In June 2013, the U.S. Supreme Court struck down Section 3 of the Defense of Marriage Act, which denied federal recognition of married same-sex couples. The ruling effectively made married gay couples eligible for the same federal tax, health, and Social Security benefits as heterosexual couples but there were questions as to ... Read More
Tax Credits & Deductions
Save on Taxes by Going Back to School
With the economy still in recovery, the job market is more competitive than ever and many adults are returning to school to enhance their education. While earning an advanced degree may improve your employment prospects, it can also put a major strain on your budget. There is good news, however, since there are some tax benefits ... Read More
Avoiding Common 529 Plan Mistakes | Maximize Benefits & Tax Savings
It's never to early to start stashing away cash for your child's education, especially with tuition costs steadily increasing. For the 2012-2013 school year, CollegeBoard estimated the average annual cost of tuition at a public four-year school was $17,860, up 4.2 percent from the previous year. Private schools are even pricier, ... Read More
Summer Home Improvement Projects Could Equal Big Tax Break
With summer just kicking off, it's the perfect time to tackle those home renovation and repair projects on your to-do list. Making a few simple improvements can boost your home's efficiency, lower your energy costs and it can also put more cash in your pocket at tax time. Whether you're planning a simple DIY project or a ... Read More
Tax Deductions and Tax Breaks of Owning a Home
If you own a home do you know all the tax deductions and tax breaks that you might be entitled to? When you own your own home there are numerous tax breaks that you will want to be aware of so that you can reduce your end of the year tax bill. Here is a detailed look at the tax breaks you might qualify for. Mortgage ... Read More
Kids’ Summer Activities Could Equal Big Tax Break
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 your tax ... Read More
Congress Debates Key Changes to Mortgage Interest Deduction
In an effort to tackle the national liability 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 ... Read More
New Limits on Itemized Deductions Impact High-Income Taxpayers
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 of ... Read More
Unusual Tax Deductions You Might Be Missing Out On
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 get ... Read More
Changes With the American Taxpayer Relief Act of 2012
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 of the feared tax effects of the ... Read More
Fiscal Cliff Deal Preserves Key Tax Breaks for Families
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 ... Read More
Holiday Giving Could Mean Big Tax Deductions at Tax Time
‘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 to big savings at tax time. The IRS has specific ... Read More
