It’s Tax Time! Are You Ready?
If you’re like most taxpayers, you find yourself with an ominous stack of “homework” around TAX TIME! Unfortunately, the job of pulling together the records for your tax appointment is never easy, but the effort usually pays off when it comes to the extra tax you save! When you arrive at your appointment and are […]
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 […]
Is the Income Taxable or Non-Taxable?
A question that comes up frequently is whether income you received is taxable or not. Generally, most income you will receive is considered taxable, but there are situations when certain types of income are partially taxed or not taxed at all. To help taxpayers understand the differences between taxable and non-taxable income, the Internal Revenue […]
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 […]
Important Facts about Dependents and Exemptions
Some tax rules affect every person who may have to file a federal income tax return; these rules include dependents and exemptions. Here are some important facts you need to know that are related to dependents and to claiming exemptions on your tax return. Exemptions reduce your taxable income – There are two types of […]
It’s Tax Time!
If you’re like most taxpayers, you find yourself with an ominous stack of “homework” around TAX TIME! Unfortunately, the job of pulling together the records for your tax appointment is never easy, but the effort usually pays off when it comes to the extra tax you save! When you arrive at your appointment fully prepared, […]
