Do you rent property to others? Rental real estate provides more tax benefits than almost any other investment. Besides, the potential for an ongoing income and capital appreciation; such investments offer deductions that can reduce the income tax...
As taxpayers plan their 2026 taxes, there is good news in the form of an enhanced child-tax credit. The legislation known as the One Big Beautiful Bill Act (OBBBA)), increased the credit amount and the refundable portion. Additionally, the new...
There are two Federal tax credits available to help you offset the costs of higher education for yourself or your dependents. These are the American Opportunity Tax Credit (AOTC) and the Lifetime Learning Credit (LLC). To qualify for either...
What can be better than lowering your taxes? With a “529” plan, you have no Federal tax obligation once your money's invested in your account. But the best part is that your earnings grow federal tax-deferred, and qualified withdrawals are...
Many IRA owners are aware they can be hit hard with penalty fees if they withdraw IRA money early. You should make every effort to avoid taking money out of your retirement accounts early, especially if you are young. By withdrawing money, you are...
The IRS wants taxpayers to be aware of tax scams. These scams are illegal and can lead to problems for taxpayers including significant penalties, interest and possible criminal prosecution. Beware of these common schemes: Return-preparer fraud....
If you paid someone to care for your child, spouse, or dependent (i.e., parent) this year, you may be able to claim the Child and Dependent Care Credit on your Federal income-tax return. Below are some things the IRS wants you to know about...
If you are in business for yourself, or carry on a trade or business as a sole proprietor or an independent contractor, you generally would consider yourself self-employed and you would file IRS Schedule C, Profit or Loss from Business, with your...
Every taxpayer has a set of fundamental rights. You should be aware of these rights when you interact with the Internal Revenue Service. There are ten broad categories: 1. The Right to Be Informed. Taxpayers have the right to know what they need...
Are You Eligible for the Saver’s Tax Credit? Formerly called the Retirement Savings Contributions Credit, the Saver’s Credit gives a special tax break to low-to-moderate income workers who are saving for retirement. Contributions to a traditional...
Charitable contributions made to qualified organizations may help to reduce your taxable income and lower your tax bill. The IRS has put together the following guidelines to help ensure your contributions pay off on your tax return. A charitable...
Interest is an amount you pay for the use of borrowed money. To deduct interest, you paid on a debt on your tax return, you must be legally liable for the debt and you must be able to itemize your tax deductions on your tax return. Interest-tax...
There are certain types of taxes that you can deduct on your tax return if you itemize on Form 1040, Schedule A. To be deductible on your tax return, a tax must be charged to you and you must have paid it during your tax year. Here are some taxes...
If you itemize your deductions on Form 1040, Schedule A, you may be able to deduct expenses you paid in 2026 for medical and dental care for yourself, your spouse, and your dependents. Here are some facts the IRS wants you to know about medical...
If you itemize your deductions on Form 1040, Schedule A, you may be able to deduct expenses you paid in 2026 for medical and dental care for yourself, your spouse, and your dependents. Here are some facts the IRS wants you to know about medical...
Along with the lazy, hazy days of summer come some extra expenses, including summer day camp, nursery school and preschool. The IRS has some good news for parents: those added expenses may help you qualify for a tax credit. Sorry, overnight camp...
Congratulations if you recently updated your status from single to married, but you should be aware that marriage also brings about some changes with your income taxes. Here are several tips for newlyweds from the IRS: Notify the Social Security...
The IRS receives thousands of reports each year from taxpayers who receive suspicious emails, phone calls, faxes or notices claiming to be from the Internal Revenue Service. Many of these scams fraudulently use the Internal Revenue Service name...
Each year, the Internal Revenue Service sends millions of letters and notices to taxpayers for a variety of reasons. Although some people may feel anxious when they receive one, many are easy to resolve. Here are items to know about IRS notices,...
Many taxpayers fear an IRS audit. Although the IRS audit targets change with the times, below you’ll find some of the high-risk tax- audit areas that the IRS has examined in recent years: •Earned Income Tax Credit (EITC). The EITC is a tax credit...
Although the April tax-filing deadline has come and gone, it is a question many clients ask throughout the year. Depending on which person you ask, you might get a range of responses from a few years to a lifetime. I strongly recommend you keep...
Could not make the April 15 tax-filing deadline and need more time to file your tax return? You can get an automatic six-month extension of time to file from the IRS. Here are important things you need to know about filing an extension: •Avoid...
The tax-filing deadline is just around the corner. According to the Internal Revenue Service, 20 to 25 percent of all Americans wait until the last two weeks before Tax Day (this year April 15) to prepare their taxes. With these tax-filing tips...
Are you expecting a refund this year? Here are important items the IRS wants you to know about your refund. Refund Options. You have three options for receiving your federal income-tax refund: direct deposit, U.S. Savings Bonds or a...
Are you paying more tax than you need to? When it comes to filing taxes, getting the best returns is not about skill—it’s about what you know. Here are some tax strategies you may have overlooked. Earned Income Tax Credit (EITC). Millions of...