Sunday, May 16, 2010

Tax Deduction for Your Gambling Losses

Yes, you can deduct your gaming losses against your gaming winnings. You must be able to itemize your deductions on schedule A. So keep up with the proof of losses so when you win, you can reduce the taxable income up to the losses.

Saturday, May 1, 2010

Energy Tax Credit for Homeowners

Homeowners that make energy efficient improvements to their existing home may qualify for a tax credit of up to 30 percent of the cost of all qualifying improvements with a limit to $1,500.
The credit applies to improvements such as adding insulation, energy efficient exterior windows and energy efficient heating and air conditioning systems.