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Child and Dependent Care credit may cover more than you think come tax season.  If your child enjoys summer day camps, from arts and crafts to water polo, those expenses generally count as allowable expenses.  The credit was created as a way to help working parents. It serves to reduce the amount of federal income […]

If you tied the knot there are several things you can do now, to make tax season a lot easier. Before you file your return, be sure to report name changes to the Social Security Administration.  This can be done with a Form SS-5 Application for a Social Security Card. You will also want to

A question we receive regularly from clients is whether they should file as an independent contractoror an employee at tax time.  Employers likewise ask the same question when looking at their staff. It is a topic covered with great frequency and popularity, so if it’s something you wondered – you are not alone! The IRS.gov

These days we are fortunate to live in a world much less reliant on paperwork. Almost everything can be found online and file cabinets are becoming bare. As much as we live in the digital era, there are still some tax papers imperative to keep on hand. There are several important reasons to retain tax

529 plans, also known as Qualified Tuition Plans,  are not a new thing but they have certainly evolved since their introduction in 1996.  These savings plans for higher education are attractive for many reasons and they have a number of tax benefits.  Earnings grow federal tax free and are not taxed when withdrawn for educational

If you find your tax refund is not as large as you hoped it would be for 2017, it may be time to look at your withholding allowances.  The number of allowances claimed on your W-4 determines the amount of tax withheld from you income.  Too little tax being withheld each paycheck trickles down and

  Is 2018 the year you plan to make some energy efficient changes to your home?  The IRS offers tax credits, up to 30% of the expenditure, to place solar electric or make solar heat improvements.  This credit is available through 2019 at 30%.  In 2020 and 2021 it will still be available but at a

When determining if you may claim a potential dependent, the general rule of thumb states that between food, lodging, clothing, and other necessities, you must have provided at least half of their total support for the tax year.  Additionally, the dependents can have their own tax return, but they may not file a joint tax

As tax time rolls round, there are several questions I hear more regularly.  One common query is whether a client should itemize deductions or take the standard deduction.  Before answering that, I thought it would be helpful to take a look at the difference between exemptions, credits, and deductions. Deductions – also reduce your taxable

Do you prefer to file your own taxes online?  If so, please consider File For A Cause and when you do a portion of the filing fee will directly go to support a local organization – Excentia.  File For A Cause utilizes a very easy to navigate, user friendly, and most importantly – secure, online