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Borrowing Money to Finance an Education? - Article Highlights: Home Equity Loan  Home Equity Interest Deduction  Alternative Minimum Tax  Above-the-line Interest Deduction  Qualified Expenses  If you are considering borrowing funds to finance your education or the education of your spouse or children, you may wish to take advantage of the available tax benefits. If you itemize your deductions and have sufficient equity in your home, you might consider borrowing the needed cash from your hom...

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Cash Flow Solution for Seniors - Article Highlights: Reverse Mortgages  Reverse Mortgage Terms  When Is the Interest Deductible?  Who Deducts the Interest?  Some retirees are faced with mounting debt and inadequate income. What options do these seniors have, especially if they have a mortgage on their home and their retirement income is too low to cover the mortgage payments and have enough left over to have some enjoyment in their golden years? One option that you see promoted on televisio...

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Does the child care tax credit apply to you? - Summer has arrived, and that means it is summer camp time. Watch this short video to see what camps may help you claim a tax credit.

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Thinking of Tossing Old Tax Records? Read This First. - Article Highlights: Reasons to Keep Records  Statute of Limitations  Maintaining Records of Asset Basis  Keeping Records for Carryforward Losses  Now that your taxes have been completed for 2016, you are probably wondering which old records can be discarded. If you are like most taxpayers, you have records from years ago that you are afraid to throw away. It would be helpful to understand why the records must be kept in the first place...

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The IRS Has Become More Liberal With College Expenses - Article Highlights: Computers  Internet Access  Qualified State Tuition (Sec. 529) Plans  American Opportunity Tax Credit  Required for Enrollment or Attendance  Computers and the Internet have become integral parts of education by providing access to online courses, learning and research. It is virtually impossible to be enrolled in postsecondary education without a computer, which is needed to complete written assignments, type repor...

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Transform Nondeductible Interest into Tax Deductible Interest

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Expenses From Looking For Work May Be Tax-Deductible - Article Highlights: Schedule A  Travel Expenses  Résumé Preparation  Job-Placement Services  Unemployment Income  Health Insurance  If you are looking for work, some of the expenses you incur may be tax-deductible, provided that you are looking for work within the same field. Unfortunately, expenses incurred when searching for a job in a new field or a first job are not tax-deductible. If you are an employee, job-search expenses are ded...

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Are You Ignoring the Household Employee Payroll Rules? - Article Highlights: Household Employees  Tax Avoidance  Filing 1099s  Correct Procedures  W-2s, Payroll Taxes and Reporting  Overtime  Hourly Pay Or Salary  Separate Payrolls  If you hire a domestic worker to provide services in or around your home, you probably have a tax liability that you don’t know about – or one that you do know about but are ignoring. Either situation can come back to bite you. When the worker is your employee, ...

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Odds of Being Targeted by the IRS for Audit - Article Highlights: IRS Audit Focus Data Book Tax Revenues Audits by Income EITC Top Audit Target If you, like others, dread the thought of being audited by the IRS, then you should know that the IRS, like any good business, concentrates its efforts where they produce the best results (revenue)! Thus, its audit selection process favors returns that claim the earned income tax credit (EITC), for which a lot of fraud is prevalent, as well as busin...

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Can You Deduct a Home Office, and Is It Worth It? - Article Highlights: Qualifications  Employee Issues  Method Options  Income Limitations  Relocation  Home office is a term used to describe the tax deduction for the business use of your home, which may or may not be an office. It is often misunderstood and claimed by those who don’t qualify for it or not claimed to the taxpayer’s best advantage. Understanding the requirements, options, limitations, advantages and disadvantages will help y...
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