Income Tax

 IRS Still Improperly Handling EITC Payments

May 13, 2014 

IRS Still Improperly Handling EITC Payments

The Earned Income Tax Credit (EITC) is one of the most widely-used credits by U.S. taxpayers, it's also often mis-used and even thought the Internal Revenue Service has been scolded for its poor management of the EITC, the agency is still lacking.

Isaac M. O'Bannon

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May 13, 2014 

Summertime Tax Tip #3: Tax Credits for Summer Camp

Are your clients making plans to send their kids off to camp this summer? Depending on the arrangements, they may be entitled to claim a healthy tax credit – the dependent care credit (also known as the “child care credit” ) – for the daily expenses. However, there are no tax benefits available for overnight…

Ken Berry, JD

 Summertime Tax Tip #2: Pocket Key Tax Breaks for Vacation Home Rentals

May 11, 2014 

Summertime Tax Tip #2: Pocket Key Tax Breaks for Vacation Home Rentals

If a client owns a “vacation home” in a resort area – say, a seaside cottage or a mountaintop cabin – the family may enjoy getaways there during the summer months. But when the kids grow up and the trip becomes a hassle, the place may lie dormant for much of the season. It could…

 Charitable Giving to Nonprofits Drops

May 7, 2014 

Charitable Giving to Nonprofits Drops

A quarterly report on the amount that Americans donate to nonprofits shows a decrease in the first quarter of the year, following several months in which the giving rate had seen increases.

 Report Shows Odds of Facing an IRS Audit for Individuals, Businesses

May 5, 2014 

Report Shows Odds of Facing an IRS Audit for Individuals, Businesses

Although the actual risk is very low that most Americans will face an IRS audit of their taxes, the fear of that potential is a strong factor that keeps most taxpayers on the level, according to a new report from WalletHub, a financial management and information website for consumers.

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May 4, 2014 

Is An MBA Degree Tax Deductible? It Depends

Suppose one of your clients has his or her sights set on obtaining an MBA or another advanced degree. Usually, it takes significant time and effort to achieve this goal, especially if the degree candidate is currently working on a full-time or part-time basis. But earning the degree could be well worth the “blood, sweat…

Ken Berry, JD

 Summertime Tax Tip #1: Mix In A Little Pleasure on Business Trips

May 4, 2014 

Summertime Tax Tip #1: Mix In A Little Pleasure on Business Trips

Due to recent advances in technology, you can now talk face to face with someone halfway across the country without even budging from your desk. Yet it’s still important at times for business people to “press the flesh” or meet in person with an associate to conduct meetings or consummate a deal. At least, a…

Ken Berry, JD