It's Your (and the IRS's) Lucky Day!- You won a prize. Now what?

Prizes received are to be recorded on your tax return as income. Unfortunately, there are many pitfalls. Here are some tips.

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Make Your Child a Tax-Free Millionaire!

Want to give your child or grandchild a jumpstart on their retirement? Here is a tip that will help them learn the value of investing and maximize the tax benefits.

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Understanding Tax Terms: Pass-through Entities- What are they? Why should you care?

If you are a small business owner filing your taxes as a sole proprietor, or you own a C corporation, understanding flow through entity is important. Given the popularity of this business format, it continues to drive tax policy. Here is what you need to know.

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Rent Your Property Tax-Free

Did you know you can rent out your home or vacation property for up to 14 days and not need to claim the income? Here are some tips to take advantage of this opportunity.

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Salvage that Sunken Uncollectible Debt- Victims of reneged payment agreements might have a tax deduction

If you are in the unfortunate situation of having a debt owed to you become uncollectible, you may be able to recoup some of the loss via a tax deduction.

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What Does the IRS Have on You?- Here is how you can find out...

Circumstances arise when you need to know some information about yourself from the IRS. Educate yourself on your options now to avoid some extra stress when that time comes.

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Alternatives to the College Tuition Deduction

Alternatives to the College Tuition Deduction Category: Deductions

Now that college students are settling into their first weeks of school, it's important for parents and students to recall that the $4,000 tuition and fees deduction they may have relied on in past years is no longer available in 2017. The good news is that there are alternatives. Here are two of the more popular education credits: Alternative No. 1: The AOTC The American Opportunity Tax Credit (AOTC) is a credit of up to $2,500 per student per year for qualified undergraduate tuition, fees and course materials. The deduction phases out at higher income levels, and is eliminated altogether for married couples with a modified adjusted gross income of $180,000 ($90,000 for singles). Alternative No. 2: The Lifetime Learning Credit The Lifetime Learning Credit provides an annual credit of 20 percent on the first $10,000 of qualified tuition and fees, for either undergraduate or graduate level classes. There is no lifetime limit on the credit, but only couples making less than $132,000 per year (or singles making $66,000) qualify. Unlike the AOTC, this deduction is per tax return, not per student. Credits usually beat deductions Both the AOTC and the Lifetime Learning Credit are generally more valuable than the expired tuition and fees deduction, because as credits they reduce your income tax directly, while the deduction merely reduced how much of your income is taxed. In addition to the two alternative education credits, there are many other tax benefits that reduce the cost of education. This includes breaks for employer-provided tuition assistance, deductions for student loan interest, tax-beneficial college savings options, and many other tax-planning alternatives. Please call if you'd like an overview of the alternatives available to you.