Category Archives: Adjustments to Income

Taking it Personally: Exemptions

Anyone who pays taxes and is not claimed as a dependent on anyone else’s return is eligible to receive a personal deduction simply because they are a taxpayer. This deduction is known as a personal exemption, and the amount is a set dollar amount for the entire year. In 2014, the exemption amount was $3,950, […]

IRA Contributions and Tax Time

For taxpayers who contribute to an IRA, tax time can lead to many questions regarding how those contributions may affect your taxes. If you chose to save for retirement through an IRA, there are some important things you should know. In order to contribute to a traditional IRA, you have to be under 70 ½ […]

Tax Breaks for Recent College Graduates

For those who have recently graduated from college, saving up enough money to make ends meet can be a difficult challenge. However, there are tax breaks available for those who have earned their degrees which can keep a little extra money in their pockets. Here are four tax breaks and credits that new college graduates […]

Not Itemizing on your Tax Return?

You Can Still Claim Certain Deductions. Filing taxes is a stressful affair, causes anxiety and can be highly confusing. Should you take the standardized tax deduction of $6,200 for singles?  Double that amount for couples. Itemizing your tax deductions may give you a bigger refund. Itemizing deductions will necessitate keeping all your medical, tax, and […]