Summer Day Camp May Save You Taxes
The passing of Memorial Day marks the beginning of summer in the minds of many Americans. Although the kids might still be in school for another week or two, summer […]
Your 2013 Tax Return Is Filed…What Tax Records Can You Toss?
The short answer is: none. You need to hold on to all of your 2013 tax records for now. But this is a great time to take a look at […]
Alimony Can Affect Your Tax Return
You’re probably aware that alimony you receive is taxable income. However, determining what’s considered alimony may not be as simple as it appears at first glance, because you can receive […]
Don’t Inadvertently Miss April 15 Deadline
If you still file a paper return, it’s important to know the IRS’s “timely mailed = timely filed” rule: If your tax return is due April 15, it’s considered timely […]
Can I Claim My Elderly Parent As A Dependent?
For you to deduct up to $3,900 on your 2013 tax return under the adult-dependent exemption, in most cases the parent must have less gross income for the tax year […]
It’s Not Too Late To Make A 2013 Contribution To An IRA
Tax-advantaged retirement plans allow your money to grow tax-deferred — or, in the case of Roth accounts, tax-free. But annual contributions are limited by tax law, and any unused limit […]
Some Taxes Are Deductible On Your Income Tax Return
Are you planning to itemize on your 2013 federal income tax return? If so, it’s likely you’ll claim a deduction for taxes paid. According to IRS statistics, taxes are the […]
Get The Most From 2013 Depreciation Rules
While the depreciation methods you use for business tax deductions have changed over time, the basic underlying idea remains the same: tangible assets generally have a limited lifespan, and the […]
2013 Higher Education Breaks May Save Your Family Taxes
Tax credits can be especially valuable because they reduce taxes dollar-for-dollar; deductions reduce only the amount of income that’s taxed. A couple of credits are available for higher education expenses: […]
How To Shrink Taxes On Your Investments In 2014
As a conscientious investor, you’re probably already keeping an eye on how your investments are performing this year. But you also should take the time to develop a strategy for […]