Tax
Planning Articles and Notes
Income Tax Hints - Good Ideas- SIMPLE Plans, Deduct Summer Camp,
Save Income Tax on Vacation Rental, Deduct your RV
Deduct Business
Expenses - Make sure your company takes full
advantage of one of the best tax breaks available to business owners
today — the "Section 179" first-year depreciation allowance for
equipment.
AMT - The
Alternative Minimum Tax - a killer tax trap
Gifts can reduce
both Income Tax and Estate Tax
Long Distance
Tax Credit - some businesses can save significant
money.
Residential
Energy Tax Credit As part
of a large energy law passed last year, individual taxpayers can
claim a tax credit for qualified purchases to make their homes more
energy efficient. In February, 2006, the IRS issued guidance
explaining the type of home improvements that qualify for the
energy credit. (IRS Notice 2006-26) As you know, tax
credits are more valuable than tax deductions, because they reduce
your federal (and possibly state) income tax liability dollar for
dollar.
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