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[…]

Individual Tax Provisions in Obama’s 2015 Budget

President Obama released his FY 2015 budget proposals on March 4.  I’m not one to analyze the benefit or cost behind proposed tax law, or argue conservative or liberal viewpoints ( I am conservative), but I am interested in what may be on the horizon for tax law.  While I’m conservative, I’m not naïve enough Read more about Individual Tax Provisions in Obama’s 2015 Budget[…]

Filing Status: Married Filing Separately

Married individuals may choose to file separately rather than filing one joint return.  Married filing separately is the least favorable filing status. The standard deduction for this status in 2013 is $6,100 and $6,200 in 2014. Not only does the married filing separately status have the least favorable tax rates, but certain tax benefits like Read more about Filing Status: Married Filing Separately[…]