With tax season in full swing, I find that more and more of our tax resolution clients turn to us for quick advice on how to properly prepare their income tax returns. (Rightfully so- filing and paying your taxes timely is a MUST when trying to resolve any back tax balances!) One of the most common questions I get is, "Who can I claim on my tax return?" With blended families becoming more and more common, it's easy to be confused on who you can claim as a dependent on your income tax return, so here are some tips!
President Obama's most recent federal budget proposal shows his intent to eliminate what has been termed a loophole in the tax laws regarding donations, specifically, the tax deduction allowed for donations that are required by universities for the opportunity to purchase season tickets for college sports.
It's 4:59 on a Friday, and you're ready to get out of the office. Your eyes glaze over the computer screen as you patiently wait to jump out of your chair. You blink. Boom – 5:00. Your grab your coat, say the cordial goodbyes to your co-workers, and hop in your car.
The traffic's terrible, but no worries; you know the shortcut through the neighborhood up ahead. You start to smirk as you drive through, bypassing all the traffic. All of the sudden – SCREECH – BAM. It looks like another car had the same idea, but he failed to stop at the clearly visible stop sign. Your car is totaled...and you? You've been better.