Tax Reduction Tips

Written by Richard A. Chapo


Continued from page 1

Tsunami Relief Contributions Paid in 2005

Millions of Americans contributed to charitable organizations providing relief to Tsunami victims. Typically, charitable contributions are deducted inrepparttar year they are made. New legislation, however, allows you to deduct Tsunami contributions you made in January 2005 on your 2004 tax returns. Alternatively, you can wait and deductrepparttar 111861 donation on 2005 returns. Unfortunately, you cannot deductrepparttar 111862 contribution on both!

Sales Tax Deduction

If you itemize deductions, you have a choice of deducting your state and local income taxes OR your state and local sales tax. This option is available forrepparttar 111863 2004 and 2005 tax years. If you live in a state that does not collect income tax,repparttar 111864 optional sales tax deduction should be claimed for significant tax savings. See IRS Publication 600 for more information.

Deduction for Discrimination Lawsuit Costs

If you were required to pay attorney’s fees and court costs associated with a discrimination lawsuit, you may be able to claim a tax deduction. The deduction is available only for costs and fees incurred after October 22, 2004 in relation to a judgment and settlement. The deduction is not limited byrepparttar 111865 alternative minimum tax. Realistically, this deduction will be more viable forrepparttar 111866 2005 tax year, but a few taxpayers may be eligible this year.

There are numerous deductions and credits available if you takerepparttar 111867 time to look for them. Taxes can be confusing, but repparttar 111868 savings justifyrepparttar 111869 time and effort of finding all available deductions and credits.

Richard Chapo is CEO of http://www.businesstaxrecovery.com - Obtaining tax refunds for small businesses by finding overlooked tax deductions and credits through a free tax return review.


What Is A Payment Protection Plan?

Written by John Mussi


Continued from page 1

In cases of a joint loan application, a joint Payment Protection Plan can be offered then you and your partner will both haverepparttar reassurance that if either of you should be faced with redundancy, illness or have an accident, your repayments will be made for you. Applying for a Payment protection Plan could not be easier. There are no medical examinations required and as long as you are aged between18-59 you will be accepted automatically.

You may freely reprint this article providedrepparttar 111860 author's biography remains intact:

John Mussi is the founder of Direct Online Loans who help UK homeowners find the best available online loans via the http://www.directonlineloans.co.uk website.




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