Monthly Archives: November 2014

Deductions for Realtors

It’s that time to start considering your tax deductions. If you own a real estate business, just about everything you purchase can be a tax deduction, provided it is necessary to the business and the cost is reasonable. Deductions are a great way to save your business some hard earned profits. A $900 computer purchased […]

Mortgage Deduction

Despite heading into the winter season, preparations you take today could make the springtime a little brighter, in terms of tax time savings. For homeowners, itemizing your taxes can help you get a little extra in savings, as you can claim interest that you’ve paid on your first and second mortgages, up to $1.1 million, […]

Tax Filing Statuses

There are a variety of status under which you can file your taxes, and understanding the difference between each can help you determine which status you should file. At tax time, you can use all the help you can get to make the process as simple and smooth as possible.

The Tax Value of Donations

Do you know that many donations that you give to charity are tax deductible? That’s right, you can turn your household goods that you no longer need into a tax benefit. So, as you venture into the depths of the Abyss (also known as the back of your closet), keep track of all the items […]

1099-MISC Form Makes Filing Easier

More people are being required to file 1099-MISC forms all over the country, because the IRS is diligent in making sure you pay your taxes – even if you’re an independent contractor. Your client sends a 1099-MISC form to the agency, and the IRS compares it to the form you submit. Ignoring a 1099-MISC is […]

How Long Should You Retain Your Records?

Once you’ve filed your taxes, you should maintain all of your records and supporting documents in a safe place in case you need to refer to them or if you get audited. But how long should you keep your records for? The IRS has a few tips that can help you figure out how long […]

Choosing the Right Filing Status

The benefits available to you at tax time, as well as tax rates and deduction amounts are dependent upon the filing status you choose. Your filing status is determined by your marital situation on the final day of the year, and whether or not you have any dependents.

Getting an Education in Tax Credits

For those paying for their education, there are a few tax credits that can help decrease the amount owed. The American Opportunity Credit and the Lifetime Learning Credit are available to those responsible for education expenses, such as tuition, fees, textbooks, supplies, and equipment. Some incurred expenses, like insurance, transportation, and personal fees aren’t eligible […]

Depending on Claiming Dependents?

To get a little extra cash back this tax season, consider the benefits you may be eligible for by claiming children or adult relatives as dependents. For each dependent you claim that qualifies, you get a personal exemption, and depending on the age and relationship of the dependent, you may be eligible for additional tax […]

Child and Dependent Care Credit

Hiring a professional to care for a disabled adult, or having to pay for childcare services for children under 13 can be costly.  Luckily, the government has a tax credit which can help reduce these costs and put more money back into your pocket. The Child and Dependent Care Credit can put up to 35% […]