Hughes Accounting Services, Inc.

12/31/2019

Charitable contributions are tax-deductible if you itemize, so consider making some generous contributions in 2019. You can take a deduction both for cash contributions as well as for donating items of value. Just make sure you can document the contributions that you make, and that you don't inflate the value of items you donate.

12/30/2019

Generally you do not have to perform a year-end tally of credit card rewards or figure out where they go on your tax return. But you may want to check the terms - there are exceptions to this rule.

The IRS doesn’t consider most credit card rewards taxable, but there are some rules and practices to be aware of.

12/27/2019

Current estimates put the national student debt total in the United States at over 1.3 trillion dollars. What are the side effects to this crisis? There may be some you didn't consider:

Student loan debt is on the rise so it is important to consider all of the consequences and get advice from someone you can trust.

12/26/2019

Here are some end of year tax tips to consider that could help save money this year.

Learn how to reduce your tax liability and get closer to your financial goals with these helpful end of year tax tips from Merrill Lynch.

12/25/2019

Happy holidays to our friends, family and clients! How are you celebrating?

12/24/2019

It's the time for giving! Here are 5 strategies to tax-optimize charitable giving.

That number was the third highest on record, despite the fact that the tax changes that took effect in 2018 reduced some of the opportunities to take advantage of tax breaks for charitable giving.

12/23/2019

Do you know when you should file for Social Security benefits? http://bit.ly/35B7mAb

The question is not when should “I” file for benefits, but when should “We” file for benefits.

12/20/2019

Obtaining a mortgage, especially for the first time, can be one of the more stressful events that the average person endures. However, getting a mortgage need not be so stressful with the right approach and information.

Buying a house requires attention to detail, and lots of research. Use these helpful tips to prioritize your to-do list and make the process less stressful.

12/19/2019

What is child tax credit and do you qualify?

The Child Tax Credit is a tax credit worth up to $2,000 per qualifying child and $500 per qualifying dependent. It is one of three kid-focused federal tax credits that are…

12/18/2019

Here are some important things to know for the tax-filing season when it comes to family credits. http://bit.ly/2QOTtdE

12/17/2019

When you put money into an HSA, you invest the funds with pre-tax dollars. This means you could reduce your taxable income by $3,500 or $7,000 if you max out your contributions. You can then take out this money tax-free to cover healthcare costs, so you get a huge tax benefit since both deposits and withdrawals are tax-free.

12/16/2019

Have you recently purchased your dream home? The work isn't over yet - here are some things you should do once you become a homeowner to protect your investment.

Once the paperwork is signed and the keys are in your hand, these financial tips can safeguard your new home—and your ability to keep it.