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Financial Skills Every Parent Needs to Teach Their Child – Part 1

In the race to get our kids through high school and on to life beyond, I’ve seen a breakdown in the education system to explain basic financial skills.  Here’s the first half of a list of essential economic concepts that every high school student should understand. How bank accounts work – Provide your child with […]

Tips to Make School Expenses Deductible

It seems like summer has just begun and the Back-to-School advertising blitz has already started. Are there any tax savings opportunities? Certainly, if you are tax smart about your spending. While the amounts may be small, they can add up in a hurry. Here are some ideas: Purchasing the class supply list could have deductions […]

Is Summer Childcare Tax Deductible?

For millions of working parents, the summer comes with the added challenge of finding care for their out-of-school children. With summer underway, you probably now have the childcare summer gap covered. There is a good chance this care is eligible for the Child & Dependent Care Credit. Qualifications for the credit To take advantage of […]

Ten Clever Vacation Tips

Summer often means vacations. And for those who wish to travel light with few surprises, here are ten clever vacation tips. The 5, 4, 3, 2, 1 rule – Having trouble packing light? Consider using a popular online technique called 5, 4, 3, 2, 1. There are a number of versions of this packing technique. […]

IRS Announces Dirty Dozen Tax Scams – Part 2

Last week we told you about the three largest of the “Dirty Dozen Tax Scams”. This week we will cover the rest. Return preparer fraud – In conjunction with Identity Theft, many temporary tax preparation offices set up shop and generate fraudulent tax returns. These folks often file a return using stolen information, create refund […]

IRS Announces Dirty Dozen Tax Scams – Part 1

Each year the IRS announces “Dirty Dozen Tax Scams” they encounter regarding frivolous tax arguments and fraud. While six of the “scams” are related to, “don’t cheat we have our eyes on you,” the other six are scams that all of us should be on guard to detect. Here are the largest three scams: Identity […]

Thinking About Retiring? Maximize Your Social Security Benefits

Roughly 10,000 American Baby Boomers turn 65 every day. One important decision they’re facing is when to file for their Social Security benefits, because that can have a significant impact on the amount they receive. For example, if you retire before you reach full retirement age, you could reduce your benefit by as much as […]

Reporting Changes to Covered California

Do you receive your health insurance coverage through Covered California (“Obamacare”)? If you do, you may have taken advantage of the premium tax credit that helps cover your payments. The credit can be used when your tax return is filed or it can be used to lower your monthly health care payments. If you chose […]

Home Office Deduction Made Simple

Do you work at home or have a home-based business? If so, you should be aware that the IRS has created a simpler option for calculating the deduction for the business use of your home. The new option makes recordkeeping easier because, instead of maintaining records of specific home office expenses, you can use a […]

IRS Warns of Possible Scams Relating to Orlando Mass-Shooting

The Internal Revenue Service issued a consumer alert about possible fake charity scams emerging due to the mass-shooting in Orlando, Florida, and encouraged taxpayers to seek out recognized charitable groups. When making donations to assist victims of this terrible tragedy, there are simple steps taxpayers can take to ensure their hard-earned money goes to legitimate […]