Premium Tax Credit: File Before the Extension Deadline

Well, it’s mid-summer and many taxpayers who have filed an extension are still thinking they have all the time in the world until their October deadline comes. However, if you filed for an extension and also chose to have “advance payments” of the Premium Tax credit made to your health coverage provider – it is …

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Tax Season: Overheard in the Hallways

So as another tax season comes to an end, I am going to share some memories of conversations overheard in the hallway, just as I was walking by. Obviously, these are just snippets of conversations, but show how patient we try to be with our clients. “No, you cannot just put the same numbers on …

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R&D Tax Credit: What Does R&D Mean?

When I say “R&D” what do you think of? Is it a scientist making a breakthrough? Maybe it’s an engineer at the forefront of technology? If so, you are on the right track, but if that’s all you think of, then it’s time to start taking a broader view. We have blogged about the R&D …

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Let’s Break Out the Cake for Tax Credits

What were you doing on January 29th? If you’re like me, you’re always looking for a reason to celebrate (and eat cake)! If you weren’t celebrating, you should have been, because it was the 10th anniversary of EITC Awareness Day – a nationwide effort to alert millions of individuals who may be missing out on …

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Do You Qualify for the Child and Dependent Care Credit?

Many parents pay for childcare or day camps in the summer while they work. If this applies to you, your costs may qualify for a federal tax credit that can lower your taxes. Here are 10 facts that you should know about the Child and Dependent Care Credit: Your expenses must be for the care …

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Save on Taxes While Growing Your Business

It’s a worthy goal; one that most all business owners would like to achieve – growing your business while at the same time saving on taxes. It can be done and the IRS gives us some amount of incentive. Consider investing in new equipment. More, better, newer, more efficient, perhaps? Sooner or later, it’s likely …

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Work Opportunity Tax Credit – You May Still Qualify for 2014

If you hire employees of a “targeted group” (defined below), you may be eligible for the Work Opportunity Tax Credit (WOTC). The IRS has granted a transitional relief period until April 30, 2015 (originally this was 28 days after hire date), for qualified employees hired January 1, 2014 through December 31, 2014, since the law …

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Child and Dependent Care Expenses for the Working Parent

Childcare is a challenge for a lot of parents around the country, especially when both parents work. Knowing how to take advantage of the tax provisions for child and dependent care can help at tax time. The Child and Dependent Care Tax Credit (CDCTC) allows a credit for child and dependent care expenses, as long …

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California’s New College Access Tax Credit

California recently passed a new personal and corporate California tax credit called the College Access Tax Credit (CATC). If you donate to the College Access Tax Credit Fund, you can offset your California taxes by 60% (for 2014) of the amount of the donation. In addition, the donation qualifies as a charitable deduction on your …

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Mid-Year Tax Planning Tips

Summer is the perfect time to begin your year-end tax planning so that you have time to identify the strategy (or strategies) that work for you and implement them well before year end. Try to avoid the new 3.8% net investment income tax (NIIT). It only affects higher-income individuals, but that can include anyone who …

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