Recent News Articles

  Unemployment Benefits

Being without a job is stressful, mentally and financially. For many job seekers, unemployment benefits provide a valuable bridge between their current situation and a new position. The bad news is that these benefits are taxable income. You will receive

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  Grants, Living Expenses and Education Credits

Many students, by default, will calculate their Pell Grant funds as being used to pay for qualified education expenses, because their college applies the grant for tuition. It isn’t wrong, but that amount will decrease the expenses eligible to be used to claim an education credit like the American Opportunity Credit.

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  Saver’s Credit

The IRS recently announced the inflation adjustments for the Retirement Savings Contributions Credit (aka Saver’s Credit) for 2015.

This credit applies to up to $2,000 in contributions to a traditional or Roth IRA and employee contributions to a 401(k), 403(b), 457, SIMPLE or SEP plan.

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Donating to a charity the right to use a timeshare is not a tax-saver, the Tax Court says. The unsuccessful trader and his wife donated a week’s stay in their Caribbean timeshare as a prize in a charity’s auction, and then claimed a charitable deduction for the rental value of the unit plus a portion of the maintenance fee. Unfortunately for them, the law doesn’t allow any deduction.

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