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Second Mortgage Versus 401K Loan
July 10, 2000 "I need $10,000 for a home improvement.  I can either take out a home equity loan or I can borrow from my 401K retirement fund.  Would the tax benefits on the home equity loan outweigh the advantage of ... more...

How Much House Should You Buy?
16 August 2004 "My wife and I are arguing about whether to buy the $150,000 house we set out to buy, or the upgraded version for $185,000 that she fell in love with. She argues that we can afford the more expensive house with an ... more...

tax deduction limits related definitions

Tax Sale
Tax Sale Property on which current county taxes have not been paid is "sold to the state." At this stage no actual sale takes place - the title is transferred to the state and the owner may redeem it by paying taxes, penalties and costs. If it has not been redeemed ... more...

Section 8 Housing
Section 8 Housing The Section 8 program began during the Great Depression to increase the housing choices available to very low-income households by making privately-owned rental housing affordable to them. It provides rent subsidies, either rental certificates or vouchers, on ... more...

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How Home-Based Businesses Can Avoid Giving Uncle Sam More than His Share
How Home-Based Businesses Can Avoid Giving Uncle Sam More than His Share By Darren Oliver With the rush to file your taxes by April 15th, you probably did not consider the possibility that you overpaid. According to the General Accounting Office, in 1998 alone, there was $311 million paid ... more...

Network Marketing's Best Kept Secret May Be Costing You a Fortune
The words, "I quit..." have never been more costly.Network marketers hear "I quit" all too often from distributors they have sponsored. However, if those new distributors only knew the thousands of dollars they were throwing away, they would never quit. Here's Why?The moment your prospect enrolls ... more...

The Red Flags of Getting a Home Loan
Red flags are indicators that there may be a current or future problem with the borrower or transaction. They help Underwriters isolate pertinent issues that are part of the overall loan evaluation. They are questionable items, and when there are several, they usually indicate that something is ... more...

Uncle Sam is Ready...Are You? Organizing Tips for Tax Time
Anyone who is closely related to an accountant knows that there are not four, but five seasons in a year: Spring, Summer, Fall, Winter, and 'Tax Season.' During the other seasons, we accumulate leaves, snow, and mosquito bites. During 'Tax Season' we accumulate paper. And more paper. And if you ... more...

How to Maximize Your Home Business Tax Deductions for 2005
Someone once said, the best way to calculate your taxes isHonestly. For 2005, add Smartly to that and youll get to keep more than you make. This April 15th is going to be the day of reckoning for every taxpayer. If you are smart enough with your accounting and keep your eyes and ears open, this ... more...

Organizing Your Taxes
Does this scene sound familiar? Its April 7. You havent seen the top of your dining room table in two weeks because of the piles of paid bills, receipts, canceled checks, and unidentified cash register receipts covering it. Your head pounds and your stomach churns as the countdown to April 15 ... more...

How Tax Deductions Work
Many people know that the interest paid on a mortgage is deductible on their income taxes. But they don't understand how it really works.When you understand the way a tax deduction works, you should be able to estimate the amount of tax relief you would receive from owning your own home and paying ... more...

Popular Business Misconceptions Cost You Money!
Faulty information costs you money! Which of these popular business misconceptions do you believe?Popular Misconception #1: "We Only Need Our Books Done Once A Year For Tax Purposes." Are Your Accounting Records Adequate To Run Your Business?Although it is important to keep records for tax ... more...

Tax Records - What You Should Keep And For How Long
Many taxpayers are confused about how long they should keep tax records. The term "tax records" refers to your tax returns and the documents that support the information in the returns. These documents can include receipts, bank statements, 1099s, etc. If you are one of the unlucky few to be ... more...

An Overrated Tax Strategy: The Home Mortgage Interest Deduction
The mortgage interest deduction just might be the most overrated tax saving strategy there is, and yet it is considered by many to be a primary reason for home ownership.Look, I present financial seminars for thousands of people every year. During breaks people will invariably come up to me and ask ... more...

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