Tag Archives for " taxes "

Back to School Tax Credits

Are you, your spouse or dependent heading off to college?  If so, some of the costs you pay for higher education can save you money at tax time. Following are several important facts you should know about education tax credits:  American Opportunity Tax Credit  The AOTC can be up to $2,500 annually for an eligible […]

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Fact Sheet – Exemptions

  There are two types of exemptions:  Personal exemptions for taxpayer and spouse  Dependency exemptions for dependents Each exemption reduces the income that is subject to tax by the exemption amount. In 2012, the exemption amount is $3,800. Taxpayers cannot claim an exemption for a person who can be claimed as a dependent on another […]

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Simplified Option for Home Office Deduction

[Editorial note: Below is a notice that came directly from the IRS.] Do you work from home? If so, you may be familiar with the home office deduction, available for taxpayers who use their home for business. Beginning this year, there is a new, simpler option to figure the business use of your home.

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