Archive for January, 2010
The Earned Income Tax Credit Can Save Taxpayers Thousands of Dollars
Many hard working people may be missing the Earned Income Tax Credit or EITC, that may add an additional $5,600 or more to their pocketbooks. This tax credit as the name implies, is for individuals who work for a living, and have a low income. The tax credit was created during 1975 to help reduce Social Security taxes and to provide an incentive for work. It is one of the Federal government’s largest benefit programs for working families. Each dollar saved is a dollar earned, more than ever, in today’s economy, now more than ever, taxpayers should not overlook this credit.
More People Than Ever Before Are Searching For Grants
It has been 8 years since we have had a new president in office, and a liberal one at that. In the past, liberals have been partial to allocating funds for social organizations. Obama is definitely a liberal who is likely to adhere to this philosophy. You might be having a rough time what with today’s poor economic climate, so you might want to consider applying for a variety of government grants.
Making Work Pay Credit the Affects the Largest Number of Americans in 2009
The Making Work Pay Credit is one of many tax changes resulting from the American Recovery and Reinvestment Act of 2009. This credit has had a substantial impact on Americans and is targeted towards lower and middle income taxpayers.According to a report from the Tax Inspector General for the Tax Administration dated November 27, 2009, the Making Work Pay Credit is expected to impact 116 million taxpayers.
What Is The 1031 Tax Free Exchange?
Many people are unfamiliar with the 1031 tax free exchange of properties. In layman’s terms it is a “like-kind” exchange, wherein a person is actually trading one particular asset (investment property) for another asset (investment property), regardless of whether it is in the industrial, office, residential or retail sector. Many people take advantage of this when real estate markets are in rapid appreciation, as it can result in large capital gains after the sale of a property. The IRS 1031 exchange is basically a tax deferment tool and many of the tax laws have become more simplified. It is not nearly as intimidating as it once was either; however, there are still some complex aspects to the rules.
