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Managing Tax Deductions and Credits

Caring for Aging Parents

As life expectancies continue to increase, it becomes increasingly likely that you may need to financially help an aging parent. If you find yourself in that situation, review the tax laws to determine whether you can obtain some tax relief. The key is to determine whether you can deduct your...more

Ideas for Putting Tax Refunds and Other Windfalls to Work

When it comes to windfalls, there are those rare occurrences that many of us dream about, like achieving a six-figure bonus at work or winning the top prize in a professional golf tournament. Then there are others that seem more likely: for instance, many Americans inherit sums of money from older...more

A Tax Deferred is a Tax Saved

A tax deferred is a tax saved. Tax deferral works because the taxpayer earns a return on the amount that he or she otherwise would have sent to Uncle Sam in taxes. That, of course, leads us to a brief discussion of the tax treatment of annuity contracts. For purposes of this article, we are...more

Pay Me Later or Pay Me Now?

Tax deferral programs have served investors well in the past, but future shifts in the political environment and potential tax rate increases may cause this to change. The title of this paper may have reminded you of an old car repair commercial featuring the punch line of ?Pay Me Now or Pay...more

Should You File Your Own Taxes? Or Should You Hire a CPA?

By Paula Pant Lots of people honor traditions. Some people eat turkey on Thanksgiving. Some people bake an apple pie on Independence Day. Me? I abide by a longstanding tradition, as well: I yank my hair out every April, when I attempt to file my own taxes. Life hasn't always felt this way....more

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