Tax Refund Loans
February 27th, 2010 by carla_guillermo
What are tax refund loans, you might ask. These are the loans you get when you anticipate of getting a tax refund. So is this a good thing or not? Better read on. When a tax preparer offered you this kind of convenience you better have the idea on how much this might cost. One thing is for sure, they have nothing to lose because you will have a refund soon. So you better opt for this one if you need the money immediately because it cost a lot just like having payday loans because of fixed fees and interest. It is also relatively small that can be directly deposited to your bank account.
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IRS Introduces Five Tax Changes
February 26th, 2010 by aclazaro
Compared to last year, there are a few tax rules that were modified which you might notice on your 2009 return. Here are the five topping them:
1. Expanded IRA Deduction – If your 2009 qualified gross income is less than $65,000 or $109,000, married and have a joint return filed as well as have retirement plan covering you, then you qualify for IRA deduction.
2. The American Recovery and Reinvestment Act – ARRA provides a great leeway as tax incentives for people who are starting anew like buying a house for the first time, buying a new car, paying for college and the unemployed receiving compensation.
3. Rates for 2009 Standard Mileage – This applies to vehicles for business utilization (55 cents/mile) and vehicles operated for medical purpose (24 cents/mile).
4. Tax Adjustment for Children – $1,900 is the adjusted amount of taxable investment income at the parent’s rate provided for a child not subject to tax.
5. Majority Taxpayers Increase in Standard Deduction – All basic standard deductions have been increased for 2009 considerably as follows: $8,350 for household heads, $5,700 for separate filing returns for both married and single individuals, and $11,400 joint filing returns for married couples and widows/widowers.
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Agents’ Commissions Head Down As Rates Go Up
February 16th, 2010 by aclazaro
Bloomberg and RealTrends revealed a recent study that showed the commission of real estate agents to go down as a consequence of the value crash of the real estate value system. What surprised everyone is this occurrence of such a scenario despite the increase of the broker fees.
So what is the reason behind the raising of rates of the agents regardless of their deep need to have customers? From 2003 to 2005, agents bid for listings as competition gets tougher and tougher. But when the boom came to a halt, the good agents stopped the bids. They realized they were not prepared yet for the luxurious listings, financially in that sense.
Another possible reason for the lowering down of commissions is the tax credit for the home buyers for the first time. This also led to the sales increase of the averaged priced home units.
Top Three States with Low Property Tax
December 24th, 2009 by msj484When people are about to reach retirement, a lot of concerns are bound to come to mind. One very important consideration retirees make nowadays is the choice of staying in the current state where they are living or relocating to another state that offers low income and property tax.
It would be wise to think about these things early on, considering that entering the retirement age not only means fixed income but it also translates to having more health concerns considering the ages of the retirees. Although this may not be the case all the time, it is still wise to hold on to your retirement money and save it for future use, when your health starts to fail.
If you are seriously considering moving to another state with lower income tax and property tax, these are the top three states you may want to consider, according to the Office of the CFO in Washington, D.C.
- Alabama
- Wyoming
- Arizona
Remember, the more extensive your research, the better for you.