Making your January 2015 mortgage payment in December 2014 can help increase your mortgage interest deduction which in turn can lower your taxable income. When your taxable income is lower then your total tax is lowered and can increase your
Category: Tax Deductions
Year-End Gifts to Charity
The Internal Revenue Service reminds individuals and businesses making year-end gifts to charity that several important tax law provisions have taken effect in recent years. Some of the changes taxpayers should keep in mind include: Rules for Charitable Contributions of
2014 Year End Tax Planning
Year-end Tax Planning Tips from the National Society of Accountants Current individual income tax rates of 10, 15, 25, 28, 33, 35 and 39.6 percent will be in place for 2015, as will current tax treatment of capital gains and
2015 HSA Deduction Limits
The Internal Revenue Service (IRS) has released the 2015 inflation-adjusted deduction limitations for annual contributions to a Health Savings Account (HSA) which are updated annually to reflect cost-of-living adjustments. In Revenue Procedure 2014-30, the IRS said that for calendar year 2015, the
Tax Recordkeeping Tips
Resources Recordkeeping for Tax Purposes Guide (pdf) Small Business Recordkeeping Publication 583, Starting a Business and Keeping Records Basic records are documents that everybody should keep. Although the Internal Revenue Service (IRS) doesn’t require you to keep your records in
Medical and Dental Expense Deductions
If you plan to claim a deduction for your medical expenses, there are some new rules this year that may affect your tax return. Here are eight things you should know about the medical and dental expense deduction: AGI threshold
Tax Savings for Parents
Do you feel the pain of expenses throughtout the year raising a child; school, daycare, college, etc.? Others feel your pain. The IRS offers a number of tax breaks to offset the cost of raising a child. It may be confusing
Don’t Miss These Deductions and Credits
Don’t overpay taxes by overlooking tax deductions, credits, and elections on your tax return. See the most common ones listed below that could cost you “money”. Credits Education Credits. Send your children to school and get a tax credit under
14 Common IRS Audit Triggers
The Internal Revenue Service audited .96 percent of individual tax returns in fiscal year 2013, declining for the second straight year. Even though there was a decline, the IRS increased the revenue it collected from tax enforcement by 6.3%. Ever
2013 Year End Tax Planning
Year-end tax planning could be especially productive this year because timely action could nail down a host of tax breaks won’t be around next year unless Congress acts to extend them. Businesses and individuals can potentially achieve significant tax savings