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“The hardest thing in the world to understand is the income tax.” - Albert Einstein, physicist. Well! It may be connected to his theory of relativity but, being a physicist that he was, he didn't think of the U.S. tax system in reverse. It would have been a lot easier for him if he understood two things:

  1. The more you make, the less you pay - ever heard of loopholes?
  2. The less you make, the more you pay - never heard of loopholes?
  • Filing tax returns, for some, is like going to the dentist. If you have flossed once a day and brushed twice a day regularly, then going to the dentist should be a breeze and not something to dread upon. So keep records of all your income and expenses. Figuring out your tax returns should be a breeze as well.

2010 Individual Tax Return Checklist And Review

Fri Mar 19, 2010 | | Posted in Taxes

Small Business Tax Review – The tax and management guidance to small and medium sized businesses – like previous years have done a super job this year as well for individual taxpayers convenience. Among other things, they have developed a checklist you can use if you are preparing your own return, reviewing your return, etc. … Continue Reading »


5 Health Insurance Tax Tips For The Self-Employed

Wed Mar 3, 2010 | | Posted in Taxes

If you are self-employed and are managing your business either from home or have rented space, you can take steps to minimize your tax-bite for your health insurance. You can take advantage of IRS-implemented but Congress-designed clauses about how and under what circumstances you can take deductions for your health insurance. You can take advantage … Continue Reading »


Tax Software To Help You Do Your Taxes

Mon Mar 1, 2010 | | Posted in Taxes

First off, please read my post on understanding basics of your income tax return. “The hardest thing in the world to understand is the income tax.” – Albert Einstein, physicist. Well! It may be connected to his theory of relativity but, being a physicist that he was, he didn’t think of the U.S. tax system … Continue Reading »


Understanding The Essence Of Your Property Tax

Mon Mar 1, 2010 | | Posted in Taxes

Your property tax, as you might very well know, is a big source of public safety [police, firefighters, etc.], schools, roads, libraries, and other services in your town and almost all American communities. During the last few decades, on and off, there have been efforts to stop more increase in local property taxes in the … Continue Reading »


Corporate Taxes Less Than One-Third Of Individuals’ In 2008

Sun Feb 28, 2010 | | Posted in Taxes

I was surfing yesterday [Internet surfing is the most I do - too scared of water] and I came across a site “The Center on Budget and Policy Priorities.” It has given an example of the 2008 federal budget in terms of spending and financing. Something caught my eye on the graph for financing the … Continue Reading »


Put Wide-Ranging New Tax Provisions To Your Advantage

Fri Feb 26, 2010 | | Posted in Taxes

By now, you should have received your W-2, 1099′s and all documents that will help you do your tax calculations and then filing. If you have, then it’s time to start tackling your taxes, at least the preliminary data entry, either using tax software or doing it manually with paper and pencil. For your convenience, … Continue Reading »


Congress Is The Designer, IRS Is The Implementer

Fri Feb 19, 2010 | | Posted in Taxes

Congress legislates, the rest of the country follows. As I understand it, that includes the executive as well as the judiciary branches of the government. Let’s not forget that. IRS is a small entity, but let’s face it, it has one of the biggest responsibilities of the many institutions this country has. The famous slogan … Continue Reading »


Understand the two different kinds of capital gain taxes

Wed Feb 10, 2010 | | Posted in Taxes

When you invest your money, for example, in stocks and then sell it at a profit, you have to pay taxes on the profit which is commonly known as capital gain taxes. When you sell it at a loss, obviously, you don’t pay taxes on your loss but you can offset it with any capital … Continue Reading »


Tax changes in 2009 you should know before you file

Fri Feb 5, 2010 | | Posted in Taxes

For folks, who don’t do taxes themselves but get them done by professionals, I want to say this. Don’t be afraid to do them yourself. Last year, I did a post “Understand basics of your income tax return” that you would like to read and understand. Each year, there are some changes in the tax … Continue Reading »


4 Small steps to take – away from the tax-man

Sun Jan 10, 2010 | | Posted in Taxes

Everyone is getting ready to do their taxes, most of the folks anyway before April 15, 2010 which falls on a Thursday. Either they would do their taxes themselves or get them done by a professional. But there is nothing you can do now to make any changes for 2009. That year is gone, just … Continue Reading »


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