Proposed Simplification of Education Tax Breaks: The Good and the Bad

With the cost of education climbing and more students graduating with record student loan debt, many college students and families unintentionally miss out on education tax breaks because of the complexity of tax-based student aid. In 2013, families with college students could benefit from the American Opportunity Credit (AOTC), the Lifetime Learning Credit, or the …

Keep Reading

How Can a Change in Income Have Unexpected Consequences?

Do you feel like you are unique? Don’t follow the crowd? Go your own way? Well, if you went against your norm and followed the pack and were one of the 7.1 million people who signed up for health insurance by the March 31, 2014 deadline, then keep reading. If you receive advance payment of …

Keep Reading

The Evolving Affordable Care Act – Health Insurance

Yesterday morning, President Obama announced that 2014 sales of previously-canceled individual health plans that don’t meet ACA standards would be allowed to be issues and stay in force for another year. The change will offer a temporary “fix” to the millions of consumers whose policies have been canceled or altered as a result of healthcare reform. …

Keep Reading

Fueling Up on Tax Credits

Frivolous tax arguments sometimes target very specific types of tax credits.  One such fraudulent tax scheme involves the fuels tax credit.  Proponents of this scheme assert that taxpayers can claim the section 6421 fuels tax credit without regard to whether they qualify for the credit through the purchase and use of gasoline for an off-highway …

Keep Reading