Summertime means longer days, warmer weather and of course, the peak of the wedding season. For many newlyweds, getting married means joining households and combining finances for the first time. Saying "I Do" can have a major impact on how you manage your money, including how you file your taxes. If you and your significant ... Read More
Tax Blog
New State Tax Laws Take Effect Nationwide
For many states, July 1st marked the beginning of a new fiscal year and a slew of new tax laws have taken effect. The new tax measures are designed to generate additional revenue for local and state governments, which means many Americans will be feeling the pinch in their pocketbook. If you smoke, drive a car or buy things ... Read More
Tax Planning for Married Same-Sex Couples in the Post-DOMA Era
Last month, the Supreme Court made a landmark decision when it struck down Section 3 of the Defense of Marriage Act. The move effectively grants married same-sex couples the same marital rights and privileges afforded to heterosexual couples under federal law. This includes access to the same retirement benefits and health ... 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
Summer Jobs and Taxes: What Parents and Teens Need to Know
The lazy days of summer will soon be here but for many young adults, summertime means heading off to work for the first time. According to the U.S. Bureau of Labor Statistics, approximately 19.5 million individuals aged 16 to 24 were employed in July 2012. Working a summer gig is a great way for teens to learn about financial ... Read More
IRS Audits Target Thousands of Adoptive Families
The Adoption Tax Credit was introduced in 1996 as a means of helping low and middle-income families offset some of the costs of the adoption process. While the credit is meant to ease the financial burden of adoption, a report from the Taxpayer Advocate Service suggests that claiming this key tax break may have inadvertently ... Read More
Proposed Airline Tax Could Make Travel More Expensive
Over the past decade, the airline industry has struggled to maintain its economic footing in the face of higher gas prices and an overall increase in operating costs. While average ticket prices have remained relatively steady, passengers are shelling out more than ever for additional charges such as baggage and exchange fees. 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
What You Need to Know About Filing Taxes Late
The annual tax filing deadline has come and gone and if you haven't filed yet, you'll need to act fast. The IRS begins assessing penalties and interest against late filers right away, which can easily inflate your tax bill. Whether you owe taxes or you're expecting a refund, you need to know what your rights and responsibilities ... Read More
