Comments on: My Six Biggest Tax Deductions for 2006 http://www.bargaineering.com/articles/my-six-biggest-tax-deductions-for-2006.html personal finance blog with anecdotes, advice and commentary. Sun, 08 Nov 2009 00:35:16 -0500 http://wordpress.org/?v=2.8.5 hourly 1 By: fivecentnickel.com http://www.bargaineering.com/articles/my-six-biggest-tax-deductions-for-2006.html/comment-page-1#comment-51355 fivecentnickel.com Mon, 18 Dec 2006 04:16:56 +0000 http://www.bargaineering.com/articles/my-six-biggest-tax-deductions-for-2006.html#comment-51355 <strong>Weekly Roundup - 12/15/06</strong> Here’s a quick look at some of the personal finance articles that caught my eye over the past week. Jim talks about his six biggest tax deductions of the year. FMF talks about the types of insurance that you need. Flexo is amongst the wealthiest 10... Weekly Roundup – 12/15/06

Here’s a quick look at some of the personal finance articles that caught my eye over the past week.

Jim talks about his six biggest tax deductions of the year.
FMF talks about the types of insurance that you need.
Flexo is amongst the wealthiest 10…

]]> By: BryanD.M.M. http://www.bargaineering.com/articles/my-six-biggest-tax-deductions-for-2006.html/comment-page-1#comment-50859 BryanD.M.M. Sat, 16 Dec 2006 05:16:08 +0000 http://www.bargaineering.com/articles/my-six-biggest-tax-deductions-for-2006.html#comment-50859 You can trake a deduction on your motor home intrest.. You can trake a deduction on your motor home intrest..

]]> By: Joe http://www.bargaineering.com/articles/my-six-biggest-tax-deductions-for-2006.html/comment-page-1#comment-50120 Joe Thu, 14 Dec 2006 04:58:22 +0000 http://www.bargaineering.com/articles/my-six-biggest-tax-deductions-for-2006.html#comment-50120 You forgot state and local taxes too. You forgot state and local taxes too.

]]> By: jim http://www.bargaineering.com/articles/my-six-biggest-tax-deductions-for-2006.html/comment-page-1#comment-50104 jim Thu, 14 Dec 2006 03:42:12 +0000 http://www.bargaineering.com/articles/my-six-biggest-tax-deductions-for-2006.html#comment-50104 Yeah I saw that, I wonder when that "kicks in." Yeah I saw that, I wonder when that “kicks in.”

]]> By: Dus10 http://www.bargaineering.com/articles/my-six-biggest-tax-deductions-for-2006.html/comment-page-1#comment-50006 Dus10 Wed, 13 Dec 2006 21:45:21 +0000 http://www.bargaineering.com/articles/my-six-biggest-tax-deductions-for-2006.html#comment-50006 In the latest last minute tax bill that was passed by the ending Republican-controlled Congress, they included a provision that allows you to deduct payments toward PMI as normal mortgage interest. I am not sure if this will be in effect for your 2006 year, though. Luckily, I don't pay PMI, so no love more me (but it is better that way). In the latest last minute tax bill that was passed by the ending Republican-controlled Congress, they included a provision that allows you to deduct payments toward PMI as normal mortgage interest. I am not sure if this will be in effect for your 2006 year, though. Luckily, I don’t pay PMI, so no love more me (but it is better that way).

]]> By: Foobarista http://www.bargaineering.com/articles/my-six-biggest-tax-deductions-for-2006.html/comment-page-1#comment-49986 Foobarista Wed, 13 Dec 2006 18:00:20 +0000 http://www.bargaineering.com/articles/my-six-biggest-tax-deductions-for-2006.html#comment-49986 Don't forget state and local taxes; if you're deducting mortgage interest, you must be itemizing, so you can deduct property taxes, state and local income taxes (minus last year's state tax refund, if any), some types of license and car registration fees, etc. Don’t forget state and local taxes; if you’re deducting mortgage interest, you must be itemizing, so you can deduct property taxes, state and local income taxes (minus last year’s state tax refund, if any), some types of license and car registration fees, etc.

]]> By: jim http://www.bargaineering.com/articles/my-six-biggest-tax-deductions-for-2006.html/comment-page-1#comment-49965 jim Wed, 13 Dec 2006 14:23:04 +0000 http://www.bargaineering.com/articles/my-six-biggest-tax-deductions-for-2006.html#comment-49965 Ahhh! Good catch Chris, my friends have been talking about this one a lot lately (everyone has a cell phone) and I wrote about it back when they first announced the safe harbor amount, I hope this is built into TurboTax/TaxCut as a question. Ahhh! Good catch Chris, my friends have been talking about this one a lot lately (everyone has a cell phone) and I wrote about it back when they first announced the safe harbor amount, I hope this is built into TurboTax/TaxCut as a question.

]]> By: ChrisCPA http://www.bargaineering.com/articles/my-six-biggest-tax-deductions-for-2006.html/comment-page-1#comment-49963 ChrisCPA Wed, 13 Dec 2006 14:17:17 +0000 http://www.bargaineering.com/articles/my-six-biggest-tax-deductions-for-2006.html#comment-49963 This year there is a little known small tax credit available to virtually EVERYONE for an excise tax charged by the federal government to us on our past telephone bills for long-distane service. This is a dollar-for-dollar reduction of our taxes & here are the eligible amounts: For individuals, the credit is taken on line 71 of form 1040. Here are the credit amounts individuals get: - $30 if you file as a single person with just you as a dependent. - $40 if you file singly and claim a child or a parent as a dependent. - $40 if you file as a married couple with no children. - $50 if you file as married with one child. - $60 if you file as married with two children The maximum you can claim as an individual is $60 -- except if you have retained all your phone bills from Feb 28, 2003 through July 31, 2006, then you can claim the actual tax as it appears on your bills, as your credit (use form 8913 if you claim the actual tax). Businesses have to calculate a formula using form 8913, to determine the amount of the credit due them. The amounts may vary based on the size of the business. Sole proprietors alternatively may take the standard amounts, as below. Here is an <a rel="nofollow" href="http://blog.facteon.com/archives/smb/2006/11/take_the_federa.html" rel="nofollow">article</a> that has a little more detail on it, good luck <strong>[EDIT: Added the link]</strong> This year there is a little known small tax credit available to virtually EVERYONE for an excise tax charged by the federal government to us on our past telephone bills for long-distane service. This is a dollar-for-dollar reduction of our taxes & here are the eligible amounts:

For individuals, the credit is taken on line 71 of form 1040. Here are the credit amounts individuals get:

- $30 if you file as a single person with just you as a dependent.

- $40 if you file singly and claim a child or a parent as a dependent.

- $40 if you file as a married couple with no children.

- $50 if you file as married with one child.

- $60 if you file as married with two children

The maximum you can claim as an individual is $60 — except if you have retained all your phone bills from Feb 28, 2003 through July 31, 2006, then you can claim the actual tax as it appears on your bills, as your credit (use form 8913 if you claim the actual tax).

Businesses have to calculate a formula using form 8913, to determine the amount of the credit due them. The amounts may vary based on the size of the business. Sole proprietors alternatively may take the standard amounts, as below.

Here is an article that has a little more detail on it, good luck

[EDIT: Added the link]

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