Yesterday, the IRS released a statement that the processing of Form 8863 will be delayed until mid-February. Form 8863 is used to claim two higher education credits — the American Opportunity Credit and the Lifetime Learning Credit – but the delayed start will have NO impact on taxpayers claiming other education-related tax benefits, such as the … Continued

If you are in the market for a big ticket purchase – such as a house or a car – you know how a bad credit rating can either stop you in your tracks or cost you more in the way of higher interest rates or other unfavorable loan terms.  Your credit profile can determine … Continued

IRS just announced that the filing season start will be delayed eight days, from January 22nd to January 30th, because of tax law changes made in the very late year “fiscal cliff” legislation. The details as far as we know them are in this IRS document. Please note that while IRS states 120 million households … Continued

It’s getting to be that time of the year again. The time when Tax Day is fast approaching and you start hearing conflicting things from friends and family about what is—and what isn’t—okay when filing your taxes. There’s a lot of misinformation out there about various deductions, loopholes, and write-offs that can get you into … Continued

The Fiscal Cliff was avoided as the American Taxpayer Relief Act of 2012 was passed last night by an overwhelming bipartisan majority in the Senate.  It permanently extends the middle-class tax cuts and also extends credits for working families. It provides additional measures to protect families and promote economic growth. The lower tax rates, an … Continued