Tax Deductions: Choosing to Itemize or Claiming the Standard Deduction

Manisha Hansraj

Jan 3, 2020

Tax Deductions: Choosing to Itemize or Claiming the Standard Deduction

Trying to understand anything tax related makes you feel like you’re back in grade school. However, it doesn’t have to be difficult. Here’s some sure-fire information that may help you out if you’re a first time filer, or if you have some general questions about claiming tax deductions. What’s the difference between claiming the standard […]

7 Important Life Changes That Impact Your Taxes

Manisha Hansraj

Aug 6, 2019

7 Important Life Changes That Impact Your Taxes

With life, situations change and they come with certain tax implications. One year makes a difference. From getting married, transitioning into a new job to having your own bundle of joy, your tax situation changes as well. Here are some examples. 1. Tying the knot Getting married is a big step in everyone’s lives. Along […]

Manisha Hansraj

Feb 27, 2019

What is a 1098-T Form?

Unfortunately, education isn’t free for some students. If you’re a college student, parent, guardian or anyone paying out-of-pocket for tuition, fees, and required course materials needed for enrollment, you will receive a Form 1098-T. This tuition statement form reports all of your transactions, which means the payments you make to your school. What does a 1098-T […]

How are Charitable Deductions Affected by the TCJA?

Manisha Hansraj

Nov 27, 2018

How are Charitable Deductions Affected by the TCJA?

Generosity has its perks, or rather its tax benefits. Keep in mind, taxpayers are able to easily itemize once they exceed their standard deduction. This typically happens by taxpayers claiming charitable donations along with any expenses they have. It then becomes greater than their standard deduction. However, the standard deduction is twice the amount for 2017. […]

Student Loan Interest Deduction Income Limit

admin

Dec 15, 2016

Student Loan Interest Deduction Income Limit

Strapped for cash as a recent grad? See if you qualify for a student loan interest deduction. College is over and you’ve been blasted with a taste of reality…or should I say adulthood? It’s tough but you’ll get through it. Even the IRS is on your side with certain deductions available to those of us who […]

Can I Deduct Overlooked Expenses from Previous Years on This Year’s Taxes?

Michelle O'Brien

Oct 26, 2016

Can I Deduct Overlooked Expenses from Previous Years on This Year’s Taxes?

Lumping overlooked tax deductions in with this year’s return is hardly an option. Generally speaking, you cannot deduct expenses from a previous year on this year’s tax return. You can only deduct expenses in the year that you paid for them. Each tax return reports finances for its own year and each of those years needs […]

Can I Still Claim the Making Work Pay Tax Credit?

Michelle O'Brien

Feb 25, 2016

Can I Still Claim the Making Work Pay Tax Credit?

Tax credits are the IRS’ way of saying ‘Thanks’! Even if you’re behind on filing past tax returns, it’s important to take your time and file each one accurately. Sure, in some cases you won’t be able to claim your refund after a certain period of time has passed but you can always reduce your […]

Who Qualifies for the Child Tax Credit 2014?

admin

Jan 12, 2015

Who Qualifies for the Child Tax Credit 2014?

If you meet the requirements to claim the Child Tax Credit 2014, your tax bill may reduce up to $1,000 per child. Ever since entering the world, your child hasn’t stopped growing and learning. Along with that comes new clothes to buy, weekly visits to the grocery store, the obnoxious costs of summer camp, and […]

What are the limits on deductions for charitable contributions?

admin

Dec 23, 2014

What are the limits on deductions for charitable contributions?

It’s great to give but don’t expect all of it back from the IRS! If you plan on deducting a charitable contribution on your tax return, you’ll want to keep in mind that the IRS places limitations on how much you can actually write off. Generally, you’ll be able to deduct charitable contributions up to […]

Can I Deduct Donations Made to Any Organization? | IRS Qualified Charities

admin

Dec 18, 2014

Can I Deduct Donations Made to Any Organization? | IRS Qualified Charities

Contributions to Tax-Exempt Organizations aka “IRS Qualified Charities” are Tax Deductible If you itemize your deductions (rather than taking the standard deduction), your donations are tax deductible. Don’t get too excited though, you’ll only be able to deduct contributions made to qualified charities and organizations. Not sure what organization to donate to this year? We’re […]

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