The IRS Deductions Blog

Archive for the ‘List of Tax Deductions’ Category

It’s no great secret that the homes that most prospective buyers are looking to buy are ones that they don’t feel that there is a lot of work that needs to be done in upgrading. With the available tax credits right now there are some very affordable upgrades that you can make to your home now with an eye both for saving money while you live in the home and to add value to draw in buyers if you chose to sell later on.

If your house is older than 20 years old, it might have what we would consider now to be very substandard levels of insulation. In recent years the required R-value for insulation in a home increased to much higher levels than they had been at in decades previously. If you are unsure about how much insulation that your home has you can measure the thickness of insulation in your attic and in your crawl space or basement ceiling. If you have questions regarding the recommended level of R-value that your area needs, you can look up the information at the US Dept. of Energy website.

If you need to add insulation to your attic floor or crawlspace ceiling, the easiest way to do that is with fibreglass batting. Because it comes in large fluffy pieces, it’s relatively easy to handle, though you do need to protect your skin and respiratory system from the little slivers that it can shed. Make sure that you add a vapour barrier if there isn’t one installed already that you can reuse; wet insulation doesn’t provide any protection at all.

To add insulation to the outer walls of your home it is easiest to contact a professional about having insulation blown in. This is the least invasive method of getting the insulation into your walls. Blown in insulation can have an even higher R-value than fibreglass batting if it’s installed correctly.

Remember to keep your receipts from all of your purchases; the current tax incentives will cover at least a portion of your insulation and vapour barrier costs. This can significantly reduce the cost of your project.

Having an extra layer of insulation in your home can significantly reduce the amount of heat that your home loses in the winter and also the amount of heat that is gained during the summer. Like so many other home improvement projects, this one adds value to your home while making it cheaper to live in and also makes it more appealing for prospective buyers in the future if you choose to sell.

Items on Amazon Right Now for Tax Deductible Receipts:

The Gloucester County Times

Gift-giving during the holiday season means out with the old and in with the new. As a result, local Goodwill stores are seeing a constant stream of toys, clothes and household items reach their donation centers.

HOCC CHARITY FUND + KIEHL’s vblog

Items on Amazon Right Now for Tax Preparation Tax Deductible:

What’s going on at the Irvine senior centers

Lakeview Senior Center is at 20 Lake Road at Alton Parkway in Woodbridge. Information: 949-724-6900. Rancho Senior Center is at 3 Ethel Coplen Way, near Rancho San Joaquin Golf Course. Information: 949-724-6800. NEW YEAR’S RESOLUTION Get a fresh…

Online Tax Return – Fast Tax Refund – Free E-File

Question: What is a reasonable price for the poster 36 x 36″ listed in the very bottom line of http://www.youvan.com ?

The site is otherwise free. It is yet to be incorporated, nonprofit, so there is no tax deduction for a buyer. The prints would be serialized 1/100 … 100/100 and signed.

Answer: I’ve seen you asking about this earlier. Frankly, it’s something interesting for some people to look at when you know the idea behind it, but selling posters of it won’t be a big seller in my opinion. It might be more marketable as a graphic design for a CD cover for a band for instance, or a logo for a company, etc. Even those ideas are iffy. Give it a shot though, you never know. Good Luck.

Items on Amazon Right Now for Free List Of Tax Deductions:

How to Start Freelancing (Without Quitting Your Job) [Career]

Got a job that’s totally boring but pays the bills? Hold onto it. But don’t use it as an excuse NOT to go after your dream of being self-employed doing something you love. A common misconception…

Does The Reverse Funnel System Work? | Golf Analogy |

Overall picture

Singapore has been consistently ranked favourably as one of the best places to do business in the world, and this comes as no surprise. In the latest Doing Business Project 2009 undertaken by the World Bank Group, Singapore came out tops in several categories.

The categories that Singapore was ranked first included:

* The ease of doing business

A high ranking on the ease of doing business index means that the regulatory environment is conducive to the operation of a business. Also, the Singapore economy is based on free enterprise, with no restrictions on foreign ownership of business.

* Employing workers

Employing workers measures the flexibility of labour laws among various countries over the world. It examines the difficulty of hiring a new worker, rigidity in terms of working hours and problems faced while dismissing a worker.

* Trading across borders

This ease of trading across borders criteria includes documentation, time and cost to export and import. Singapore is also ranked first for having the most open economy for international trade and investment by the World Economic Forum.

