Vernoia, Enterline + Brewer, CPA LLC

Archive for the ‘Personal tax’ Category

Early Jump on Tax Filing 2018

While taxpayers will not start filing their tax returns for a few months, there are a few things they can do to make the process easier next year. (more…)

Divorce or Separation May Affect Taxes

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Taxpayers who are divorcing or recently divorced need to consider the impact divorce or separation may have on their taxes. Alimony payments paid under a divorce or separation instrument are deductible by the payer, and the recipient must include it in income. Name or address changes and individual retirement account deductions are other items to consider.

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Learn about Tax Benefits for Education

The beginning of the school year is a good time for a reminder of the tax benefits for education. These benefits can help offset qualifying education costs. (more…)

Shifting Capital Gains to Your Children

If you’re an investor looking to save tax dollars, your kids might be able to help you out. Giving appreciated stock or other investments to your children can minimize the impact of capital gains taxes. (more…)

Child and Dependent Care Tax Credit

Reduce Certain Summertime Costs with the Child and Dependent Care Tax Credit

Many parents send their children to summer day camps while they work or look for work. The IRS urges those who do to save their paperwork for the Child and Dependent Care Tax Credit. Eligible taxpayers may be able claim it on their taxes in 2018 if they paid for day camp or for someone to care for a child, dependent or spouse during 2017. (more…)

Which Type of Mortgage Loan Meets Your Needs?

Few purchases during your lifetime will be as expensive as buying a home. Whether it’s your primary residence, a vacation home or an investment property, how you choose to pay for it can have a significant impact on your financial situation over time. If you’re considering a mortgage loan, understanding the main categories of mortgages — fixed-rate and adjustable-rate — and the situations they’re best designed for will help you match the right type for your needs. (more…)

Reviewing the Innocent Spouse Relief Rules

Married couples don’t always agree — and taxes are no exception. In certain cases, an “innocent” spouse can apply for relief from the responsibility of paying tax, interest and penalties arising from a spouse’s (or former spouse’s) improperly handled tax return. Although it isn’t easy to qualify, potentially affected taxpayers should review the rules. (more…)