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 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.

Getting Your Documents Ready for Tax Preparation

Posted on January 14, 2015

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Regardless of how you plan on filing your federal and state income taxes this year, you'll have a hefty amount of prep work to do before you can settle your dues to Uncle Sam. It is important to avoid filing your taxes until you have all of your documentation at hand, as filing without all of this information could cause you to overpay or underpay the IRS due to missed income and deductions. Assuming you don't use an accountant year-round to keep up with your finances, here are some tips for getting your documents ready for tax preparation this season.

What You Need to Know about the Shared Responsibility Payment

Posted on January 10, 2015

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Under the Affordable Care Act (ACA), most people are required to either purchase health insurance or pay a fee, which is known as the "individual shared responsibility payment." Here is some information to help you better understand this provision and what you can do to avoid it.

Year-End Moves to Reduce Your Tax Payment

Posted on December 19, 2014

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As the end of the year sneaks closer, you are probably spending more time thinking about the holiday season and your new year's resolutions than the impending tax season. But nevertheless, Uncle Sam will come knocking soon. Don't fret, though - even if you've done little to lower your tax bill in the past twelve months, there are still some year-end moves you can make to reduce your obligation to the IRS this April.

Personal Income Taxes and the Affordable Care Act

Posted on November 10, 2014

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Taxpayers may be confused about how to file their taxes now that the Affordable Care Act (ACA) is in place. Clear up misconceptions by learning how the ACA will change how you file.
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