Tax Relief

5 Overlooked Tax Deductions from Turbo Tax

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5 Overlooked Tax Deductions from TurboTax

According to TurboTax, 51 million tax payers itemized their deductions in 2007 claiming over 1.33 trillion in tax deductions. While 91 million tax payers claimed the standard deduction and reduced their taxes by 654 trillion. Now the numbers do look very good for the standard deduction tax payers but if you don’t look at both deduction methods when preparing your taxes, you could be missing out on some very good deductions.

For five often overlooked federal tax deductions look at state sales taxes paid, reinvestment dividends, charitable contributions, student load interest, and moving … Read more at 2009 Tax.

How To Maximize After-tax Returns

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How To Maximize After-tax Returns

In order to keep taxable distributions from mutual fund distributions to a minimum, you must take into consideration tax-efficient funds for your investment portfolio.

In the context of tax-efficient investment, what is more significant than what you earn is what you can keep. The goal is to maximize your after-tax returns. The tax efficient mutual funds make applications to investments outside of IRAs, 401(k)s and other tax-deferred accounts.

T. Rowe Price, a renowned global investment management firm, opines that tax-efficient mutual funds are gaining fast popularity even in the face of deductions in tax … Read more at 2009 Tax.

7 Steps To Reduce Your Tax Related Stress

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7 Steps To Reduce Your Tax Related Stress

If you have your own business what may haunt you most is the stressful task of filing your tax returns at the end of the year. Every year brings you the harrowing experience of piling up your financial documents and preparing your tax return. It adds to your worries if you have earnings in other countries as well, as you need to file your tax return from those countries as well.

Here are seven gradual steps that will certainly minimize your tax returns related hassles.

  1. Maintain your accounts accurately. Buy a ruled

… Read more at 2009 Tax.