Check 21—Proving Tax Deductions without Canceled Checks
You haven’t received cancelled checks with your monthly bank statement since 2004, so how do you prove an expense to the IRS?
Sources of Education Loans
With the average cost of a higher education increasing, families often find that they need assistance to pay for their children’s education. If a student does not qualify for scholarships or grants, the next source for funds is an education loan. Currently, over 50% of financial aid comes in the form of loans.
Getting Out of Credit Card Debt
Getting out of credit card debt takes discipline. The first step is to stop using your credit cards and incurring more debt.
Bonus Plans
A year-end bonus sounds like a good idea, but is it in the best interest for your employees and company?
Early Withdrawals from Your IRA
Although you may withdraw money from an IRA at any time, these funds are intended for retirement. To encourage you not to touch this money until you retire, the IRS imposes penalties for early withdrawals.
Mortgage Loan Application Preparation
There are several documents that you should have ready when applying for a mortgage loan. While some lenders will not require all of the documents, this list will help you be prepared.
Club Dues and Meal and Entertainment Expenses—Some are Deductible, Many are Not
Generally, club dues are not a deductible expense, but depending on the circumstances, a business meal at the club might be.
Final Tax Returns for Decedents
Even in death, you cannot escape taxes. Even after you have passed, your surviving spouse or estate need to file your final personal tax return.
Recordkeeping for Individuals—Personal Residence Tips
Keeping records and receipts for home improvements is essential as it lowers your tax basis in your home. This is most important when calculating the gain when eventually selling your home.
Refinancing a Mortgage
Homeowners refinance their mortgages for several reasons, including pulling out home equity, or to save money with a lower interest rate.