Children

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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Break a leg, fix a tooth! It’s deductible!! Well-maybe…..

So, you have probably heard that you need quite a bit of medical expenses to have a deduction.  Well…that’s true. But they do add up so keep track. You can deduct medical, dental and optical expenses that are considered Qualified Expenses if you are ITEMIZING your deductions rather than taking the standard deduction AND IF […]

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Off campus housing-fun AND deductible!

Tempted to use off-campus housing instead of the dorms?  Sure you can!!!!  Although some colleges have rules regarding students staying on campus, many times it is allowable to stay off campus.  You CAN deduct this cost as a qualified higher education expense when taking distributions from a Qualified Tuition Program, aka 529 plan. Among other […]

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Tax Extenders – Saving You Tax $

As is par for the course, Congress waited until the last minute to approve the tax extenders for 2015 with the “Protecting Americans from Tax Hikes Act of 2015.”  President Obama signed it into law. This law extends various tax breaks for individuals and businesses.  Below is a list of some of these extensions:   The […]

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EITC-The louder the house the higher the credit?

The Earned Income Tax Credit…… So, it depends…..got kids? If not, you may still qualify for a small amount. But the large dollars go to those with kids…..you get one amount for having one child and another, larger amount, for having 3 or more kids.  10 kids doesn’t get you anymore EITC than 3 kids, it just […]

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Save for College AND Save on Taxes

Time flies!  We all know that.  One day you’re changing a diaper and the next you are buying a mini refrigerator for the dorm room.  Make paying for that dorm room a bit less painful. The earlier you start setting aside money for college the better.  Putting away money from day 1 of your child’s […]

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