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Mshale Finance

• Should You File a Tax Return?
  You must file a tax return if your income is above a certain level. The amount varies depending on filing status, age and the type of income you receive.
• Back-to-School Tax Breaks
  The start of the school year is a good time to remind parents, students and teachers to save all receipts related to tax-advantaged education expenses. Good recordkeeping is essential and helps to avoid missing a deduction or credit at tax time.
• IRS Audits on the Rise
  The IRS announced that it made strong progress in a number of key enforcement categories during FY 2006. The IRS collected a record $48.7 billion in enforcement revenues during FY 2006.
• Saving For College with 529 Plans
  As another school year ends, college tuition payments are now another year closer. Parents often wonder when they should start saving and how much.
• “Use It or Lose it" Health Plan Alternatives
  Employees often grumble about their "use it or lose it" health plans. In this article we'll give you some alternatives to consider.
• Homeowner Records: What to Keep and How Long
  Keeping full and accurate homeowner records is vital for determining not only your home deductions but also the basis or adjusted basis of your home. These records include your purchase contract and settlement papers if you bought the property or other objective evidence if you acquired it by gift, inheritance, or similar means.
• When to Review Your Life Insurance Coverage
  It makes good financial sense to periodically examine your life insurance coverage, in order to make sure the coverage is still sufficient. After all, life insurance is often a family’s most important financial and estate planning tool.
• 2007 Inflation Adjustments Widen Tax Brackets, Expand Tax Benefits
  
• Financial Planning Tips for December 2006
  Here are a few financial planning suggestions that can add to your peace of mind about financial matters and simplifying your life:
• Keeping Tabs on Your Pension Plan
  
• The Hybrid Car Credit
  The Energy Policy Act of 2005 replaced the clean-fuel burning deduction with a tax credit. A tax credit is subtracted directly from the total amount of federal tax owed, thus reducing or even eliminating the taxpayer’s tax obligation. The tax credit for hybrid vehicles applies to vehicles purchased or placed in service on or after January 1, 2006.
• Changing Jobs? Don't Forget Your 401(k)
  One of the most important questions you face when changing job is what to do with your 401(k) money. Making the wrong move could cost you thousands of dollars or more in taxes and lower returns.
• Be Careful When Making Loans to a Related Party
   If you lend money to your closely held corporation or to a member of your family, be sure to handle the transaction with all of the formalities of an "arm's-length" loan to a stranger. The IRS carefully scrutinizes loans where the lender and the borrower are "related."
• New Changes To The Tax Law
  
• How To Deduct Your Vacation
  The IRS says you can deduct expenses for taking a business trip or business convention. And there's no reason the trip shouldn't coincide with your vacation.
• How To Teach Your Kids To Hold Onto Money
  
• New Complex Production Deduction
  
• The Taxing Problem of Household Help
  
• College Savings Tax Strategies
  
• Smart Year-End Tax Maneuvers