Top Ten Facts About Adoption Tax Benefits

Archive for April 2015

Top Ten Facts About Adoption Tax Benefits

If you adopted or tried to adopt a child in 2014, you may qualify for a tax credit. If your employer helped pay for the costs of an adoption, you may be able to exclude some of your income from tax. Here are ten things you should know about adoption tax benefits. 1. Credit or…

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Good Records Key to Claiming Gifts to Charity

Keeping good records is key to qualifying for the full charitable contribution deduction allowed by law. In particular, this includes ensuring that they have received required statements for two contribution categories–each gift of at least $250 and donations of vehicles. Therefore, taxpayers planning to claim charitable donations should make sure they have the records they…

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Lost Your Job? There Could Be Tax Consequences

Given current economic conditions, you may be faced with tax questions surrounding a job loss and unemployment issues. Here are some answers: Q: What if I received unemployment compensation in 2014? A: Unemployment compensation you received under the unemployment compensation laws of the United States or of a state are considered taxable income and must be…

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What Income is Taxable?

Are you wondering if there’s a hard and fast rule about what income is taxable and what income is not taxable? The quick answer is that all income is taxable unless the law specifically excludes it. But as you might have guessed, there’s more to it than that. Taxable income includes any money you receive,…

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Five Last Minute Tax Tips for 2015

Are you one of the millions of Americans who hasn’t filed (or even started) your taxes yet? With the April 15 tax filing deadline almost a week away, here is some last minute tax advice for you. 1. Stop Procrastinating. Resist the temptation to put off your taxes until the very last minute. It takes time to…

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