The IRS estimates that it paid out over $2 billion in fraudulent claims for refunds. While the age of e-filing and automatic deposits has sped up receiving our refunds, it has also created a tremendous identity theft problem. Thankfully, the IRS is now paying attention to this problem and is actively using their data matching programs to help catch identity thieves trying to steal your withholdings.

A recent survey conducted by Harris Interactive for the American Institute of CPAs explored what parents are paying their children in the form of allowances. The survey was conducted in July 2012 using a telephone survey of 1,006 parents aged 18 or over.

One of the first places to look to ensure your tax bill is not higher than need be is your dependent children. Not only are there tax savings provisions in the tax code like the Dependent Child Care Credit and the Child Tax Credit, there is also the oft-overlooked opportunity to shift taxable income to your children.

It seems like summer has just begun and the Back to School advertising blitz has already started in the media. Are there tax savings tip opportunities within this nightmare for our kids? Certainly, if you are tax smart about your spending. While the amounts may be small, they can add up in a hurry. Here are some ideas:

Finalize your adoption in 2012...or else (updated)

Those who have gone through or are going through the adoption process know only too well how long it takes and how expensive the process is. According to the 2011 Adoptive Family Survey, adoptions can range in cost from $7,000 to over $50,000!