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Leadership Development...
is the key to 21st. Century Success in business. Harness the power of your peers to help you develop your employees, managers & successors!
| D-I-Y Strategic Planning...
allows you to make strategic decisions about your company's direction every time - all with the help of your peers!
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when your ideas are challenged and your assumptions tested, continually and strategically - by a caring group of your peers!
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2006 Tax Credits And Deductions You Should Know About
By Richard A. Chapo
As April 15th draws every closer, it is time to start thinking about how you are going to reduce your tax bill. Here are a couple of ways most people miss out.
Every year, the IRS tries to alert people to new deductions and credits available to taxpayers. Some might argue the IRS doesn’t make much of an effort, but that is beside the point. In truth, it sends out news releases and so on. Here are some of the areas where you can save on your 2006 taxes that you might not know about.
Telephone Excise Tax Refund – For the last 108 years, the IRS has collected a long distance tax. Don’t remember paying it? Well, this is because your phone service was doing it as part of your bill. Much to the embarrassment of the IRS, the tax has been ruled illegal over and over by courts. The
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<P><FONT face=Verdana,Geneva,Arial,Helvetica,Sans-Serif><STRONG>Wi-Fi around Chicago..</STRONG></FONT></P>
<P><FONT face=Verdana,Geneva,Arial,Helvetica,Sans-Serif><FONT size=2>The Daley Center between Clark and Dearborn is now (as of September 2003) a wi-fi hot zone. I have not personally connected there, but the word is </FONT><FONT size=2>that the signal around Daley Plaza and Block 37 is strong. Click <A href="http://www.xchicago.com/main/article.php?articleID=413">here</A> for more information. </FONT></FONT></P>
<P><FONT size=2>If you are outside of downtown Chicago,the UPS stores (formerly Mailbox Etc.) will have wi-fi access (for a fee) in mid-September as will many McDonalds (for a fee). <A href="http://www.computerworld.com/mobiletopics/mobile/story/0,10801,80914,00.html">UPS story</A></FONT></P>
<P><FONT size=2></FONT> </P>
IRS has finally given in. Does this mean you get a refund for the last 108 years? No. Instead, you can claim a $30 or $60 refund on your 1040. The box is line 71 on the 1040 form and line 42 on the 1040A and 1040EZ forms. Alternatively, you can go rifle through your phone bills and file form 8913. State and Local Sales Tax Deduction – Mention of this deduction may bring on a sense of déjà vu. It has been around since 2004, but was set at the end of 2005. Fortunately, it has been renewed. If you itemize deductions, you can choose to deduct the total state and local sales tax instead of the state income tax. This is a windfall for people that made big purchases such as luxury cars or live in a state where income tax is not collected such as Florida. Home Improvement Tax Credits – If you installed energy efficient products on your home in 2006, you can claim a nice tax credit. The products, such as windows, doors and appliances, have to be approved for the tax credit. The exact amount of the credit depends on the product, but can be as high as $500. While this may not sound like a lot, keep in mind tax credits are applied directly to the amount you owe the government one you figure out your taxes. This dollar for dollar reduction makes them much more valuable than a mere tax deduction. As we head full steam into the tax season, most people start to worry about filing their taxes. If you keep the above credits and deductions in mind, it should prove to be less painful. Article Source: http://www.Article-Warehouse.com Richard A. Chapo is with BusinessTaxRecovery.com - providing information on taxes.
Here are some more estate planning articles...
How The Tax Break From Car Donations Works
By Brad Davis
2006-05-18 Have a car or a truck that you want out of your garage? Want to get that heart warming feeling of having helped the needy? And Read more...
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Finding The Best Real Estate Agent For You
By Kris Koonar
It is imperative to find a good real estate agent in order to make the transaction process smooth and hassle free. It is not necessary that the largest amount of brokerage fee would necessarily fetch Read more...
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What Does It Take To Pay Zero Taxes?
By Wayne M. Davies
How many times have you heard someone say, "I don't pay any taxes. My accountant takes real good care of me . . . I haven't paid a dime in taxes in years." Does that outrageous statement Read more...
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The-boom--real-estate-and-lending
By Robert-Do-Williams
The current worldwide boom in residential real estate prices is "the biggest bubble in history," according to a disturbing new report in the Economist magazine. In spite of the scams, rising prices Read more...
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The strategy for protection and disposal of one's assets at death. Includes writing a will, establishing trusts, naming an executor, etc.
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