Category: Tax Deductions and Credits

If you meet the requirements to claim the Child Tax Credit 2014, your tax bill may reduce up to $1,000 per child. Ever since entering the world, your child hasn’t stopped growing and learning. Along with that comes new clothes to buy, weekly visits to the grocery store, the obnoxious costs of summer camp, and […]

It’s great to give but don’t expect all of it back from the IRS! If you plan on deducting a charitable contribution on your tax return, you’ll want to keep in mind that the IRS places limitations on how much you can actually write off. Generally, you’ll be able to deduct charitable contributions up to […]

Contributions to Tax-Exempt Organizations aka “IRS Qualified Charities” are Tax Deductible If you itemize your deductions (rather than taking the standard deduction), your donations are tax deductible. Don’t get too excited though, you’ll only be able to deduct contributions made to qualified charities and organizations. Not sure what organization to donate to this year? We’re […]

Did you make a donation this year? Here are a few tips for claiming it on your tax return. What’s better than getting a larger tax refund from your tax return? Giving to a good cause. In fact, WebMD.com’s article “The Science of Good Deeds”, explains that giving to others not only gives something called a […]

Let’s face it- paying back student loans is painful. At least you’ll be able to deduct the interest paid on the loans! College is great. However, the fairy tale ends six months after graduation, when it’s time to start making payments on your student loans. The good news is  this; when filing your taxes, you can […]