Category Archives for "Taxes"

Tax Moves to Consider Before Year End

Year end can be a complicated time for many tax payers.  We are usually scrambling around trying to figure out what tax moves we need in order to file our returns. This includes looking for receipts, trying to figure out (guess) if an expense counts as a deduction, wondering if we can claim our neighbors […]

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Fact Sheet – Education Credits

  Taxpayers have two credits available to help offset the costs of higher education, by reducing their income tax. These credits are the American Opportunity Credit and Lifetime Learning Credit, also referred to as education credits.   The requirements for taking these credits depend on:   • the taxpayer’s filing status and AGI or MAGI […]

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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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