Thursday 23 May, 2013
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Consider reviewing your beneficiary designations at least once a year, and update them if necessary.

Beneficiary Designations

Child Tax Credit

With the Child Tax Credit, you may be able to reduce your federal income tax by up to $1,000 for each qualifying child under the age of 17.
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Tax Terminology

Form 1040

  • The standard Internal Revenue Service (IRS) form that individuals use to file their annual income tax returns. The form contains sections that require taxpayers to disclose their financial income status for the year in order to ascertain whether additional taxes are owed or whether the taxpayer is due for a tax refund. 1040 forms need to be filed with the IRS by April 15.

Marriage and Family

Tax tips to help families and married couples adjust withholdings, understand filing status, and coordinate tax-favored benefits.

Identity Fraud Epidemic Hits the IRS

December 21, 2012

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.

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Allowance

October 05, 2012

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.

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Leveraging Your Children's Lower Tax Rate

September 28, 2012

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.

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Back to School Savings

August 03, 2012

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:

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The Household Employee Problem

June 21, 2012
The Nanny Tax
This often overlooked bookkeeping and payroll tax requirement can cause a tangle of tax problems if not handled correctly. It ended a run for Congress by Caroline Kennedy (JFK’s daughter) and killed a U.S. Attorney General nominee’s chances for appointment. Could you be impacted? This is what you need to know.
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Finalize your Adoption in 2012

May 14, 2012

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!

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