Child Tax Credit Facts
Information courtesy of IRS.gov The Child Tax Credit may save you money at tax-time if you have a qualified child. Amount. The Child Tax Credit may help reduce your federal [...]
Advance Payments of the Premium Tax Credit and Your Tax Return
Courtesy of IRS.gov Whether you like it or not, The Affordable Care Act affects all taxpayers. This Act includes financial assistance in the form of the premium tax credit for [...]
Make sure you have proper substantiation for your 2014 donations
If you don’t meet IRS substantiation requirements, your charitable deductions could be denied. To comply, generally you must obtain a contemporaneous written acknowledgment from the charity stating the amount of [...]
New Business Tax Tips
If you start a business, one key to success is to know about your federal tax obligations. You may need to know not only about income taxes but also about [...]
In 2015 Various Tax Benefits Increase Due to Inflation Adjustments
Information courtesy of IRS.gov For 2015, the Internal Revenue Service announced the annual inflation adjustments for more than 40 tax provisions, including the tax rate schedules, and other tax changes. [...]
Health Insurance Coverage Documentation for the Tax Filing Season
Information courtesy of IRS.gov Gathering documents and maintaining well-organized records make it easier to prepare a tax return. They can also help provide answers if the IRS needs to [...]
The “manufacturers’ deduction”: It’s not just for manufacturers
The manufacturers’ deduction, also called the “Section 199” or “domestic production activities” deduction, is 9% of the lesser of qualified production activities income or taxable income. The deduction is also [...]
IRS Notice? Don’t Panic!
Information courtesy of IRS There are many reasons the IRS sends taxpayers letters and notices. Many of these have a simple solution. Below is a list of reasons you may [...]
Deduct all of the Mileage You’re Entitled to
You probably know that miles driven for business purposes can be deductible. But did you know that you might also be able to deduct miles driven for other purposes? The [...]
What’s Your Filing Status?
Information from IRS.gov Using the correct filing status when you file your tax return is key. The status can affect the amount of tax you owe for the year and [...]
Why you shouldn’t procrastinate on filing your 2014 income tax return
If you’re like many Americans, you may not start thinking about filing your tax return until the April 15 deadline is just a few weeks — or perhaps even just [...]
Choose a Tax Preparer Wisely
Information courtesy of IRS.gov Many people pay to have their income taxes prepared by someone. Be careful when you choose a preparer to do your taxes- you are legally responsible for all [...]
Identity Theft- Ways to Protect Yourself
Information courtesy of IRS The IRS offers the following tips as ways to protect you from becoming a victim of identity theft: Don’t carry your Social Security card or any [...]
Have you had your annual estate plan checkup?
An annual estate plan checkup is critical to the health of your estate plan. Because various exclusion, exemption and deduction amounts are adjusted for inflation, they can change from year [...]
How Do Taxes Affect Your Finances?
Do you know how much you’re paying in taxes? You may have a sense of what you spend on income taxes, but have you also considered the taxes you pay [...]