Monthly Archives: March 2012

Can You Take the Child Tax Credit?

If you have a qualifying child under the age of 17, you may be able to take the Child Tax Credit. Here's what you need to know. 1. Amount. With the Child Tax Credit, you may be able to reduce your federal income tax by up to $1,000 for each qualifying child under age 17.…
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It’s Not Too Late to Make a 2011 IRA Contribution

If you haven't contributed funds to an Individual Retirement Arrangement for tax year 2011, or if you've put in less than the maximum allowed, you still have time to do so. You can contribute to either a traditional or Roth IRA until the April due date for filing your tax return for 2011, not including…
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Using a Car for Business? Grab These Deductions

Whether you're self-employed or an employee, if you use a car for business, you get the benefit of tax deductions. There are two choices for claiming deductions: Deduct the actual business-related costs of gas, oil, lubrication, repairs, tires, supplies, parking, tolls, drivers' salaries, and depreciation. Use the standard mileage deduction in 2012 and simply multiply…
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