Personal Tax

Article Highlights: Student Parents May Qualify for Child Care Credit Determining the Artificial Income for Credit Computation How the Credit Is Determined If your family is among the many families that incur child care expenses so that a parent can attend school, you may be eligible for a child care tax credit. Generally, the child care credit is only available to couples … [Read more...] about Child Care Credit Available to Student-Parents

Article Highlights: Home Office Deduction For Self-Employed Individuals Employee Home Office Issues Safe Harbor Home Office Deduction If you run your small business out of your home, you may want to “write off” many of your household expenses. But how do you know what is deductible and what is not? Generally, expenses related to the rent, purchase, maintenance and … [Read more...] about Can You Take a Home Office Deduction?

Article Highlights Education Loans Home Equity Loans Tapping Retirement Accounts College is just around the corner for many, and paying for tuition and college expenses may require borrowing money. If you are in this situation, here are some tax implications to consider before taking out a loan. There are two possible types of loans that can generate a tax deduction for … [Read more...] about Borrowing Money to Finance an Education?

September 1 - 2014 Fall and 2015 Tax Planning Contact this office to schedule a consultation appointment. September 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during August, you are required to report them to your employer on IRS Form 4070 no later than September 10. Your employer is required to withhold FICA … [Read more...] about September 2014 Individual Due Dates

  August 11 - 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 11. 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 … [Read more...] about August 2014 Individual Due Dates