Accounting Tips

If you are a divorced or separated parent with children, a commonly encountered but often-misunderstood issue is who claims the child or children for tax purposes. This is sometimes a hotly disputed issue between parents; however, tax law includes some very specific but complicated rules about who profits from the child-related tax benefits. At issue are several benefits, including the children’s dependency tax exemption, child tax credit,

Whether you already own a home or are considering buying one, you should be aware of the many tax benefits that go along with home ownership. There are plenty of reasons for owning a home, including the potential for capital appreciation and the fact that many of the costs are tax deductible, while rent

Millions of U.S. taxpayers engage in hobbies such as collecting stamps or coins, refurbishing old cars, making crafts, painting or breeding horses, and the list goes on.

Some hobbies will actually generate income, and some will even evolve into businesses. The tax treatment of hobbies with income is quite different than that of a trade or business, and making the distinction can be


The holiday season is upon us.  Department stores have taken down Halloween and have almost completely skipped over Thanksgiving to begin displaying Christmas decorations.  If you haven’t already started thinking about your holiday gift giving, you could find yourself scrambling at the last minute – and that’s never good.  Before you know it, you’re rushing “willy-nilly” through the aisles of the department store and grabbing up anything you can find without considering the cost.  So, here are