For many kids, heading off to camp is the highlight of their summer vacation but for parents it can mean a big out-of-pocket expense. Fortunately, there’s good news for some parents who pay for summer camp or daycare to keep kids occupied. These expenses may qualify you to receive a credit that could significantly lower [...]

In an effort to tackle the national debt and overhaul the tax code, Congress has proposed a number of measures that could potentially impact millions of taxpayers. Among the topics currently up for debate include making changes to the mortgage interest deduction, which allows homeowners to deduct any and all interest paid on up to [...]

Amid worries that the country would fall off the “fiscal cliff”, Congress established a deal that would head off major government spending cuts and help the majority of Americans avoid a significant tax hike. As part of the deal, certain taxpayers saw an increase in their federal tax rate, paired with limitations on the value [...]

Claiming certain deductions can lower your tax bill and put more money back in your pocket when it’s time to file. While most taxpayers are aware of the benefits of itemizing for things like mortgage interest and charitable donations, there are some less well-known deductions you could be missing out on. If you’re looking to [...]

After all of the hype about the Fiscal Cliff, the House passed the American Taxpayer Relief Act of 2012 (ATRA) and President Obama signed it into law. At the end of 2012 many tax provisions that were temporarily set up to keep taxes lower were set to expire. With the passage of the ATRA, many [...]

The government’s plan to avert the fiscal cliff generated a sigh of relief from millions of Americans who were concerned about an immediate increase in taxes. As part of the deal, lawmakers agreed to extend or make permanent a number of tax credits, many of which are designed to benefit families. Taking advantage of these [...]

‘Tis the season to be jolly and it’s also the time of year when people are reminded to give back to those in need. Making a donation of cash, toys, clothing or other items to a church or other charitable organization is a great way to share the holiday spirit and it can add up [...]

If you’ve incurred a significant loss from the sale of assets you owned or used for investment or personal purposes, you can claim those losses on your 1040 form as capital loss deductions. Capital loss deductions can reduce your taxable income, meaning a smaller tax bill (with limitations on deduction amount)–or a larger refund depending [...]

Each year the IRS takes a look at the deduction allowed for mileage based upon gas prices, driving expenses, maintenance, registration costs and other costs that are associated with driving. For 2013 the IRS has increased the rates by 1 cent per mile from their 2012 levels for business and medical/moving driving miles. The amount you [...]

President Obama plans to make a few major changes to the tax code in his second term as President of the United States. The basis of Obama’s plan is to keep fighting to keep taxes for middle-class families low, simplify the tax code, and to have millionaires and billionaires pay their “fair share” in order [...]