Not all "income" is taxable

There are several sources of revenue that are not subject to income tax.

Here are the most common sources of money that are not taxed on your federal income tax return:

Make retirement plan contributions early

With retirement plan contributions, it's the early bird who maximizes tax-deferred earnings.

Mortgage Interest Deduction OK for Non-Homeowner

I thought some readers of my blog might be interested in this fairly common topic, for which I did some research.  I see if commonly where a parent buys a home in their name, and more improtantly, using their credit, the a child lives in the home and makes ll the mortgage payments.  Typically, a non-owner cannot take the deduction for the mortgage interest paid and real estate taxes... this discusses the basis of law for which this deduction for the child may be possible...

1099 Preparation Reminder!

Form 1099s must be filed by businesses each year.

Here is a quick look at 2015 tax rates and their associated income levels. Use this information to help prepare for your tax situation this year. Using your 2014 tax information, you can plan for your tax obligation next year starting now.

Don't forget that tax payers in the higher income levels are also subject to an additional .9% Medicare surtax as part of the Affordable Care Act. This will impact those with incomes over: