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At tax time, you may find yourself considering the affect your IRA contributions may have on your taxes. If you’re planning to fund your retirement through the savings you’ve contributed to an IRA, you should be aware of what will be expected each tax season. Traditional IRAs require the contributor to be under the age […]

Categories: Deductions, General Tags: , , ,

If you work from home there are some new options for claiming home office deductions making the process simpler and saving you time. Starting this tax year the IRS has simplified the process of claiming deductions when you use your home as a business, not only does it make it easier but it will help […]

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Five Helpful Tax Credits

February 28, 2015

There aren’t many things that can make you happy when it comes to paying taxes. But tax credits can help brighten your day lower your tax liability, it is a good idea to be informed which credits you qualify for and how you can go about claiming them. By using tax credits you lower the […]

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Estimated Taxes Explained

February 27, 2015

Under certain circumstances, such as not having taxes withheld from your wages or paying too little each paycheck towards your taxes, you may be required to make estimated tax payments. At the same time, self-employed individuals generally pay taxes through estimated payments.

Categories: General Tags:

Deducting Medical Expenses

February 26, 2015

If you wish to deduct the payment for any type of medical expense this year, you need to be aware of some new rules that apply to these types of deductions, as they can affect your return. If you are seeking medical or dental expenses deductions you should familiarize yourself with the following guidelines.

Categories: Deductions, General Tags: , ,

Moderate income families understand that health insurance premiums can be expensive, but there are helpful tax credits that can offset some of the costs associated with them. In order for these credits to be claimed at tax time there are three requirements. You must receive your coverage through the Health Insurance Marketplace. Plans can be […]

Categories: Credits Tags: , , , , ,

Are you aware of the Alternative Minimum Tax? It’s important to know whether or not it applies to you, and what exactly it means at tax time. Taxpayers who have an annual income above a specified set amount may meet the guidelines required by the Alternative Minimum Tax. This tax strives to keep a minimum […]

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This tax year, many taxpayers will notice a new penalty if they chose to opt out of having health care coverage. This is due to new rules under the Affordable Care Act that state that all Americans must have health insurance. The penalties can be quite large. For example, a wealthy family of five can […]

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If you financially support your parents, the federal government wants to help. At tax time, there are a few different options for tax assistance that is available to those who provide parental support. The 2014 tax season brings a new dependency tax care credit, as well as the ability to claim a parent as a […]

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

Looking to make tax time a little brighter? Consider itemizing your taxes, which will allow you to claim interest you paid on your first and second mortgages. This deduction, worth up to $1.1 million in savings, includes mortgage loans (up to $1 million) and home-equity loans (up to $100,000). Even better, you don’t have to […]

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