Many parents incur significant expenses during the year to care for their children. The IRS recognizes this and provides tax benefits for families with children. In addition to claiming an exemption for each child that qualifies as a dependent, there are a couple of tax credits that can help families reduce their tax bill. Read More.
If you travel to work and pay for parking or use public transportation, you should be mindful of the pre-tax benefit you can receive by setting aside part of your paycheck for those costs. Many employers offer a pre-tax commuter benefit program through companies such as WageWorks to help you save on taxes and commuting costs. Read More.
The IRS began accepting tax returns on January 31st. As such, those tax filers that overpaid taxes throughout the year are likely eager to obtain their federal and state tax refunds. When can you expect to receive your refund after filing your return? Also, should you expect any delays? Read More.
Now is the time to gather all of your receipts to maximize your tax deductions. If you did make a charitable donation during the year and intend on itemizing deductions via Schedule A of your Form 1040, it’s important to understand the requirements for supporting such a deduction. The requirements vary depending on whether you’re donating cash or property and the amount you donated. Find out if you have met the IRS standards. Read More.
As the tax filing season has recently kicked off, you may be gathering all of your paperwork. This may include W-2 forms, 1099s, 1098s, broker statements, and the endless amounts of different types of receipts. While you’re gathering all of the necessary information, you should be mindful of all of the tax deductions that you may be able to claim on your tax return. This includes certain lesser known write-offs that can reduce your tax liability. Read More.
The energy-efficient tax credits that were extended through December 31st, 2013 are set to expire again. Those that made energy-efficient improvements to their principal residence may want to go through their receipts to claim the $500 tax credit. Read More.
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