Taxation

Singapore is business friendly and an ideal country for company formation because of the ease with which taxes can be filed and paid, and also its low corporate tax rates relative to many developed economies in the world. From Year of Assessment 2010 onwards, the corporate tax rate of Singapore is to be 17%, just 0.5% higher than that of Hong Kong – Singapore’s closest competitor in the Asia region.

However, the effective tax rate is significantly lower than most of the countries, if not all the countries, in the region. With a further reduction in the 1% from 18% to 17% in corporate tax rate, it will enhance Singapore’s appeal to attract investment dollars.

In addition, the Singapore Government has been actively trying to encourage the growth of a knowledge-based economy and have in place a myriad of tax incentives – thereby lowering the effective tax rates of companies. Some of the tax incentives schemes handed out by the Economic Development Board of Singapore (EDB) include:

* Pioneer Industries

The EDB may grant pioneer incentive to an approved industry which is not being carried on in Singapore on a scale adequate to the economic needs of Singapore, and for which there are favourable prospects for development. The tax relief period of a pioneer enterprise shall commence on its production day and shall continue for such period, not exceeding 15 years.

* Pioneer Service Companies

Similar to the Pioneer Industries scheme, it is granted to services which fall under the list of ‘qualifying activities’. These include any engineering or technical services such as laboratory, consultancy and research and development activities, computer-based information and other computer related services, the development or production of any industrial design and such other services or activities as may be prescribed.

* Development & Expansion Incentive

A tax relief period of up to 10 years as the Minister may determine not exceeding 5 years for each period may be granted upon approval to the manufacturing or increased manufacturing of any product from any industry that would be of economic benefit to Singapore.

* Enhanced Tax Deduction for Research & Development (R&D) expenses

Where a taxpayer directly carries out qualifying R&D activities in Singapore, he can claim a further deduction of 50% of the amount of qualifying R&D expenses incurred. This is in addition to the 100% deduction he can claim for such expenditure.

Treaties and Agreements

Currently, Singapore has signed 18 free trade agreements (FTAs) with many of the world leading economies including the United States of America, Japan, Korea, and China. There are also 5 on-going FTA negotiations, with countries like India and Mexico. In the words of International Enterprise (IE) Singapore, these FTAs act as “superhighways that connect Singapore to major economies and new markets”. The FTAs have lowered the cost of doing business by reducing or eliminating tariffs, easing investment rules, and enhancing intellectual property regulations.

On the tax front, Singapore has also concluded many Double Taxation Agreements (DTAs) with other jurisdictions. This provides certainty to businesses regarding when and how tax is to be imposed, thereby reducing compliance costs. DTAs also allow companies to claim for relief of taxes paid overseas. To date, Singapore has signed and ratified comprehensive DTAs with 60 countries, 7 limited treaties and 4 more which are signed but not ratified.

In essence, with efficient planning and structuring, Singapore is a great jurisdiction for company incorporation, as it results in a higher net profit after tax. The efficient economy, good infrastructure, skilled workforce and sound economic policies in place has certainly boosted Singapore’s reputation an ideal jurisdiction to do business in.

Items on Amazon Right Now for Tax Deduction List 2009:

10 ways to become financially fit in 2010

Breathe a sigh of relief. The financial rocky road of 2009 is over. USE, don’t lose, those new gift cards. Most gift cards cannot have expiration dates or fees, unless clearly stated on the card itself.

Death and Taxes – TaxSlayer.com

Question: List of Dentists or Organizations that Do Charity Dental Work?

Does anyone have a list of organizations or dentists who do charity dental work?

I am on the board of a nationwide organization that helps formerly homeless women with children get employment and get back on their feet. Many of them have dental issues (with no insurance) and the cost to fix their teeth is prohibitive.

One example: a woman had her two front teeth knocked out by an abusive husband. She left him and is doing well, but is having difficulty finding a job because she has teeth missing. You can not imagine how this is affecting her self-esteem. We encounter hundreds of women like this all the time.

Does someone know any dentists or organizations that can provide tax-deductible charity dental work? Material costs can be covered.

Can someone help?

Answer: “Give Back A Smile” is a programme which provides charitable dental work for survivors of domestic abuse. The link is below.

Items on Amazon Right Now for Tax Deductible Charities List:

Contributors to this year’s Wish Book

Readers respond to this year’s Wish Book.

Songs you should listen to: Cold War Kids – We Used to Vacation