Qualified Home Mortgage Interest – How much can you take?
Taxpayers can deduct qualified mortgage interest on Schedule A, Itemized Deductions, for interest paid on up to $1 million of acquisition indebtedness plus up to $100,000 of home equity indebtedness. Generally, [...]
IRS tips on Child and Dependent Care Credit for Summer
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 [...]
IRS Adopts “Taxpayer Bill of Rights”
The Internal Revenue Service today announced the adoption of a "Taxpayer Bill of Rights" that will become a cornerstone document to provide the nation's taxpayers with a better understanding of their rights. The Taxpayer Bill [...]
Keep your Tax Records Safe in Case of Disaster
Some natural disasters are more common in the summer. But major events like hurricanes, tornadoes and fires can strike any time. It’s a good idea to plan for what to do in case of a [...]
IRS Interest Rates for 3rd Quarter 2014
The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning July 1, 2014. The rates will be: three (3) percent for overpayments [two (2) percent in the [...]