Article Highlights: Vehicle loan interest Consumer loans secured by the vehicle Using home equity loans to create deductibility Exercising restraint when using home equity Whether or not the interest you pay on a loan to acquire a vehicle is deductible for tax purposes depends how the vehicle is being used (for business or personal purposes), the tax form on which the … [Read more...] about Will the Interest on Your Vehicle Loan be Deductible?
Tax Filing Deadline Rapidly Approaching
Article Highlights: Balance due payments Contributions to a Roth or traditional IRA Estimated tax payments for the first quarter of 2015 Individual refund claims for tax year 2011 Just a reminder to those who have not yet filed their 2014 tax return that April 15, 2015 is the due date to either file your return and pay any taxes owed, or file for the automatic six-month … [Read more...] about Tax Filing Deadline Rapidly Approaching
March 2015 Individual Due Dates
March 2 - Farmers and Fishermen File your 2014 income tax return (Form 1040) and pay any tax due. However, you have until April 15 to file if you paid your 2014 estimated tax by January 15, 2015. March 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during February, you are required to report them to your employer on … [Read more...] about March 2015 Individual Due Dates
Don’t Overlook the Spousal IRA
Article Highlights: Spousal IRA Compensation requirements Maximum Contribution Traditional or Roth IRA One frequently overlooked tax benefit is the “spousal IRA.” Generally, IRA contributions are only allowed for taxpayers who have compensation (the term “compensation” includes: wages, tips, bonuses, professional fees, commissions, alimony received, and net income from … [Read more...] about Don’t Overlook the Spousal IRA
Retirement Savings: the Earlier, the Better
Article Summary: Teenagers and young adults Tax-free accumulation Earned income requirement Roth IRA Generally, teenagers and young adults do not consider the long-term benefits of retirement savings. Their priorities for their earnings are more for today than that distant and rarely considered retirement. Yet contributions to a retirement plan early in life can enjoy … [Read more...] about Retirement Savings: the Earlier, the Better