Two Tax Credits to Help Pay Higher Education Costs

There are two federal tax credits available to help individuals offset the costs of higher education for themselves or their dependents.  They are the American Opportunity Credit and the Lifetime Learning Credit. To qualify for either credit, a taxpayer must pay post-secondary tuition and fees for themselves, their spouse or their dependent.  The credit is […]

Small Business Expenses 101

For small business owners, tax breaks often come in the form of tax deductions – which can offer a nice little instant cash savings – if you know how to navigate tax law and claim the deductions you deserve (not what you believe you are entitled to). Large tax deductions are a notorious red flag […]

Child and Dependent Care Credit

If you paid someone to care for a child under age 13, or a qualifying spouse or dependent to allow you to work or look for work, you may be able to reduce your tax by claiming the Child and Dependent Care Credit on your federal income tax return.  To qualify, your spouse, children over […]

Congress Extends Tax Breaks

Congress, in an eleventh-hour compromise agreement worked out with the Obama Administration and the GOP Leadership, has extended many of the Bush era tax reductions.  The following is an overview of the more frequently encountered tax changes that will have an effect on just about every taxpayer. INDIVIDUAL PROVISIONS Individual Tax Rates – Under the […]

Is The Tax Stalemate Finally Broken?

In a news conference held December 7, and carried live by most major networks, President Obama discussed the tax agreement he had worked out with the GOP’s Congressional leaders the previous day. Although there is some discontent with the agreement among some liberal Democrats, it is expected to pass Congress before year-end. Keep in mind that this agreement – which primarily addresses tax cuts enacted in 2001 and 2003 (the “Bush era”) that have or will soon expire – has not yet become law and must first pass both houses of Congress, and there could be some modification to the original agreement.

Last Chance to Qualify for the 2011 Retention Credit

There are two tax incentives to induce businesses to hire, during 2010, individuals who have been unemployed for at least 60 days.  The first incentive exempts the employer from the matching 6.2% Social Security payroll tax on a qualifying employee’s wages for the remainder of 2010. The second incentive is a Retention Credit, available on […]

Time is Running Out for the Home Energy Property Credit

Planning to make an “energy-saving” improvement to your home?  2010 is the final year to take advantage of the tax credit available so you will need to act quickly as there are only three months left.  Whether you simply want to cut your utility bills or winterize your home, do it soon! The name “Home […]