Tax Tips

Tax Deduction for Student Loan Interest

If you have student loans, you may be able to deduct up to $2,500 per year in loan interest on your federal tax forms. Because this deduction is classified as an adjustment to your gross income, you do NOT have to itemize deductions in order to claim it. For any loan on which you paid […]

Home Energy Tax Credits

If you purchased alternative energy equipment for your home in 2018 or plan to purchase it for 2019, you may be eligible for a tax credit of up to 30% of the cost of materials and installation. The equipment that qualifies for the “residential renewable energy tax credit” includes: Solar panels (i.e., photovoltaics) Solar-powered water […]

April 1 to May 31 Quarterly Estimated Tax Payments are Due June 17

Quarterly estimated tax payments for the April 1 – May 31 quarter of the year are due to the IRS on June 15th.  However, because the due date this year falls on a Saturday the payment will be considered on time if you make it on the next day that’s not a Saturday, Sunday, or […]

Tax Filing Deadline for Overseas filers is June 17, 2019

Gentle reminder that  If you are a U.S Citizen living abroad or a Green Card Holder living abroad or in active military service and have not filed your taxes yet, the deadline is coming up on June 17th, 2019. The extension is for the date to file, not to pay. Any interest on the taxes […]

Tax Tip for Education

A big tax benefit of the 2017 Tax Cuts and Jobs Act (TCJA) was to expanded eligibility for 529 savings plans. The 529 education savings plan was previously limited to only post-secondary education (i.e., college). However, the TCJA expanded it so that it can now be used for Kindergarten through Grade 12 education (public, private, […]

Introduction to selecting a Business Entity

If you are very good at what you do and know the business area for your set of skills then one of the most effective ways to create wealth is to start and operate your own business. When you operate your own business there are significantly less limits on your income than the alternative of […]

Investment Tip Part 2

Before I get back to tax related topics I wanted to provide one more blog on investing tips.   Previously I encouraged you to invest a good percent of your tax refund to create wealth for you in the future rather than spending it all now. I gave you several statistics showed that most millionaires […]

Tip on How to Invest that Tax Refund

In my last blog I encouraged you to invest your tax refund to create wealth for you in the future rather than spend it all now. I gave you several statistics from the book “Everyday Millionaires” by Chris Hogan that showed that most millionaires were normal folks that had no special privileges and that did […]

Invest Your Refund rather than Spend it

If you get a tax refund this year here is some motivation to help you invest your refund to create wealth for you in the future rather than spend it all now.   It is often stated by those that study the wealthy that one of the significant differences between the wealthy and those that […]

Tips for Tax Refunds

If get a tax refund and the amount is different than what is stated on the filed tax return, part or all of your refund may have been used to pay off (offset) past-due federal tax, student loans, state income tax or other past-due debts. You’ll receive a notice from the IRS if such an […]