Income tax deductions are items that reduce your taxable income. But, there’s more to the story. It’s important to be aware that not all deductions are created equal. For instance, some deductions can be taken “above the line” on your tax return. Above-the-line deductions are subtracted from your income before the adjusted gross income (AGI) […]
This year, don’t let your tax results take you by surprise. Instead of spending time worrying about whether you are withholding enough income tax from your paycheck, take a few minutes to do something about it. Be proactive in your tax planning so you can feel confident you’re covered come tax season.
Being a part of the U.S. Armed Forces can create special challenges in your financial and family life. You may serve overseas, travel for training and move frequently. You may also have special expenses, such as maintenance of military uniforms. The Internal Revenue Service (IRS) has designed special provisions for service members to help alleviate […]
We’ve all had good reasons for putting off doing our tax returns at one time or another. We were waiting for additional tax information. We weren’t sure how to handle a tax situation. The task seemed too daunting, or we never found the time to quite finish up. Whatever the reason, now is the time […]
We can insure just about anything we choose: our cars, houses, businesses, ability to work – even our lives. While carrying insurance may be expensive, we’re paying for peace of mind. It seems like the only thing more expensive than insurance is not having it when something bad happens. Fortunately, insurance premiums are often deductible […]
Whether you’re heading off to college for the first time or well on your way to finishing your degree, being a college student presents special financial challenges. Knowing how college might affect your taxes can help you plan ahead and identify tax benefits that may make your finances a little easier while you’re hitting the […]