
It’s almost tax season, and this year all Americans have a little more to deal with than they have in the past. That’s because of new laws such as the Affordable Care Act, which are going to change up a few parts of the tax code and lead to some new forms and different circumstances.
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Alternative Minimum Tax: Common Questions (via TurboTax) AMT Concerns Growing Each year, more and more taxpayers discover, to their dismay, that they are subject to the Alternative Minimum Tax (AMT), which knocks out a lot of exemptions, deductions and credits…
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Tax Tips After January 1, 2013 (via TurboTax) If you think your tax bill is chiseled in stone at the end of the year, think again. Though it’s true that most money-saving options to defer income or accelerate deductions become…
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Tax season pressure may tempt you to accept the standard tax deduction, rather than exploring the potential benefit of itemizing your deductions. To figure out whether itemizing would be profitable for you, you need to determine whether the allowable expenses…
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Real Estate Tax and Rental Property (via TurboTax) Consider this scenario: After buying a condo and living in it for several years, Sue meets Steve, marries him and moves into his house. Because the rental market in their area is…
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Filing an Income Tax Extension (via TurboTax) If you can’t complete your 2012 federal tax return by the April 15, 2013 deadline, you can buy yourself more time. Just file an extension to push the deadline back six months to…
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TurboTax Canada 1) Claim extra school related costs. You’ll receive a T2202 slip for your official tuition expenses from your post-secondary institution, but if you incurred additional expenses while attending school you may be eligible to deduct those expenses on…
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