Parents and Students: Check Out College Tax Benefits for 2012 and Years Ahead

WASHINGTON — The Internal Revenue Service today reminded parents and students that now is a good time to see if they qualify for either of two college education tax credits or any of several other education-related tax benefits. In general, the American opportunity tax credit, lifetime learning credit and tuition and fees deduction are available […]

What Taxpayers Should Know about Identity Theft and Taxes

Protecting taxpayers and their tax refunds from identity theft is a top priority for the IRS. This year the IRS expanded its efforts to better protect taxpayers and help victims dealing with this difficult issue. When your personal information is lost or stolen, it can lead to identity theft. Identity thieves sometimes use your personal […]

Five Facts to Know about AMT

The Alternative Minimum Tax may apply to you if your income is above a certain amount. Here are five facts the IRS wants you to know about the AMT: 1. You may have to pay the tax if your taxable income plus certain adjustments is more than the AMT exemption amount for your filing status. 2. The […]

Important Reminders about Tip Income

If your pay from your job includes tips, the IRS has a few important reminders about tip income: Tips are taxable. Individuals must pay federal income tax on any tips they receive. The value of non-cash tips, such as tickets, passes or other items of value are also subject to income tax. Include all tips […]

IRS Reminds Taxpayers to Report 2010 Roth Conversions on 2012 Returns

WASHINGTON — The Internal Revenue Service reminds taxpayers who converted amounts to a Roth IRA or designated Roth account in 2010 that in most cases they must report half of the resulting taxable income on their 2012 returns. Normally, Roth conversions are taxable in the year the conversion occurs. For example, the taxable amount from […]

Chinese Army Unit Is Seen as Tied to Hacking Against U.S.

A New York Times article describing a cyber espionage unit, allegedly affiliated with the Chinese Army, that has made significant efforts towards infiltrating the computer networks of anything in the US that can be penetrated.  The article is apparently based on a report released by Mandiant Corporation (PDF). The New York Times article does not […]

Determining Your Correct Filing Status

It’s important to use the correct filing status when filing your income tax return. It can impact the tax benefits you receive, the amount of your standard deduction and the amount of taxes you pay. It may even impact whether you must file a federal income tax return. Are you single, married or the head […]

Tax Help ‘en Español’

Tax information can be tough to understand in any language. It may be more difficult to understand if it is not in your first language. The IRS offers a wide range of free and easy-to-use products and services for Spanish-speaking taxpayers. Here are some tips if you need federal tax assistance from the IRS in […]

Safeguard Your Refund – Choose Direct Deposit

Direct deposit is the fast, easy and safe way to receive your tax refund. Whether you file electronically or on paper, direct deposit gives you access to your refund faster than a paper check. Here are four reasons more than 80 million taxpayers chose direct deposit in 2012: 1. Security.  Every year the U.S. Postal Service […]


We have recently made available to our mailing list clients a brief summary of The Affordable Care Act, more commonly known as ObamaCare.  This summary explains how many of us will be affected when mandatory health care coverage becomes effective January 1, 2014.  This information can help you be ready for the changes that are […]