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Professionals Column

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 …

Your first job: tax tips for teens

As school winds down if you're a student, you might be hitting the job market in search of summer employment. And among the first things you will learn on that first job is that not all the money you …

Tax credit will help you pay for day camp

Along with the lazy, hazy days of summer come some extra expenses, including day camp, nursery school and preschool. The IRS has some good news for parents: those added expenses may help you qualify …

Recently married? Here are some tax tips

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 …

Don’t be scammed by fake IRS communications

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 …

Be aware of IRS audit red flags

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 …

Retrieving past tax returns is simple

You may need copies of your filed tax returns for many reasons. For example, they can help you prepare future returns. You’ll need them if you have to amend a prior year tax return. You often need …

‘How long should I keep tax records?’

Although the April tax-filing deadline has come and gone, it’s a question many clients ask throughout the year. Depending on which person you ask, you might get a range of responses from a few …

Error on your tax return? Relax and amend it

An amended tax return generally allows you to file again to correct a mistake in your filing status, your income or to add deductions or credits you may have missed. Here are some points the IRS …

Last-second tips for tax procrastinators

Couldn’t make the April 18 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 …

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