Smart Decisions
Tax Breaks for Education & Student Aid Information
Tax Benefits for Education - Current tax law provides a wide range of post-secondary education tax incentives. The more prominent benefits include (1) Education Credits (2) Section 529 Plans (3) Coverdell Education Savings Account (4) Penalty-Free IRA Withdrawals (5) the Deduction for Education Interest and (6) Above-the-line Education Deduction. More information on educational tax credits.
Your Home & Taxes
Financial transactions involving your home have great tax and financial implications to taxpayers and their families and should be approached with a well-informed understanding of the process. This section includes a variety of self-help tools to assist clients with various aspects of the process. If additional assistance is needed, please call for an appointment or a telephone consultation.
Vehicle Usage
Using the Vehicle for Business? Please review the IRS's publication on deducting automobile expenses. Purchasing or Purchased a Hybrid Vehicle? If so, you are entitled to a substantial tax deduction.
Deductible Medical Care
Medical care means amounts paid for the diagnosis, cure, mitigation, treatment, or prevention of disease, and for treatments affecting any part or function of the body. The medical care expenses must be primarily to alleviate or prevent a physical or mental defect or illness. The following provides details to special issues related to medical care expenses. However, keep in mind, there are income restrictions limiting the medical deductions. More information on medical and dental expenses.
Investments and Taxes
The following is a series of articles dealing with special treatment of investments, income from the investments, and deductions associated with the investments. Capital Gains and Losses; Dividends; Inherited Property; Investment Interest; Mutual Fund Dividends.
Charitable Contributions
Money or property that you donate to "qualified" charitable organizations can be included in your itemized deductions as a charitable contribution. But what is a "qualified" charity? Click here to find out more.
Relocation
From time to time it becomes necessary to relocate, whether it be a move across town or across the nation. Moving can be a disruptive experience whether it be a job-related move, a retirement relocation, or simply exchanging homes within the community. Whatever the reason, the following are some helpful tips.
IRAs, Pension Plans and Retirement
It is never too early to plan for your retirement. In most cases, employer and government retirement resources will not provide sufficient funding to insure a comfortable and secure retirement. Retirement planning and retirement saving programs have become a necessity rather than a luxury. This section includes a number of features to assist you with your retirement questions. For a more comprehensive look at your retirement planning needs, please call this office.
Business Topics
Frequently encountered topics relating to small businesses. New Business and Business Organization Issues. Employee and Worker Issues. Business Expenses. Small Business Benefits & Pension Plans.
Visit the IRS's Small Business and Self-Employed Tax Center for more issues related to the operation of a business.
Recent Tweets
Resources
