Summer Camp and Tax Credit

Posted by Lucy P in Tax Benefit Views 1285

Summer is finally here. While the kids are thrilled, mom and dad are sometimes scrambling to find a summer day camp and how to pay for it. The best way is to use your dependent care FSA. If you or your spouse’s employer has an FSA available...

Same-Sex Couples and Filing Taxes

Posted by Lucy P in Tax Benefit Views 1590

Legally Married According to the IRS The IRS considers a same-sex couple based on the legality of the state or country they were married in not where they reside. If you were married in a country or state that recognizes same-sex marriage then...

Save Money with Education Tax Credits

Posted by Lucy P in Tax Benefit Views 22519

Education Tax Credits The beginning of school is a good time to learn about the tax credits. These tax benefits can help offset qualifying education costs. So if you’re paying education costs for yourself, a spouse, or a dependent you may...

Your scholarship, fellowship or grant may be tax-free

Posted by Lucy P in Tax Benefit Views 1220

Scholarship, Fellowship or Grant may be Tax-Free If you received a scholarship, fellowship or grant payment for a degree (whether an undergraduate or a graduate) at an educational institution to aid in the pursuit of your studies, it’s...

Gambling winnings and Losses a Tax Write Off You Shouldn’t Forget

Posted by Lucy P in Tax Benefit Views 1294

With Mega Millions and the Powerball both over $300 million this week we would like to remind taxpayers that they must report all gambling winnings as income. They can also itemize deductions to claim any gambling losses on their return...

Teachers Don’t Forget Your Tax Benefits

Posted by Lucy P in Tax Benefit Views 1364

Tax Benefits for Teachers There are special tax benefits for teachers. Teachers, administrators, and aides should know what to keep track of to decrease your tax burden at tax time. There are three key work-related tax benefits. These benefits...