Tax Help-Controlling the Due Date for Taxes

Posted: 20 Apr 2008

Tax Help:Controlling the Due Date for Taxes

Although your former grade school teachers may not want to hear it, putting something off can sometimes be a good idea.

Putting it another way, “justice delayed” may be “justice denied,” but taxes delayed can be taxes minimized!

The idea that we’re trying to convey is that it’s usually worthwhile to delay the due date for your tax liability, if you can do so legally. This is true even if you figure that you’ll be in the same tax bracket in all relevant years. What you gain is the use of your money for a longer period of time. The advantage may be as little as passbook earnings on the money, or as much as the growth resulting from a needed investment of money or equipment… Continue reading

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Spending Your Tax Refund

Posted: 11 Apr 2008

How To Spend Your Tax Refund

If you are one of the millions of Americans expecting a tax refund this year, you may be asking yourself, “How do I spend my refund?” Your first impulse may be to spoil yourself by using the refund to buy something you want instead of something you need. By spending your refund wisely instead of carelessly, you can put the money to good use.To make the most out of your refund, consider the following money-smart suggestions.

Pay Credit Cards

By making an extra payment or paying more than usual, you can reduce the balance… Continue reading

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What is the Difference Between Tax Deduction and Tax Credit?

Posted: 19 Jan 2008

The beginning of 2008 is a time to reflect on the previous year and plan for the future, which is a fun and inspiring thing to do. However, it is also that time of year when you have to start paying your taxes as part of your planning. The first step is to prepare for it, and that includes understanding the difference between a tax credit and tax deductions.

The simple explanation is that deductions lower your taxable income and credits lower your taxes. An example of a deduction would be charity donations. If taxpayers donate cash or property to qualified non-profit organisations, especially a sizeable amount, these are tax deductible. Which means you can apply for the money back on your forms.

Home mortgage interest can also be deductible from tax… Continue reading

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