Personal Tax

Article Highlights: • How the AMT is Determined • Medical Deductions • Deduction for Taxes Paid • Home Mortgage Interest • Miscellaneous Itemized Deductions • Personal Exemptions • Standard Deduction • Incentive Stock Options • Business Incentives When looking over your tax return, do you notice an amount on line 45? If an amount is entered there, it is because you are … [Read more...] about Surprised by the Alternative Minimum Tax?

Article Highlights: • HERO Program • Payments Included in Property Tax Payments • Payments Are Not Deductible Property Tax Payments • Deducting HERO Interest Payments • Energy Credits The Home Energy Renovation Opportunity (HERO) Plan is a program that finances the purchase and installation of eligible energy-efficient and water-saving upgrades in a taxpayer’s home. These … [Read more...] about Is the HERO Solar Financing Solution Really a Hero?

Each year literally billions of dollars go unclaimed from federal and state governments, financial institutions and companies no longer generating activity. These can include tax refunds, savings or checking accounts, stocks, uncashed dividends or payroll checks, traveler's checks, trust distributions, unredeemed money orders or gift certificates (in some states), insurance … [Read more...] about Find Your Unclaimed Money

Article Highlights: • Education Credits • American Opportunity Tax Credit • Lifetime Learning Credit • Qualified Expenses • Qualified Educational Institutions • 1098-T Now that summer is over, it is time for many young adults to head back to college or university, and it is time for their parents or family members to dig into their pockets to help pay for that schooling. … [Read more...] about Back to School? Tax Breaks May Help to Pay the Cost!

August 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during July, you are required to report them to your employer on IRS Form 4070 no later than August 10. Your employer is required to withhold FICA taxes and income tax withholding for these tips from your regular wages. If your regular wages are insufficient to … [Read more...] about August 2016 Individual Due Dates