A select group of struggling mortgage borrowers are about to get an offer that sounds too good to be true. Executives at Bank of America say they will begin mailing 200,000 letters offering certain customers mortgage principal reduction. “If people get these things and toss them, they won’t be eligible,”...
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Category Archives: Money Saving
Most-Overlooked Tax Deductions
1. State Sales Taxes istockphoto Although all taxpayers have a shot at this write-off, it makes sense primarily for those who live in states that do not impose an income tax. You must choose between deducting state and local income taxes or state and local sales taxes. For most citizens...
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5 Ways to Save on Your Taxes in 2012
When it comes to filing your taxes, you might prefer to get it over and done with as quickly as possible. But if you’re not thorough, you could miss out on commonly overlooked tax deductions. For example, are you aware of the Saver’s Credit? If not, it is no surprise: Only 21percent...
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9 Warning Signs You’re About to Get Audited
The IRS is on the prowl–possibly for you. Thanks to improved detection systems and computerized checks, the IRS can more easily identify red flags that trigger audits, says Joseph Perry, a partner at Marcum LLP, a public accounting firm. “They definitely contact taxpayers more frequently,” he adds. Contact typically starts with a...
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IRS Offers Tips for Year-End Giving
IR-2011-118, Dec. 15, 2011 WASHINGTON — Individuals and businesses making contributions to charity should keep in mind several important tax law provisions that have taken effect in recent years. Some of these changes include the following: Special Charitable Contributions for Certain IRA Owners This provision, currently scheduled to expire at...
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