Who can take the American Opportunity tax credit? If you have a child in college, you may be eligible to claim the credit (up to $2,500) on your 2016 income tax return. Learn more about whether you qualify in this blog post.
There’s still time to make 2016 IRA contributions: The deadline is April 18. If the contribution is deductible, it will lower your 2016 tax bill. But even if it isn’t, a 2016 contribution is likely a good idea. Learn more in this blog post.
Are you supporting an elderly parent? You might qualify for the adult dependent exemption, which allows a deduction of up to $4,050 per adult dependent claimed on your 2016 tax return. Learn more about this exemption in our latest blog post.
If last year your business made repairs to tangible property, such as buildings, equipment or vehicles, you may be eligible for a valuable deduction on your 2016 income tax return. But make sure they were truly “repairs,” and not actually “improvements,” which must be depreciated over a period of years. Learn more.
You probably know that miles driven for business can be deductible. But did you know you may be able to deduct miles driven for other purposes? Rather than keeping track of the actual cost of operating a vehicle, you can use a standard mileage rate. Learn more in this blog post.