Earned Income Tax Credit

There is one special item that is in the federal tax code for individuals, when one has several kids, and/or has substantially low income; it is called the Earned Income Tax Credit.  This credit is a refundable tax credit, which…

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Being Self-Employed & Tax

Running an independent business is a great satisfaction for any person, because the individual is in control and have no “boss” to answer to (well maybe answerable to client/customers), but has the freedom to choose whom to deal with.  But…

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Responsibility of Payroll Taxes

A person who is managing, or even assisting in managing, the operation of a business (be it internally or outsourced), should be aware about the responsibility of handling of payroll and especially making sure that payroll taxes are made on…

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The Mortgage Interest

During this time of year, when a person is going through his/her tax records and preparing a tax return, and going through a the list of possible itemized deduction, and of course the major one is the mortgage interest.  It…

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The Business Loss

In the last blog, we were discussing the capital loss and the limitations on claiming such a loss. However, what happens if the loss was not due to the sale of a capital asset, but due to operating a business, or…

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