It is increasingly common for adult children to take care of their elderly parents. When such support begins to become both financial and significant, many wonder whether a tax break might be available to help offset some of the expenses. Here are some of the key considerations to determine if you can claim your parent as a dependent. Full story
If you plan to take advantage of some of the tax provisions for which the curtain goes down at midnight on December 31, here are a few of the expiring tax provisions, and some ideas about what you should do now. Full story
You filed for a tax extension and bought yourself a bit of time. The clock’s been ticking and the October 15th tax deadline is approaching. Hopefully, you’ve spent this time gathering your documents. Today, we’ll discuss the tax deductions that you may not be thinking about. Full story
It’s likely that you never think about the gas tax when you fill your tank. That’s because it is included in the cost of each gallon, rather than being added on at the end of the sale like sales tax, or collected at tax time like income taxes. Even if you never think of gas tax, it is likely that you benefit from its collection: state excise tax on gasoline funds highway and mass transit projects in most states. Full story
Finding tax deductions that you qualify for is vital if you want to legally minimize your tax obligations. Depending on your circumstances, one sort of tax deduction that you may want to take is regarding your summer job search. Full story
Are you looking for a summer job? If so, some of your expenses might be tax deductible, providing you a way to save money come tax time. Our tips are framed as searching for a “summer job” but they apply to any job search in any season. Full story
The release of the iPhone 5 swept the nation, and tech consumers had yet another… Full story
It’s spring and that means it’s a great time to clean out the basement, attic, closets, and garage and save some money on your 2013 tax return at the same time. There are many charitable organizations that you can donate items to help those in need and take a deduction on your tax return if you itemize. If you did spring cleaning in 2012 you can also take advantage of this tax benefit and save on your 2012 taxes. Let’s look at the types of items you might like to donate.
A great milestone of your financial life is the purchase of your first home. While less exciting, the tax implications of that achievement are no less critical. After all, home ownership creates several new opportunities for you to save on your federal income taxes. Got your attention?
What amount of your medical expenses are tax deductible? Do you have to show proof of the expenses that you’re claiming as deductions? Whose medical bills are able to be deducted? These are some very common questions about medical expenses, so let’s just dive right in.