Qualified Tuition and Related Expenses
The American Opportunity credit has been made permanent. This tax benefit allows up to $2,500 tax credit per qualifying student. The tuition and fees deduction was not made permanent; instead was extended through 2016. The tuition and fees deduction may provide an alternative tax ... Read More
1. Get your receipts and other paperwork compiled and organized– When January comes, you do not want to be looking frantically for receipts from the summer of 2015. Eliminate anxiety by getting organized now. Round up all receipts and cancelled checks, such as those from charities; check your ... Read More
Choosing The Right Tax Problem Resolution Specialist
Dealing effectively with the Internal Revenue Service (IRS) or other state or local regulatory authorities requires specialized knowledge and experience. Only licensed tax attorneys, certified public accountants and enrolled agents can represent you before the IRS. Similarly, not all individuals who are licensed representatives ... Read More
Education credits. If you’re attending college, or paying for a spouse or child who’s enrolled, you may be eligible to claim the Lifetime Learning Credit for 20 percent of the cost of tuition and fees up to a maximum of $2,000. There’s no limit on the number of years the ... Read More
As most of you are aware, as of January 1, 2014, Americans are required to have health insurance. If you had insurance through your employer, a private exchange or you purchased it directly from an insurance company, the mandate will not affect your taxes.
If you purchased insurance through healthcare.gov or ... Read More
1. Make the most of your home
Make your January mortgage payment by Dec. 31 and deduct the mortgage interest on your coming tax return. The same is true for early property tax payments.
2. Bunch your deductible expenses
Medical and dental expenses, for example, cannot be deducted unless they exceed 10 percent ... Read More