Tax Nitty Gritty

charitable
Dec 22nd, 2014

Extenders Have Passed – What it Means

President Obama signed H.R. 5771, The Tax Increase Prevention Act (TIPA) – known as the “Extenders” – into law last week. This package of tax benefits had expired December 31, 2013. The good news: This one-year extension (yes, it expires on December 31, 2014) means that taxpayers can claim these benefits on their 2014 tax […]

1040

4 Things You Don’t Know About Taxes

Ed note: OK. If you are a super-smart, savvy taxpayer, you might know about a couple of these. But I bet we have a few new pieces of wisdom for you here. Leer en español. When it comes to taxes, surprises are often a bad thing. Nonetheless, there are a few welcome surprises that can come […]

1040
Dec 15th, 2014

What Does It Really Mean to be Audited?

Ed note: We’re all afraid of something. Heights. Snakes. Whatever. But around tax time, you’ll find a lot of people very scared about the possibility of being audited. In that case, here’s some reassuring news for you. Leer en español. Most people think of the word “audit” as one of the worst five letters words […]

advice
Oct 28th, 2014

Tax Questions, Answered: Child and Dependent Care Credit

Ed note: Kids – as much as you love them! – are expensive little creatures. Fortunately, the tax code has some nice credits you can take advantage of. However, you must be careful in your calculators. The Tax Institute breaks down one common scenario. Question I will pay $12,000 in day care expenses this year. […]

federal
Oct 18th, 2014

Same-Sex Marriage and Your State Tax Return

Early in October, the Supreme Court denied review of same-sex marriage appeals from three different federal appeals courts: the Tenth Circuit, the Fourth Circuit and the Seventh Circuit. What does that mean? Since the Supreme Court has declined to decide the matters, the decisions of each of the lower courts will stand. That means the […]

baby
Oct 17th, 2014

Top 10 Tax Tips if You Have a New Baby

Ed note: If you recently had a baby, congratulations! Now I need you to focus for just a minute through that sleep-deprived haze. There are some VERY IMPORTANT tax issues that come along with your new bundle. The good news: most of them mean more credits and deductions for you! Leer en español. 1. Upgrading to […]