Capital Gains and Losses – Helpful Facts

Capital Gains and Losses – Helpful Facts When you sell a capital asset, the sale normally results in a capital gain or loss. A capital asset includes most property you own for personal use or own as an investment. Here are helpful facts that you should know about capital gains and losses: 1. Capital Assets.  [...]

By |2016-12-21T12:01:44-07:00October 19, 2016|Tax Tips, Tax Tips for Businesses|

Deducting Losses from a Disaster

10 Tips For Deducting Losses from a Disaster To mark National Hurricane Preparedness Week, the IRS wants you to know it stands ready to help. If you suffer damage to your home or personal property, you may be able to deduct the losses you incur on your federal income tax return. Here are 10 [...]

By |2016-12-21T12:01:55-07:00August 29, 2016|Tax Credits & Deductions|

Back-to-School Tax Tips

Back-to-School Tax Tips With the start of school just around the corner, taxpayers should be aware of the following tax breaks and deductions available for qualifying expenses. Private School Tuition and School Uniforms The cost of private school or parochial school tuition is not deductible. However, the child care component costs of private school [...]

By |2016-12-21T12:02:05-07:00August 8, 2016|Tax Credits & Deductions|

Energy Credit Tips

Energy Credit Tips You can trim your taxes and save on your energy bills with certain home improvements. Here are some key facts to know about home energy tax credits: Non-Business Energy Property Credit  Part of this credit is worth 10 percent of the cost of certain qualified energy-saving items you added to your [...]

By |2016-12-21T12:02:43-07:00July 19, 2016|Tax Credits & Deductions|

Dependent Care Credit Tips

Dependent Care Credit Tips Don't miss out on this tax break if you use a flex plan for child care costs: You can still claim the dependent care credit to the extent your expenses are more than the amount that you pay through your flexible spending account. The maximum amount of dependent care costs [...]

By |2016-12-21T12:02:37-07:00July 12, 2016|Tax Credits & Deductions|

Do I Need a Living Trust?

Do I Need a Living Trust? Assets placed in a revocable living trust go directly to your heirs when you die, bypassing the sometimes lengthy and costly process of probate. That can make a living trust a valuable estate planning tool if, for example, you plan to disinherit one of your children or leave [...]

By |2016-12-21T12:02:57-07:00July 6, 2016|Tax Planning, Tax Tips|

June Tax Tips – Avoid an Audit

Tips to Help AVOID AN AUDIT In 2014, the IRS audited less than 1% of individual income tax returns filed for the 2013 tax year. That's fewer than in the past and may reflect lower agency funding and manpower. Still, it amounted to more than 1.2 million audited returns - about three out of [...]

By |2016-12-21T12:03:06-07:00June 13, 2016|Tax Tips, Tax Tips for Businesses|

Facts about the Child Tax Credit

Facts about the Child Tax Credit   The Child Tax Credit is an important tax credit that may save you up to $1,000 for each eligible qualifying child. Be sure you qualify before you claim it. Here are five useful facts from the IRS on the Child Tax Credit: Qualifications. For the Child Tax Credit, [...]

By |2016-12-21T12:03:16-07:00May 23, 2016|Tax Credits & Deductions, Tax Rules & Laws|

2015 IRA Contribution Facts

2015 IRA Contribution Facts Did you contribute to an Individual Retirement Arrangement last year? Are you thinking about contributing to your IRA now? If so, you may have questions about IRAs and your taxes. Here are some IRS tax tips about saving for retirement using an IRA: Age Rules. You must be under age [...]

By |2016-12-21T12:03:35-07:00March 16, 2016|Tax Credits & Deductions, Tax Planning, Tax Tips|
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