.blogspot.com
Tax Savings Strategies: Save Taxes with the Section 179 Deduction
http://taxsavingsstrategies.blogspot.com/2006/03/save-taxes-with-section-179-deduction.html
This blog describes and explains various strategies that taxpayers can use to reduce their federal income taxes, federal employment taxes, federal gift taxes, and federal estate taxes. Friday, March 10, 2006. Save Taxes with the Section 179 Deduction. This deduction reduces taxable income and therefore saves income tax. If the taxpayer is a self-employed individual, the Section 179 deduction also reduces self-employment income and therefore saves self-employment tax. The Section 179 deduction reduces the...
taxsavingsstrategies.blogspot.com
Tax Savings Strategies: Avoid the Tax on Capital Gains by Donating the Property to Charity
http://taxsavingsstrategies.blogspot.com/2006/03/avoid-tax-on-capital-gains-by-donating.html
This blog describes and explains various strategies that taxpayers can use to reduce their federal income taxes, federal employment taxes, federal gift taxes, and federal estate taxes. Tuesday, March 21, 2006. Avoid the Tax on Capital Gains by Donating the Property to Charity. However, a taxpayer can avoid even the 15-percent tax rate on a long-term capital gain by contributing the property to a recognized charity. In such a case, the taxpayer does not have to recognize the gain. In addition, the...For e...
