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Back-to-School Tips for Students and Parents Paying College Expenses

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WASHINGTON – IRS SUMMERTIME TAX TIP 2012-25 – Whether you’re a recent high school graduate going to college for the first time or a returning student, it will soon be time to head to campus, and payment deadlines for tuition and other fees are not far behind.  The IRS offers some tips about education tax benefits that can help offset some college costs for students and parents. Typically, these benefits apply to you, your spouse or a dependent for whom you claim an exemption on your tax return.  Read more

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Don’t Let the Tax Tail Wag the Economic Dog

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Some tax-cutting strategies make good financial sense. Other tax strategies are simply bad ideas, often because tax considerations are allowed to override basic economics. Read more

Taxes File Folder

Some Deductions Are Available Even If You Don’t Itemize

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If you’ve given up itemizing deductions, you’re not alone. These days over half of all taxpayers find they’re better off using the standard deduction. But even if you take the standard deduction, you can also deduct some individual expenses on your 2011 tax return, including the following: Read more

Recordkeeping is Required for Charitable Deductions

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Get the documentation you’ll need for all your 2011 charitable contributions, or you risk losing your deduction. Even gifts under $250 require a bank record or a receipt from the charity.