Now that many parents have helped their children with settling into the college or university, parents need to be reminded that our current tax law provides tax credits for certain qualified education expenses. Here is a short summary of some of the benefits available to parents.
Don't Forget about College Tax Benefits
Divorce or Separation can be Taxing!
If you are getting divorced, be proactive and ask about how this life changing event can affect your income tax filing and taxes. It is never a good thing to be surprised with a large balance due on April 15.
Are you Self Employed?
Being self employed has many advantages. Freedom, income potential, controlling one's destiny are a few. Remember that while some of those advantages also come with additional responsibility.
Do Not Leave Money on the Table
Your children are worth an enormous amount to you. They are also worth money on your tax return in the form of a Child Tax Credit. Here is some guidance about the credit.
Exemptions are Worth Money!
It is alway a good idea to review your exemptions and whom you support. This could be the situation in a divorce, elderly parents or the care for a another person's child.
What is your Correct Status?
Choosing the correct filing status is important. The correct status might save you money and could eliminate the IRS coming back and challenging the status on a previous tax filing.
Direct Deposit is Surest Way to Secure your Refund
The Government owes you money. Why not get your money now so you can decide on how to spend it.
Tax Tips to Make your Tax Life a Care Free One
Here are a few tax tips to keep in mind when preparing your tax return or reviewing the professionally prepared return.
Home Energy Tax Credits
Home repairs can be draining on your pocket book. However, some repairs help the environment and save you money on energy costs. As an incentive, the government is offering various credits to ease the pain of making these changes to your home.
Trying to Turn that Hobby into a Business?
Some taxpayers have a hobby or craft that could be a money maker. This could be almost any type of activity whereby you charge a fee or sell a product. The mere fact that you call something a business, does not mean that the IRS cannot disallow losses or expenses related to your business or hobby.
