Summer Job Hunting? Tips on How to Deduct Job Hunting Expenses
Whether you’re currently out of work, or gainfully employed but want to seek other employment opportunities, if you decide to start looking for a new job this summer, the tax code can help. Here are five quick facts about to deduct job hunting expenses. You Must Look for Work in the Same Field. Your job […]
How Does Your Vacation Home Affect Your Taxes?
No matter your goals for a second home, understanding the tax breaks for your vacation residence can help you relax in style. What is a Vacation Home? First, you’re going to have to unlearn your definition of a vacation home. According to the IRS, a vacation home can be any residence that has sleeping space, […]
Breaking Down the Higher Education Tax Credits
Money you paid for higher education in 2015 can mean tax savings in 2016. If you, your spouse, or your dependent took post-high school coursework last year, there may be a tax credit or deduction for you. Here are some facts from the IRS about key higher education tax credits. The American Opportunity Credit (AOTC) […]
Claiming a Tax Deduction for Medical Expenses
Your medical expenses may save you money at tax time, but a few key rules apply. Here are some tax tips to help you determine if you can deduct medical and dental expenses on your tax return: Itemize. You can only claim your medical expenses that you paid for in 2015 if you itemize deductions […]
Top Ten Year End Tax Planning Tips
The end of the year is a good time to evaluate your tax obligations so there are no surprises come filing time. Check out these top ten year end tax planning tips for what to keep in mind as you review your finances. Check on Congress The most important thing you can do this year […]
When to Lease Business Equipment Instead of Buying
As things stand now, the tax breaks for buying depreciable business property have been watered down for the 2015 tax year. Consider leasing business equipment instead of buying it. Generally, you can write off the entire cost of leasing without a huge upfront commitment. Also, leasing isn’t forever. If the tax breaks for buying property […]
What You Need to Know About the Child and Dependent Care Credit
Day camps are common during the summer months. Many parents pay for them for their children while they work or look for work. If this applies to you, your costs may qualify for a federal tax credit that can lower your taxes. Here are the top things to know about the Child and Dependent Care […]
Make A Mistake? How & When to Amend Your Tax Return
Don’t worry if you made a mistake on your tax return or forgot to claim a tax credit or deduction. Or maybe a financial institution sent out corrected 1099 statements for your investments. You can fix it by filing an amended return. Here are 10 tips that you should know about amending your federal tax […]
