This post was written by guest blogger Eva Rosenberg. When it comes to your taxes, the best way to avoid stress and problems is to use the old fashioned method—pay as you go—either through payroll withholding or timely estimated tax payments. Unfortunately, even with the best intentions it’s possible to get behind. Millions of people [...]
Tax season has begun, and while you may think it’s too late to do anything that can impact your 2014 taxes, that’s not the case. Even now you still can maximize your tax savings and perhaps your tax refund. What’s the secret? Digging through your records. The more details you have saved from your purchases, [...]
When it’s time to file taxes, navigating the world of tax credits and tax deductions can be confusing. They seem similar, yet they work differently. How do you know what to claim? What will save you the most money? The Basics: What’s the difference between tax credits and tax deductions? Tax credits reduce your actual [...]
Here's a quick list of the tax deductions Congress just extended to the end of the year. 1. Mortgage debt forgiveness. If you did a short sale in 2014, you will not have to pay taxes on the debt the lender writes off in the deal. 2. Deduction for private mortgage insurance. You can continue to [...]
For those that took advantage of the first-time home buyer tax credit in 2008, you still need to repay the IRS back over time. Q: I bought a home in April, 2008 and took advantage of the $7,500 home buyer tax credit. My understanding is I will have to pay back the full amount to [...]
Babies bring us happiness—and tax benefits. I have a number of tax tips that will help you figure out the tax benefit you’re entitled to with a new baby. It’s just a little added bonus to your bundle of joy. Tax Tips: What are some tax benefits for parents? The dependency exemption is worth $3,700 [...]
Last month, while I was frantically trying to finish up a Pennsylvania client’s tax return, I discovered that we had missed a $500 to $650 state property tax credit for seniors. To snag that credit, it seemed that the return should have been filed by June 30. But, oh ho! The state had extended the [...]
