Tax Tips for Parents

Posted on February 26 2015

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With the average cost of raising a child now around a quarter of a million dollars, parents need every financial break they can get. Luckily for parents, there are a number of tax benefits in place to offset the costs of raising their children.
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The Ins and Outs of Deducting Business Expenses

Posted on February 24 2015

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When it comes time to prepare an annual tax return, most taxpayers begin looking for deductible expenses they paid during the year in order to reduce the amount of money they owe. However, one of the most common sources of confusion when it comes to deductions is the business or work-related expenses we pay.
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The Facts About Married Filing Separately

Posted on February 19 2015

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Married couples may know about the ability to file separately but may not understand why they would want to do so. The Married Filing Separately (MFS) status can result in benefits to some married taxpayers, but it can also make them ineligible for credits and deductions they would qualify for if they were to use the Married Filing Jointly (MFJ) status.
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Health Insurance Coverage Exemption - Do You Qualify?

Posted on February 17 2015

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Under the Affordable Care Act, most people must either carry a sufficient health insurance policy or pay the individual shared responsibility payment, which is a fee for failing to carry health insurance during the year. However, some people may qualify for a fee exemption. According to HealthCare.gov, you may be exempt from the individual shared responsibility payment if you fall into any of the categories listed below.  
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Claiming Charitable Contributions

Posted on February 12 2015

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Donating to charity is a great way to help others and reduce your tax bill if you itemize deductions. However, in order to claim charitable deductions, you must satisfy all of the IRSís requirements, which can be daunting at times. Here are some of the most important things to remember as you make donations and prepare your tax return. 
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Are You Head of Household? Determining Your Filing Status

Posted on February 10 2015

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Many people are aware that they can file as Single, Married, or Married Filing Separately but aren't aware that there is a separate filing status called "Head of Household."
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Who Can I Claim as a Dependent

Posted on February 5 2015

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Claiming one or more dependents on your tax return can decrease the amount you owe the IRS. However, there are specific requirements that must be met before you can claim someone as a dependent. 
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Maximizing IRA Contributions for Tax Benefits in 2014 and 2015

Posted on February 3 2015

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Contributing to an IRA account lets you save for retirement and receive tax benefits, but there are limits on how much you can stash away each year before tax penalties occur. Contribution limits vary by age and situation, and you can maximize tax savings by splitting your savings between retirement accounts.
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Home Office Deduction: Simplified vs Standard Option

Posted on January 29 2015

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When you have a home office, you are able to take a home office deduction on your taxes. For this tax season, there are two different ways to claim a home office deduction: the new Simplified Option or the standard Regular Option.
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Education Tax Benefits

Posted on January 27 2015

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If you pay certain education expenses throughout the year, you may be able to recover some of the cost at the end of the year by claiming any of several education benefits on your income tax return. Find out more about these options.
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