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

summer-camp1

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.