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.

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, you may be exempt from the individual shared responsibility payment if you fall into any of the categories listed below.  

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. 

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."

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. 

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.

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.

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.

Are My Child Care Costs Tax Deductible?

Posted on January 22, 2015

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Child care can be expensive Ė but if you pay a person or business to watch your child so you can work, you may be able to claim a credit and reduce your tax bill. The ability to claim your child care expenses depends on several factors, including your reasons for using child care, the age of your children and the person you choose to provide care. Learning more about the tax rules regarding child and dependent care expenses will help you determine if you qualify for a child care credit.

Tax Changes for 2015

Posted on January 20, 2015

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As the new year begins, most people begin organizing their receipts and preparing to file their tax return. However, during this time, it is also important to look ahead to any tax law changes that may affect your budget in the coming months, or your next year's tax return. Knowing about these changes in advance will allow you to adapt your financial strategies to maximize your tax benefits. To help you prepare, here are some of the most notable tax law changes that will affect taxpayers in 2015.
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