Tax Season Tips

  Tax season 2017 is in full swing. Statistics issued by the IRS showed a 17.2% decline in the total number of returns received through February 10, 2017 compared to the same period last year.  The decline was most likely caused by the mandate on refunds on returns involving the Earned Income Credit and the Read more about Tax Season Tips[…]

Tax Benefits for New Parents

I was blessed with my first two grandbabies this summer! (Stone Alexander and Grace Jenna) While Grammie won’t realize any tax benefits from the birth of these two babies, their parents will become eligible for a whole new set of tax breaks.   Dependents   Claiming your son or daughter as a dependent will shelter Read more about Tax Benefits for New Parents[…]

Energy Credits

As luck would have it, my 20 year old air conditioning unit needs to be replaced.  I’ve been shopping and learning about air conditioners for the past two weeks and have finally decided on a 16 SEER unit with a 10 year warranty.  The minimum rating the Federal Government will allow to be installed in Read more about Energy Credits[…]

Child Credits

While most of us know a parent who provides more than 50% of the support of their child is entitled to a dependency exemption, we may not know about two credits for parents with dependent children.  Credits are more valuable than deductions and exclusions because they are direct reductions to the amount of tax owed. Read more about Child Credits[…]