Top 10 List of Personal Tax Strategies

Top 10 List of Personal Tax Strategies

For most taxpayers, year-end tax planning usually means accelerating deductions into the current year while postponing taxable income to the next year. And then you do the same thing the following year.
Alert: This conventional strategy may still work for you, but it’s not so cut-and-dr [...]

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IRS Postpones 2012 Tax Filings

IRS Postpones 2012 Tax Filings


As the Fiscal Cliff debate ends and new laws are passed, the IRS warns taxpayers of the inevitable delays in the 2012 tax season.  The IRS stated on its website in early January 2013 that it will not accept any individual returns until January 30, 2013 and have released a statement on Januar [...]

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Having Trouble Paying Taxes?

Having Trouble Paying Taxes?

Are you one of the thousands of people who got hit with an unexpectedly high tax bill this year? Hey, it happens. Our federal tax code is very complicated, and it’s easy to overlook something that can cost you a ton of money in tax liability. And, of course, the IRS expects you to have money s [...]

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Did you Overpay your Taxes?

Did you Overpay your Taxes?


Think you might have paid too much with your 2012 Federal Income Tax Return? Fear not, Uncle Sam has you covered! The IRS has procedures in place that make it easy for you to correct any errors you may have made on your tax return… even if it wasn’t really an error, but you just c [...]

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What you should know about the Alternative Minimum Tax

What you should know about the Alternative Minimum Tax

 
What's the AMT Mean to You?
Alternative Minimum Tax (AMT)has been a big topic over the past several years.  AMT’s thresholds have stayed the same over the years and have now crept from being a tax on the wealthiest of individuals to a tax that could possibly affect more of [...]

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Adoption: Good for the Heart, Soul and Tax Returns?

Adoption: Good for the Heart, Soul and Tax Returns?

Don't forget the Adoption Tax Credit!
Recently I was talking to one of my regular clients and discovered he and his wife are in the process of adopting a child. While they are very excited new parents to be, being a tax accountant, I’m pretty excited too since this gives them a whole new [...]

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Health Care Reform & How It Will Affect You

Health Care Reform & How It Will Affect You

Obama signing the bill at the White House
Whether you love it, hate it or are ambivalent towards it, the Patient Protection and Affordable Care Act was signed into law on March 23 will be affecting your life in some way over the next four years. As a rule, bills are generally quite convoluted [...]

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Federal Tax Incentives for Continuing Education (Part 4 of 4): Student Loan Interest Deduction

Federal Tax Incentives for Continuing Education (Part 4 of 4): Student Loan Interest Deduction

More Americans are headed back to school, Federal tax deductions help with the expense
So far we’ve discussed the American Opportunity Tax Credit (modified Hope Credit), the Lifetime Learning Credit and even Tuition & Fee Deductions. Today though, we’re going to cover the last in our 4 [...]

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Federal Tax Incentives for Continuing Education (Part 3 of 4): Tuition and Fees Deduction

Federal Tax Incentives for Continuing Education (Part 3 of 4): Tuition and Fees Deduction

Post-secondary education costs are on the rise but Federal tax incentives attempt to provide some respite
While we’ve been talking about the Lifetime Learning Credit and the American Opportunity Credit (Hope Credit, modified for 2009-10), I would be remiss to leave out other options for taxp [...]

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Federal Tax Incentives for Continuing Education (Part 2 of 4): Lifetime Learning Credit

Federal Tax Incentives for Continuing Education (Part 2 of 4): Lifetime Learning Credit

Federal Tax Credits Help Working Adults Return to the Classroom
Last week we discussed the benefits of the American Opportunity Tax Credit (or modified Hope Credit, this week we are going to take a look at the Lifetime Learning Credit.
This federal tax credit will probably apply to a lar [...]

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