Roy Vargis CPA, CMA, CFM, CITA, EA, ACMA, CGMA

Article Highlights: Alimony is deductible to the payer. Alimony is income for the recipient. The IRS matches alimony deductions and income by SSN. Alimony is often confused with child support payments. Audits can lead to filing penalties. Individuals who pay alimony can deduct the amount paid from income on their tax return to reduce the amount of their personal income … [Read more...] about The Alimony Gap

Article Highlights: Taxpayers Receiving Bogus Call from Individuals Claiming To Be IRS Agents. Guidelines to Avoid Being a Victim of a Scam or ID Theft. Limit Accounts to Avoid ID Theft Exposure. We have previously cautioned you not to be duped by Internet and mail scams dreamed up by some pretty enterprising thieves. Most of those revolve around the Internet and e-mails, … [Read more...] about Scammers Getting More Brazen

Article Highlights: Education financing American Opportunity Credit Lifetime Learning Credit Coverdell Education Savings Account Qualified Tuition Programs (Sec 529 Plans) Savings Bond program   The tax code includes a number of incentives that, with proper planning, can provide tax benefits while you, your spouse, or your children are being educated. Education … [Read more...] about Reap the Tax Benefits of Education Planning

All too often, taxpayers wait until after the close of the tax year to worry about their taxes and miss opportunities that could reduce their tax liability or financially assist them. Mid-year is the perfect time for tax planning. The following are some events that can affect your tax return; you may need to take steps to mitigate their impact and avoid unpleasant surprises … [Read more...] about Mid-Year Tax Planning Checklist