Four Types of Income Exclusions

Income Exclusion #1 – Excluding Gain Realized Appreciation of Personal Residence This tax rule makes home ownership a must. If you sell your home at a gain that was your primary residence 2 of the past 5 years, you can exclude up to $500,000(jointly owned) of the residence gain. If the gain is owned by […]

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Bureaucrats, Taxes and Income

As we all have come to be aware, taxes are our single largest expense in our lives. Our hard earned tax dollars go to bureaucrats that find many creative ways to spend it as well as many creative ways to continue taxing us.  As we all have come to be aware, taxes are our single […]

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Tips to Reduce Your 2006 Income Taxes in 2007!

Income taxes are a substantial burden for business owners and real estate investors.  There are few actions which can reduce your 2006 taxes after December 31, 2006.    This article summarizes four options for reducing your 2006 federal income taxes during 2007.  These include reducing revenue, increasing real estate depreciation, increasing expenses by conducting a fixed […]

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