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Have you over looked these 2006 tax deductions?

By: Academix Tax Planning Views: 2844 | Comments: 0 | Votes: 0

Telephone tax refund – This is a one-time refund and many taxpayers are not aware of its existence. Married couples, with no children, can receive a $40 refund. Those with one child can claim $50 & those with two, $60. If you kept your phone bills for the last three years and the telephone excise tax on your invoices exceeds these credits, you can apply the actual amount. More

DOWN, BUT NOT GONE: QUICK TAX REFUND LOANS, CONTINUE TO GOUGE TAXPAYERS

By: Frugal World Tax Planning Views: 3398 | Comments: 0 | Votes: 0

New figures reveal that RALs drained about $960 million in loan fees, plus over $100 million in other fees, from the wallets of nearly 9.6 million American taxpayers in 2005.“Taxpayers can save themselves over a billion dollars by just saying ‘no’ to quick tax refund loans,” says NCLC staff attorney Chi Chi Wu. For that year alone, about 1 in 13 tax returns involved a RAL. More

IRS calling with phone bill tax refund: It's for you

By: Lew Sichelman Tax Planning Views: 2695 | Comments: 0 | Votes: 0

Taxpayers are due a onetime federal excise tax refund credit of $30 to $60 – or possibly even more – on their 2006 federal returns, according to the Internal Revenue Service. The refund is intended to compensate people who have been charged an excise tax on their phone bills. But when they went to flat-fee phone services, they continued to levy the tax. United Feature Syndicate More

Warning Against Refund Anticipation Loans (RALs), What exactly is a refund anticipation loan?

By: Kyana Martin Tax Planning Views: 2527 | Comments: 0 | Votes: 0

It is estimated that low income families spent nearly $1 billion last year for refund anticipation loans. As tax season approaches, I wanted to warn you “saving savvy” taxpayers that no matter how strapped for cash you may be, it doesn’t pay to borrow your own money. These are avoidable tax-time expenses. RALs are high cost bank loans secured by the taxpayer’s expected refund. More

Recordkeeping Requirements, How long should you keep tax records?

By: Yolanda Trimble Tax Planning Views: 1955 | Comments: 0 | Votes: 0

Suggested Holding Periods for Tax Records:1. It is a good policy to save copies of your 1040 and supporting schedules indefinitely.2. The IRS requires record retention as long as they are important for Federal Tax law. Keep ALL--bank statements, checks, receipts and other financial records for at least three years, especially those documents that will support your tax return figures.4. More

Telephone Tax Refund

By: Peter Suhai Tax Planning Views: 2275 | Comments: 0 | Votes: 0

It is available to anyone who paid such taxes on landline, wireless, or Voice over Internet Protocol (VoIP) service.Why is the government refunding these taxes?Several recent federal court decisions have held that the tax does not apply to long-distance service as it is billed today. 28, 2003 and before Aug. 1, 2006. 28, 2003 and before Aug. It is also the easiest way to get a refund. More

Baby Life Insurance

By: Art Of Saving Insurance Views: 1838 | Comments: 0 | Votes: 0

The birth of a child can change a parent’s perspective on many things—work, family, career, and even small things like vacations, holidays, hobbies. Priorities can shift. Aspirations can morph into something new and unexpected. Even time can take on new dimensions. Suddenly it becomes easier to visualize the future. Like a child, quality investments need time to grow and mature. More

Which Life Insurance Policy Should You Buy

By: Art Of Saving Insurance Views: 2072 | Comments: 0 | Votes: 0

Which life insurance policy should you buy? You will at some time in your life come to the conclusion that you need to buy some life insurance. You have a pretty good idea how much you need but deciding which life insurance policy is best for your particular need is another question. There are many to choose from. Some are small and cozy and seem to just ooze family. More

Occupational Accident Insurance For The Best Protection

By: Art Of Saving Insurance Views: 1942 | Comments: 0 | Votes: 0

Accidents and hazards are part of our day to day life, and they are sometimes related to our occupation as well. You may suffer from an accident while performing your job. Such accident may result in your untimely loss of life, or temporary or permanent disability. While most hazards can be foreseen, accidents occur without warning. More

Boat Insurance is a Must

By: Art Of Saving Insurance Views: 2025 | Comments: 0 | Votes: 0

There are many issues to consider when insuring a recreational boat. Many people view boating as a fun sport and don't consider there to be enough risks associated with boating to make insuring the boat very important.First of all, do you need to be reminded that we live in a litigious world? Wherever you go, accidents can happen and boating is certainly no exception. S. S. More