Head of Household Filing Status

Taxpayers who are eligible for Head of Household filing status receive an increased standard deduction on their returns and may qualify to use special tax credits such as the Earned Income Tax Credit and the Child Tax Credit. To use this status, however, taxpayers...

Rules for Claiming Noncash Charitable Deductions

Deductions, Individual taxes

Did you donate some of your household items to charity during the past year? If so, you may be eligible to deduct the value of these items as a charitable contribution on your federal income tax return. The IRS allows taxpayers to claim an itemized deduction for...

Are Social Security Benefits Taxable?

Individual taxes

Many taxpayers are under the impression that Social Security benefits are not taxable income. While this is true for most taxpayers, some individuals do have to pay taxes on their Social Security benefits. Knowing if this law applies to you can help you prepare for...

IRS Expands E-filing – adds additional forms

Business taxes, Individual taxes

The IRS announced that it started accepting Form 4562 (Depreciation and Amortization) for processing on Sunday, February 10, 2013. Form 8863 (Education Credits) should be ready for processing on Thursday, February 14, 2013. With the addition of these forms, e-filing...

Court Denies Taxpayers’ Claim for First Time Home Buyer Credit

Individual taxes, Tax Court

Foster v. Commissioner, 138 T.C. No. 4 (January 30, 2012) In a decision issued today, the Tax Court held that a couple was not eligible for the First Time Home Buyer Credit (“FTHBC”) because they owned a present interest in a principal residence within three years...

tax information

Head of Household Filing Status

Rules for Claiming Noncash Charitable Deductions

Are Social Security Benefits Taxable?

IRS Expands E-filing – adds additional forms

Court Denies Taxpayers’ Claim for First Time Home Buyer Credit

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