Category Archives: exemptions

federal tax exemptions

IRS Revokes Nonprofit Tax Exempt Status

The Internal Revenue Service (IRS) has made changes to the nonprofit tax exempt status of agencies that are not for profit in the 445 area who have not filed required tax forms for three consecutive years now. This move has made it impossible for donors to claim deductions on their federal income taxes 2010 for donations given to these organizations.

About 275,000 local agencies all over the country have been affected by this IRS policy move, though according to the federal agency most of these agencies are not operating. A list of the affected agencies is available on the revoked … Read the rest

What are the Best Property Investment Options?

Some of the best options in the real estate and property investment markets today happen to be in rental, leasing and lease-to-own options, as there are a surplus of cheap homes all around the country, but the sales rates are still lagging behind.  This is due to a wide range of reasons, including the desire to avoid more debt, liability and expense, just to name a few.  The economy and housing markets are on the mend, although it is a slow mend, and the outcomes of these options are particularly beneficial to owners and tenants.


The lease-to-own option, while … Read the rest

Green Tax Deductions

There are numerous ways in which you may recognize savings by way of green tax deductions. By making certain eco-friendly choices regarding your purchases or certain home modifications, you may be eligible for tax benefits while at the same time doing something good for the environment. Not only might the environment and your pocketbook be thanking you for your efforts, but you may be improving your home and lifestyle in the process. In many instances, you could be saving 30% of the cost of your purchases or up to a total tax credit of $1500, although certain purchases may … Read the rest

Exemptions and Dependents 101

Exemptions and Dependents 101

When preparing your federal 2009 tax return for filing, make sure to know the basic rules about exemptions and dependents. Understand what happens when someone claims you as a dependent or how exemptions affect your return. Your refund will be affected by all these conditions.

To begin with, when someone claims you as a dependent you may still need to file a return. Depending on your income, your filing status, special tax situations, or Advanced Earned Income you will need to file a return to the IRS. Check Publication 501 for exact details about … Read the rest