Today is the deadline for filing your 2013 federal and state income tax returns. The envelopes must be postmarked by midnight tonight!
It is important when depositing money to your IRA that you identify the tax year for which the contribution is being made on the check and on any accompanying payment voucher or coupon.
Even if your return was completed by a paid preparer, you are legally responsible for all the information reported on the return. To avoid problems, heed the following advice.
If both you and your spouse work, or if you are a working single parent, the cost of day care or after-school for your dependent child under age 13 care may eligible for the Credit for Child and Dependent Care Expenses.
The US Tax Code contains several ways to help pay for the cost of college for you, your spouse, and your dependent children. The most generous is the American Opportunity Credit.
The American Taxpayer Relief Act of 2012 extended the lifetime $500 "Nonbusiness Energy Property Credit" for qualified energy efficiency improvements or residential energy property costs for your primary principal residence for two years.
The federal government will subsidize from 10% to 50% (or more) of your retirement savings if you meet these requirements.
Losses from any type of wagering transaction can be deducted on your taxes against any kind of gambling winnings.
You can deduct as a Miscellaneous Expense, subject to the 2% of AGI exclusion, ordinary and necessary expenses incurred for the production, collection and protection of income.
Were you looking for work last year? You can deduct your out of pocket expenses to look for a job in your current line of work as a Miscellaneous Expense on Schedule A, subject to the 2% of AGI exclusion.