How Divorce or Separation Affects Your Taxes
Aug30

How Divorce or Separation Affects Your Taxes

If you are divorcing or recently divorced, the Internal Revenue Service offers these key tax tips to keep in mind: Child Support.  Child support payments are not deductible and if you received child support, it is not taxable. Alimony Paid.  You can deduct alimony paid to or for a spouse or former spouse under a divorce or separation decree, regardless of whether you itemize deductions. Voluntary payments made outside a divorce or...

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Don’t Wait Until the Extension Deadline to File
Aug25

Don’t Wait Until the Extension Deadline to File

If you filed for an extension of time to file your 2015 federal tax return and you also chose to have advance payments of the premium tax credit made to your coverage provider, it’s important you file your return sooner rather than later. Here are four things you need to know: If you got a six-month extension of time to file, you do not need to wait until this fall to file your return and reconcile your advance payments. You can – and...

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Premium Tax Credit – Change in Circumstances
Aug23

Premium Tax Credit – Change in Circumstances

If you or anyone in your family purchased health coverage through the Marketplace and had advance payments of the Premium Tax Credit paid in advance to your insurance company to lower your monthly premiums, it is important to report life changes to the Marketplace when they happen. Changes to income Changes in health coverage: Someone in your household getting an offer of job-based coverage, even if they don’t enroll in it Someone in...

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Can I Deduct My Moving Expenses?
Aug19

Can I Deduct My Moving Expenses?

Did you move due to a change in your job or business location? If so, the Internal Revenue Service says you may be able to deduct your moving expenses, except for meals. Here are the top tax tips for moving expenses. In order to deduct moving expenses, your move must meet three requirements: The move must closely relate to the start of work.  Generally, you can consider moving expenses within one year of the date you start work at a...

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7 Back to School Tax Tips for Education
Aug17

7 Back to School Tax Tips for Education

If you pay for college in 2016, you may receive some tax savings on your federal tax return, even if you’re studying outside of the U.S. Both the American Opportunity Tax Credit and the Lifetime Learning Credit may reduce the amount of tax you owe, but only the AOTC is partially refundable. The Internal Revenue Service wants you to know these seven things about education credits: American Opportunity Tax Credit ‒ The AOTC is worth up...

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