Solutions to Make Better Decisions with Your Money

Can You Claim Your Parents as Dependents?

Can You Claim Your Parents as Dependents? - TaxACT

You know you can claim your kids on your tax return. What if you also support mom and dad? If you pay some or all of your parents’ expenses, you may qualify for dependency exemptions for them, just as you do for your children. Benefits of claiming your parents as dependents

Weekly Favorites: Donation Rules, Old-School Money Tips, Credit Card Rewards as Taxable Income

TaxACT Weekly Favorites June 14, 2013

TaxACT’s Weekly Favorites:  June 14, 2013 Tax Deductible Donation Rules via Bankrate Just what is tax-exempt status? As the name indicates, it means organizations granted such status by the Internal Revenue Service don’t have to pay taxes on any profits. Continue reading…  Listen to Your Father! Old-School Money Tips for Today via Credit.com This month […]

Will Credit Card Rewards Soon Be Classified as Taxable Income?

Will Credit Card Rewards Soon Be Classified as Taxable Income? - TaxACT

What’s considered taxable income? Just about anything you can think of, according to this list on the IRS website. However one thing you will find notably absent are credit card rewards. At least for now, but will that soon change? The reason credit card rewards have typically not been counted as taxable income is because […]

Donate to Charities to Decrease Taxable Income

How does donating affect my tax return?

Are you asking for a receipt and itemizing your donations when giving to charities? You should be. Beyond the personal satisfaction of donating to charitable organizations, there could also be income tax benefits for your kind gestures. Generally, you can take a deduction for contributions of money or property that you make to a qualified […]