Monthly Archives: February 2015

The time after graduation can be a tough one, financially. Starting out on your own, searching for a job, trying to pay back money you may have borrowed for school can all be quite stressful when it comes to managing a budget. Thankfully, there are a few tax breaks that recent college graduates can claim […]

Categories: Credits, Deductions Tags: , , , , ,

Figuring out the Five Statuses

February 18, 2015

When the time comes to file your taxes, you’ll need to know which filing status you should use. There are differences between the five different options, and you’ll want to choose the one that gives you the greatest benefit. Make tax time easier and quicker by filing with the right status. The Big Five The […]

Categories: Filing Status Tags: , , , , , ,

The Earned Income Tax Credit is one way that low and moderate income families can save some money at tax time. The EITC is refundable, and can reduce the taxes working families owe to zero in certain circumstances. If your income comes primarily from working, and not investing, you may qualify. The income levels change […]

Categories: Credits Tags: , , , , , ,

Working families know how expensive it can be to raise children. At tax time, the government offers some help for these families through the Child Tax Credit, which was enacted in 1997. This credit allows eligible families to receive up to $1,000 per child under the age of 17. Both Democrats and Republicans have shown […]

Categories: Credits Tags: , , ,

Common Business Deductions

February 15, 2015

As a business professional, you’re likely aware of the many deductions that you may be entitled to when filing your tax return. Almost anything you buy for the business can be deducted, as long as it is necessary to the business. Also, the cost has to be sensible. For small businesses, the deductions can really […]

Categories: Deductions Tags: , , , , , , , , , ,

Appropriate Record Retention

February 14, 2015

Your taxes are filed. Your refund’s been deposited. You’re gearing up for another year of deductions and expenses. So what should you do with this year’s tax documents? You may need to use your previous year’s tax documents for reference, or as proof if you get audited. It’s a no brainer that you should save […]

Categories: General Tags: , , ,

The Filing Five

February 13, 2015

The status you use when filing your taxes is one of the most important decisions you will make at tax time. Your filing status determines what benefits you are eligible for, in addition to tax rates and the different amounts you can deduct. Your filing status is determined by your marital status as of December […]

Categories: Filing Status Tags: , , , , , ,

Getting an education isn’t cheap, and far too many people have a hard time paying for their education. Thankfully, the federal government has developed two different tax credits that can help decrease the amount owed at tax time. These credits, The American Opportunity Credit and the Lifetime Learning Credit help taxpayers who incurred education related […]

Categories: Credits Tags: , , ,

Donating for Dollars

February 11, 2015

When you donate to a recognized charity, many times your donations are tax deductible. This affords you the opportunity to get a little extra back for items you aren’t going to use anyway. You need to make sure you keep an accurate list of all the items you donate, because you’ll have to report your […]

Categories: Deductions Tags: ,

Dependent Benefits

February 10, 2015

One of the easiest way to increase your tax benefits at tax time is to claim a child or eligible adult relative as a dependent. You are entitled to a personal exemption for each qualifying dependent that you claim, which helps put a little extra cash back in your pocket. You may even be able […]

Categories: Credits, Dependents Tags: , , , , ,