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Posts by Taxability Tax Service

Debunking Common Myths About IRAs

According to a recent “Retirement Trends” survey by Fidelity Investments, 96 percent of Americans saving for retirement don’t know the current contribution limit for an individual retirement account, with some guessing as low as $1,000. The reality is that for tax year 2014, IRA the contribution limit  is $5,500. When it com [...]

Car Donation Tax Deduction

Next to wanting to contribute to charitable causes, perhaps your biggest motivation to donate your car is the substantial tax break it can give you. Don’t be misled by information about your return, because the tax breaks you can get from a car donation may not be as big as you think. If your car donation is worth more than $500, then [...]

Are You Overpaying Your Income Tax By...

Many business owners choose to use income tax preparation software. Complete a fairly simple interview, click ‘print’ and out comes a completed return that will pass muster with the IRS. The answer to all your problems or is it? Can One Software Program Cover All Businesses? Take some time to consider the number of businesses that [...]

Get The Full Benefit of Your Federal ...

The U.S. Federal Government has created a large number of tax credits, and some tax deductions for homeowners, hybrid and alternative car purchases, and business owners. The 2005 bill can provide thousands of dollars in tax credits. Did you know that Congress passed a bill in 2005 that can provide you a tax credit ( that’s a dollar for doll [...]

1031 Exchange Escaping the Certainty ...

“In this world”, said the brilliant Benjamin Franklin, “nothing is certain but death and taxes”. While conventional medical practices proceeds to develop a cure for mortality, 1031 exchanges provide you with a valuable mechanism against the foibles of the taxman. Allowing the exchange of one property for another, thi [...]

4 Reasons People Get Into Trouble Wit...

You don’t want to mess with the Internal Revenue Service. Just one small mix-up when dealing with your finances can financially impact you tremendously. For instance, in recent years the IRS has decreased its filing of levies, liens and wage garnishments. However, in 2013 alone, approximately 1.7 million levies were filed, which is st [...]

3 Tax Tips for Keeping Proper Records...

The last thing most people think about when starting a business is doing taxes. But proper income tax planning will make doing your taxes much easier – and keep the IRS happy! Here are 3 simple tax tips for keeping proper records: 1. Whenever you buy anything for your business, keep the receipt! Not only will this make record keeping a [...]