- Summertime Child Care Expenses May Result in Tax Savings
- Many parents who work or are looking for work must arrange for the care of their children during school vacation. If you are in this situation and your children requiring care are under 13 years of age, you may qualify for a child care tax credit. The credit offsets income tax, potentially to zero, but cannot be used to reduce special taxes, such as self-employment tax, and is not refundable.
- Automated IRS System Helps College-Bound Students with Financial Aid Application Process
- College-bound students and their parents typically want to make every dollar and every minute of the college experience count, including money spent on tuition and time spent on the college financial aid application process. The Internal Revenue Service is helping minimize the time spent completing the Free Application for Federal Student Aid (FAFSA) form by automating access to federal tax returns with the IRS Data Retrieval Tool. This tool provides the opportunity for applicants to automatically transfer the required tax data onto the FAFSA form.
- Tax Increases Looming in 2013
- Without Congressional action before the end of the year, just about everyone, rich and poor alike, will be hit by tax increases. These increases are the result of temporary tax benefits that will expire at the end of 2012.
- Small Business Expenses 101
- For small business owners, tax breaks often come in the form of tax deductions which can offer a nice little instant cash savings if you know how to navigate tax law and claim the deductions you deserve (not what you believe you are entitled to).
- IRS Liberalizes Position on Local Lodging
- In the past, a business deduction was allowed only for lodging when a taxpayer traveled away from his or her tax home. A taxpayer's tax home is generally the location (such as city or metropolitan area) of a taxpayer's main place of business (not necessarily the place where he/she lives).
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