Month: March 2014
Simplified Option for Home Office Deduction
Beginning in tax year 2013 (returns filed in 2014), taxpayers may use a simplified option when figuring the deduction for business use of their home. Note: This simplified option does not change the criteria for who may claim a home office deduction. It merely simplifies the calculation and record keeping requirements of the allowable deduction. […]
March 27, 2014 | Continue Reading
10 Things to Know About Child and Dependent Care Credit
If you paid someone to care for your child, spouse, or dependent last year, you may be able to claim the Child and Dependent Care Credit on your federal income tax return. Below are 10 things the IRS wants you to know about claiming a credit for child and dependent care expenses. Preview The care […]
March 24, 2014 | Continue Reading
Married Filing Jointly or Separately? The Choice Is Yours
If you are married, you generally have a choice of filing your federal income tax return(s) as married filing jointly (MFJ) or as married filing separately (MFS). Because of a number of special rules, your combined tax will often be lower if you file married filing jointly than if you file married filing separately, but […]
March 19, 2014 | Continue Reading
Can you Claim your Parent As a Dependent?
If you are caring for your mother or father, you may be able to claim your parent as a dependent on your income taxes. This would allow you to get an exemption ($3,950 for tax year 2014) for him or her. There are five tests to determine whether you can claim a parent as a […]
March 14, 2014 | Continue Reading
How much can I contribute to my IRA in 2014?
The amount you can contribute to your traditional or Roth IRA remains $5,500 for 2014, $6,500 if you’re 50 or older. You can contribute to an IRA in addition to an employer-sponsored retirement plan like a 401(k). But if you (or your spouse) participate in an employer-sponsored plan, the amount of traditional IRA contributions you […]
March 11, 2014 | Continue Reading
What can a mentor do for me? How do I find a good one?
Whether you are just starting out or running a large company, it helps to have a mentor to whom you can turn with questions large and small.
March 6, 2014 | Continue Reading
