Children

Year-End Tax Tips

Now that 2017 is coming to an end, here are some things to consider: If you qualify to have a Health Savings Account you need to OPEN it by the end of the tax year. Make charitable contributions and have the necessary proof. If you bunch your itemized deductions every other year: Make sure you […]

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Divorce & Taxes

Here are some key issues that may affect you if dealing with divorce or separation: Alimony received must be included as taxable income Alimony paid is a deduction for the person paying it Child support is not a taxable event Let the IRS know about your address change on Form 8822 Report any name change When […]

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Start Saving Those College Receipts!

Now that school is back in session for the fall, it is a good time think about possible education credits.  It is important to compile receipts for qualified education expenses in order to potentially qualify for education credits. There are two education credits available: the American Opportunity Tax Credit (AOTC) and the Lifetime Learning Credit (LLC). These credits may […]

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Applying for Federal Student Loans

Yes, you can fill out your FAFSA for the 2018-2019 school year starting October 1st. Yep! In less than a month you could be looking up asset values and tax information from 2016 and possibly pulling your hair out in frustration. Woohoo! Fill it out HERE on the FAFSA website. First thing….and you can do this […]

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Deducting College Expenses

Make sure you get a 1098-T form from the college, university or trade school that your child attends.   The form may been to be downloaded from an on-line site or the school may have mailed it to your child. Remember…… -if your child is under 24 and a full time student for any part […]

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Childcare costs got ya down?

If you are paying for childcare either because you work or are looking for work or because you are a student then GOOD NEWS……….You may be able to get a credit on your taxes because of it. That money you are paying is also includible as income to the person you are paying which is […]

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Happy FAFSA!!! Did you have weekend plans?

Yes, you can fill out your FAFSA for the 2017-2018 school year starting October 1st. Yep! In less than 48 hours you could be looking up asset values and tax information from 2015 and possibly pulling your hair out in frustration. Woohoo! Fill it out HERE on the FAFSA website. First thing….and you can do […]

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Changes to FAFSA (Federal Application for Federal Student Aid)

Those of you who have applied for financial aid through the Department of Education know how frustrating it can be. Well, the application process will be slightly easier starting with the 2017-2018 academic year. Previously, the figures the applicant would enter on the FAFSA form would be pulled from the tax return from the previous year. For […]

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Picking out a college? See if it qualifies.

Some people are surprised when little Johnny or Jane’s college or school they picked out ends up NOT being eligible for a tax credit. Qualified institutions include any college, university, vocational school, or other post secondary educational institution eligible to participate in a student aid program run by the U.S. Department of Education.  This includes most […]

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College costs getting you down?

Well perk up!!!! Your kids will be smart and more well-rounded AND the IRS is giving you the added bonus of many possible tax incentives.  Woohoo!!! Fantastic! What are these special incentives…well, here’s a few to wrap your mind around…. The American Opportunity Credit….an education credit of up to $2,500 for qualified higher education costs.  […]

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