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Tax Planning

Liberty Tax Planning Articles


A Tax Reform Update 

A Tax Reform Update

Article Description:

With the passage of the American Taxpayer Relief Act of 2012 (ATRA) in January 2013, the marginal income tax rates for individuals of 10%, 15%, 25%, 28%, 33%, and 35% on income at or below $400,000, which were set to expire at the end of 2012, are permanently extended. A new rate of 39.6% is added for taxable income over $400,000 for single filers, $425,000 for head-of-household filers and $450,000 for married couples filing jointly, and $225,000 for married couples filing separately.

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Does Your Vehicle Donation Qualify as a Tax Deduction? 

Does Your Vehicle Donation Qualify as a Tax Deduction?

Article Description:

Donating a vehicle is a great way to benefit a charity and reduce your tax liabilities. As with most tax benefits, however, Internal Revenue Service (IRS) regulations apply. Following the rules can help ensure that you receive a tax deduction for your good deed.

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Mortgage Points: Rules for Deduction 

Mortgage Points: Rules for Deduction

Article Description:

When it comes to mortgages, it’s easy to be confused about whether a homebuyer may take a full tax deduction for “points”—a portion of the loan amount of usually one, two, or three percent—paid to his or her mortgage lender. Generally, because points are prepaid interest, you must deduct them over the term of the mortgage. However, the Internal Revenue Service (IRS) states that points are deductible in the year of actual payment, as long as all of the following conditions are met.

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Tax Audits: What You Should Know 

Tax Audits: What You Should Know

Article Description:

For many taxpayers, the words “tax audit” can produce feelings of anxiety. It may put you at ease to know that the Internal Revenue Service (IRS) audits only slightly more than 1% of all tax returns. So, why all the concern? Not knowing the factors that can trigger an IRS audit often contributes to high levels of anxiety.

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Tax Tips from the IRS 

Tax Tips from the IRS

Article Description:

Even with the best intentions, filing taxes often becomes an event that is put off until the very last minute. For those who are not accountants, tax laws can be confusing, leaving many unsure of what they may deduct, and how they should file. However, according to the Internal Revenue Service (IRS), the process can be simpler than you may think. Here are 10 tax tips direct from the IRS designed to make your filing easier than ever.

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The Basics of Tax Basis 

The Basics of Tax Basis

Article Description:

You probably know that when a capital asset is sold for profit, it is subject to a capital gains tax. But, did you know that how you acquired the property, and what you have done with it since acquisition, will affect the determination of “basis” and, ultimately, the “gain” on which the tax is paid? Here’s a closer look at basis and how it can affect capital gains.

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The Early Bird May Get Tax Savings 

The Early Bird May Get Tax Savings

Article Description:

Have you ever dropped your tax return in the mailbox just before the stroke of midnight? After just making the deadline, you may have sworn to begin earlier next time. Next year, you vow, things will be different, and you promise yourself that you will start your taxes far in advance. Even if the April deadline seems a long way off, the best time to begin your tax reduction planning is well in advance of filing. Fulfill your goals by taking advantage of these tax-saving tips, and possibly help those less fortunate in the process.

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