Retaining copies of your federal tax return is important. Not only will you need the return in case of audit, but the tax return is often used to secure student aid, obtain loans, purchase a home or business, plus much…
Month: September 2014
The Coverdell ESA “Education Savings Account”. Lost in the mix?
The tax code is filled with tax breaks to offset the cost of education. This includes programs like the Lifetime Learning Credit, the American Opportunity Credit, the Saver’s Credit, student loan interest destructibility, and the on-again off-again Tuition Deduction. Lost…
FIVE BASIC TAX TIPS FOR NEW BUSINESSES
A thorough awareness of your federal tax obligations is one of the main concerns of climbing the ladders of success if you are gearing up for a business start-up. Not only knowledge about income taxes but also, information about…
Lifestyle Audits. A thing of the past?
The word “audit” is enough to raise anyone’s blood pressure. If the IRS agent then tells you they want to see bank accounts and personal records you may need a heart monitor. Should this happen to you, you could be…
IRS Takes Steps to Reduce Fraud
In its ongoing effort to tackle the increase in fraud and identity theft at the IRS, there are a number of security enhancements announced to deal with the problem. Limiting direct deposits into a single account The problem: Would…
Job Search Expenses May Lower Your Taxes
September is often a time of transition, when people decide to make major life decisions–such as changing jobs. If you’re looking for a new job, then you may be able to claim a tax deduction for some of your job…