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 [...]

For the 2012 tax year, taxpayers are receiving an average refund of $2,900 according to the IRS. If you’re on the receiving end of a substantial tax refund, you may be tempted to splurge a little. While you may be dreaming of a new flat-screen TV or a trip to a tropical destination, there are [...]

When tax time rolls around, having all of your documents ready to go can eliminate some of the stress of filing. Keeping up with receipts throughout the year can be a hassle but a handful of apps are making it easier for taxpayers to stay organized. Instead of wading through stacks of paper or maintaining [...]

If you’re looking for ways to trim your tax bill, itemizing your deductions can potentially reduce what you owe to Uncle Sam. Depending on your situation, you may be able to deduct medical expenses, charitable donations or job-related expenses. If you’re thinking of taking advantage of these or other deductions this tax season, accurate records [...]

At more than 73,000 pages, the federal tax code is a complex document and navigating tax law can be a frightening prospect for the average person. Every year, millions of Americans seek professional help in preparing their tax returns but there are still plenty of taxpayers who tackle the job themselves. There are pros and [...]

While the April 15th tax deadline is still months away, you don’t want to wait until the last minute to file. Taking the time to get organized before you prepare your return can ensure that you’re taking advantage of every available deduction and credit, reporting your income accurately and eliminating room for potential error. The following [...]

‘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 [...]

With the two major presidential candidates having different tax plans, and many economists forecasting that both political parties will come together to extend tax breaks set to expire this year, tax planning for 2013 is still very difficult. This is not only problematic for individuals, but also for some businesses who claim that tax uncertainty is causing investments and hiring to be put on hold until they know what tax policies will be kept or enacted. Although no one knows for sure what the tax code will look like in 2013, you could make a feasible assumption that taxes will stay the same or go up since our deficits our mounting. Below are some possible tax moves for individuals and business to consider as 2013 nears.

Most people have heard the term “duty free shopping” before, or seen “duty free shop” signs at airports, but many consumers have only a vague idea of what it means and how they can take advantage of it. Duty Free Defined The concept of duty free shopping enables the citizens of a country to shop [...]

Does the subject of the income tax code make your eyes glaze over?  Do the terms tax bracket, marginal tax rate and filing status make your head spin?  It doesn’t have to be that way.  While the nuances of the federal tax code may be complex, the basics are not.  Here’s how the progressive tax [...]