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	<title>Federal Income Tax Facts</title>
	<link>http://www.federalincometaxfacts.com</link>
	<description>Federal Income Tax Facts provides a comprehensive and convenient summary of tax laws and regulations.</description>
	<lastBuildDate>Tue, 26 Aug 2008 06:04:11 +0000</lastBuildDate>
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	<item>
		<title>Dependent Care Credit</title>
		<description><![CDATA[The child and dependent care credit (hereafter abbreviated as dependent care credit), a nonrefundable credit that can be taken against regular and alternative tax liability, provides relief to those able to work (or look for work) only if care, at a price, is provided for their dependents. Like other tax credits, the dependent care credit [...]]]></description>
		<link>http://www.federalincometaxfacts.com/dependent-care-credit/federal-income-tax/2008/08/25/</link>
			</item>
	<item>
		<title>Child Tax Credit</title>
		<description><![CDATA[Taxpayers can take a $1,000 tax credit through 2010 for each qualifying child under age 17. Except for taxpayers who qualify for the Additional Child Tax Credit (see below), the child tax credit is nonrefundable and taken against the sum of regular and alternative minimum tax (AMT) liability. The difference between refundable and nonrefundable tax [...]]]></description>
		<link>http://www.federalincometaxfacts.com/child-tax-credit/federal-income-tax/2008/08/19/</link>
			</item>
	<item>
		<title>Alimony</title>
		<description><![CDATA[For purposes of the federal income tax, alimony refers to the written obligation of one spouse to make periodic cash or cash equivalent payments to the other spouse for maintenance and support during the time the couple is (1) separated, (2) involved in a matrimonial lawsuit, or (3) divorced. Alimony is also correctly described as [...]]]></description>
		<link>http://www.federalincometaxfacts.com/alimony/federal-income-tax/2008/08/16/</link>
			</item>
	<item>
		<title>Home Office Deduction</title>
		<description><![CDATA[Generally speaking, deductions are not allowed for the business use of a personal residence, but Section 280A of the Internal Revenue Code permits a deduction for costs allocable to the portion of a home used as (1) the principal location of a trade or business or (2) the primary fixed location where administrative and management [...]]]></description>
		<link>http://www.federalincometaxfacts.com/home-office-deduction/federal-income-tax/2008/08/11/</link>
			</item>
	<item>
		<title>Investment Interest Deduction</title>
		<description><![CDATA[The Tax Reform Act of 1986 put a chill on many individual investors by enacting what is informally known as the &#8220;investment interest limitation,&#8221; in other words, limiting the deduction for interest paid to purchase or hold investments (including interest on margin accounts) to the amount of net investment income from such investments. Investment interest [...]]]></description>
		<link>http://www.federalincometaxfacts.com/investment-interest-deduction/federal-income-tax/2008/08/05/</link>
			</item>
	<item>
		<title>Medical Expenses</title>
		<description><![CDATA[It is no accident some writers use the adjective &#8220;extraordinary&#8221; to describe medical expenses as this cluster of costs qualifies as an itemized deduction only if it totals more than a hefty 7.5% of adjusted gross income (AGI). A single taxpayer reporting in 2007 AGI of $75,000 and paying $5,600 in medical expenses and $6,000 [...]]]></description>
		<link>http://www.federalincometaxfacts.com/medical-expenses/federal-income-tax/2008/08/01/</link>
			</item>
	<item>
		<title>Charitable Contributions</title>
		<description><![CDATA[The category of charitable contributions is an important exception to the general rule that personal expenses are not deductible. For critics, the charitable contributions deduction is an inefficient tax expenditure for pet projects of the wealthy; but for advocates, the nongovernmental funds the deduction creates are put to more effective use than any federally spent [...]]]></description>
		<link>http://www.federalincometaxfacts.com/charitable-contributions/federal-income-tax/2008/07/22/</link>
			</item>
	<item>
		<title>Basis</title>
		<description><![CDATA[An important reason for using the category &#8220;key concepts&#8221; to describe the federal income tax in this web log is to illustrate important relationships among these concepts and, in the process, provide the reader with the insight needed to master our enormous, and enormously complex, Internal Revenue Code. In short, to really understand the key [...]]]></description>
		<link>http://www.federalincometaxfacts.com/basis/federal-income-tax/2008/07/12/</link>
			</item>
	<item>
		<title>Mortgage Interest</title>
		<description><![CDATA[Before the Tax Reform Act of 1986, interest was deductible regardless of the loan&#8217;s purpose. After the Tax Reform Act, with an important exception for home mortgage interest, only interest expenditures with a business purpose are deductible. In short, although home mortgage interest is a distinctly personal expense, Congress made an exception to the Tax [...]]]></description>
		<link>http://www.federalincometaxfacts.com/mortgage-interest/federal-income-tax/2008/07/05/</link>
			</item>
	<item>
		<title>Tax Brackets</title>
		<description><![CDATA[The concept of tax brackets is shorthand for the grouping of various levels of taxable income according to tax rates. In a progressive tax system such as the U.S. federal income tax, the point at which an increase in taxable income results in a marginally higher tax rate marks the beginning of a new tax [...]]]></description>
		<link>http://www.federalincometaxfacts.com/tax-brackets/federal-income-tax/2008/06/28/</link>
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