Archive

29Aug2012

Take Advantage of Education Tax Benefits

The tax code includes a number of incentives that, with proper planning, can provide tax benefits while you, your spouse, or children are being educated. Which of these options will provide the greatest tax benefit depends on each individual’s particular circumstances. The following is an overview of the various possibilities. Student Loans—A major planning issue
  • 29 Aug, 2012
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24Aug2012

Middle-Class Tax Cuts: Will Congress Act Soon?

So who does President Obama see as the middle class? He has repeatedly used earnings of $250,000 for married couples and $200,000 for single individuals as the threshold for what he considers the wealthy and those who should not benefit from tax cuts. He reiterated that on July 9 by calling for a one-year extension
  • 24 Aug, 2012
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21Aug2012

Raising Cash in Tough Times

A housing market that has not recovered from the big price drops that began several years ago, long-term unemployment, and a still wobbly economy mean tough times for cash-strapped individuals seeking to raise money for an immediate financial need. Compounding the misery is the fact that many people have locked away the lion’s share of
  • 21 Aug, 2012
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17Aug2012

Keep Track of Your Basis

Regarding taxes, there is a saying to the effect that “those who keep records win.” If you are an investor, you may have a variety of securities, including stocks, bonds, and mutual funds. When you sell those securities, you want to minimize your gains or maximize your losses for tax purposes. Gains or losses are
  • 17 Aug, 2012
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14Aug2012

Inheritances Can Be Tricky

If you have received an inheritance or anticipate receiving one in the future, this article may answer many of the questions you might have. The process of claiming an inheritance can be quite complex, and it helps to understand the basics and be aware of potential tax liabilities. NOTE: Special rules, not covered in this
  • 14 Aug, 2012
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10Aug2012

How the Health Care Law Will Impact Your Taxes

There has been a great deal of media coverage related to the US Supreme Court upholding the Affordable Care Act, also known as the Health Care Law. The media coverage was generally political and failed to explain the details of how the law will impact individuals. If you are interested in political rhetoric as to
  • 10 Aug, 2012
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08Aug2012

Important Due Dates to Remember in August

August 2012 Individual Due Dates 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
  • 8 Aug, 2012
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