2009 Tax to 2018 Tax

Free Tax Filing Options – Investment Rates

Little Deductions You May Miss

You need to know what deductions may be possible even when you hire someone else to do your taxes. A quick look over the tax codes on the IRS.gov website will help you determine all of the deductions you need to be considering.

Top Deductions that are Missed

1.     Expenses that are NOT reimbursable by the company. Any expenses that are incurred during the tax year and that are considered ordinary and necessary for your industry can be used as a deduction on your taxes (at least a portion).

a.     Depreciation on work computers

b.     Dues paid to professional societies… Read more at 2009 Tax.

Retirement Plans; A Roth IRA

A Roth IRA is a retirement plan which is taxed upon contributing funds to the account, and not taxed as money is taken out. Listed below are the Rules for a Roth IRA along with some of the advantages and disadvantages.

To be eligible to have a Roth IRA an individual must be below a certain tax bracket. More appropriately the ability to contribute to a Roth IRA phases out at certain income levels. Also the ability to withdraw funds from a Roth IRA tax free is dependent on two factors. First the fund must be at least five years Read more at 2009 Tax.

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