|
|
BROOKWOOD TAX SERVICE End the Hassle - Hire a Tax Pro! |
|
|
|
404-915-6268 |
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Personal Tax Preparation & Income Tax Planning Tips from Brookwood Tax Service
Home Energy Efficiency Improvements Claim the credit if you install an energy
efficient furnace, air conditioning unit or hot water heater, or add
insulation or energy-saving windows.l.
Tax Tips for Taxpayers Who Moved Taxpayers who meet distance and time requirements can deduct the costs of moving family members and household goods to a new home.
Know the Tax Rules For Your Beach House Tax Tip on Deducting Vacation Home Expenses Uncle Sam offers some tax breaks to owners of vacation homes, but there are specific limits on owner use of a vacation home to claim the maximum deductions.
Sales Tax Deduction Extended for 2007 Tax Tip for Residents of States With No Income Tax Taxpayers who pay no state income tax can once again deduct sales taxes paid in 2007. But residents of other states may also want to check this deduction as well.
Tax Tip For
Divorced Parents Parents who are divorced or separated need to check the IRS rules before claiming children as dependents on their returns.
Working After
Retirement Can Reduce Benefits Taxpayers who file for Social Security benefits before their normal full retirement age risk losing part of their monthly benefit if they continue to work.
Tax Tips for Teachers Congress Extends the Educator Deduction Educators who meet the work requirements can deduct up to $250 in out-of-pocket classroom costs again on their 2007 tax returns.
Know the Time Limit for IRA Contributions If you haven't put money into your traditional or Roth IRA by December 31st, don't worry. You have until the regular tax return due date of April 15th to make the contribution for the prior year. If you are funding an IRA with a direct deposit of your tax refund, be sure to file your return early enough to ensure the contribution is actually in the IRA by the deadline.
IRA Tax Break for Military Personnel Combat pay is non-taxable income to military personnel, but Congress has allowed military personnel to designate their tax-free combat pay as earned income to qualify for the earned income credit. Military personnel with children should compute their tax return with and without the combat pay allowed for EIC to see which option provides the lower tax or larger refund.
Tax Tips for Reservists Called to Active
Duty Reservists called to active duty can withdraw money from retirement plans without paying the 10% penalty, and are given at least two years after active duty ends to re-deposit the money.
Tax Break for Retired Public Safety
Officers Retired police, firefighters and other emergency services personnel can withdraw money tax-free from retirement plans to pay qualified health insurance premiums. |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
personal tax tips |
[Home] [Site Map] [Contact Us]
|
personal tax tips |