Taxpayers with disabilities and parents of children with disabilities may qualify for a number of IRS tax credits and benefits. Listed below are several benefits which are available if you or someone else listed on your federal tax return is disabled. Child or Dependent Care Credit - Taxpayers who pay someone to care for their disabled dependent or spouse, regardless of the … [Read more...] about Tax Benefits for Disabled Taxpayers
Personal Tax
Maximize Your Charitable Deductions
As the end of the year approaches, there are still things you can do to increase and properly document your charitable contributions for 2011. Here is a brief rundown: Non-cash contributions– If you have used clothing or household goods that are in good or better condition that you don’t use any longer, contribute them to a charity thrift shop before the end of the year. … [Read more...] about Maximize Your Charitable Deductions
December 2011 Individual Due Dates
December 1 - Time for Year-End Tax Planning December is the month to take final actions that can affect your tax result for 2011. Taxpayers with substantial increases or decreases in income, changes in marital status or dependent status, and those who sold property during 2011 should call for a tax planning consultation appointment. December 10 - Report Tips to Employer If … [Read more...] about December 2011 Individual Due Dates
Unmarried Couples and Home Mortgage Interest
It is becoming increasingly common for couples to live together and remain unmarried, which can lead to potential tax problems when they share the expenses of a home but only one of the couple is liable for the debt on that home. Home mortgage interest can generally be deducted only by a person who is legally obligated to pay the mortgage (in other words, a person who is … [Read more...] about Unmarried Couples and Home Mortgage Interest
Report Those Foreign Financial Connections!
FinCEN is the acronym for the Treasury Department’s Financial Crimes Enforcement Network. FinCEN is a government-wide, multisource, financial intelligence and analysis network tasked with detecting money laundering, terrorist financing, tax evasion, and other financial crimes. To do its job, FinCEN must collect financial data from a multitude of sources, including each U.S. … [Read more...] about Report Those Foreign Financial Connections!