As you gather your information for tax preparation, it is a good time to review who is and who is not your dependent. Even though each individual tax return is different, some tax rules affect every person who may have to file a federal income tax return. These rules include dependents and exemptions. *Exemptions reduce …
Tips to Help You Choose a Tax Professional
It is that time of year again. The IRS wants your tax money! If you are like almost everyone else, you haven’t kept up with the large number of tax regulation changes this year. So what do you do, buy a software and try to do it yourself or do you chose a tax preparer? …
Tax-Time Tips
The income tax filing season has begun and important tax documents should be arriving in your mailbox. Even though your return is not due until April 17 this year, you can make tax time easier on yourself with an early start. *Gather your records*: Round up any documents you’ll need when filing your taxes: receipts, …
Charitable Contributions
As with most tax laws, charitable contribution tax deductions have changed this year. Charitable Contributions for older owners of individual retirement accounts (IRA) is scheduled to expire December 31, 2011. If you are not aware, an IRA owner, age 70 ½ or older, can directly transfer TAX-FREE up to $100,000 to an eligible charity. This …
Tax Credit Helps Workers Save for Retirement
Workers can take steps now to save for retirement and earn a special tax credit now and in the years ahead. The saver’s credit helps offset part of the first $2,000 workers voluntarily contribute to IRAs, 401(k) plans and similar workplace retirement programs. One can set up a new individual retirement arrangement or add money …
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