Income Tax Advisor

Income Tax Advisor Offering & Sharing Tax News, Tax Update and Tax Tips. Hopefully you will save and pay less tax next year.

Don - Tax Professional (18+ Years Dedicated to Best Client Services

05/16/2012

*** Tax Tips for Parents of New Collage Graduates ***

Parents of new graduates may not be eligible to claim their children as dependents on income tax anymore. The kids are grown up now and become "independent" for tax purposes upon reaching age 19 and no longer in school full-time or upon reaching age 24.

Parents may want to review their tax projections 2012 to see the impact of having one less dependent and adjust their Tax Withholding (Form W-4) or Estimated Tax payments (Form 1040-ES) accordingly.

05/15/2012

*** Tax Tips ***

Spring cleaning is here. Empty your closet and get tax deductions.
Donating Used Items: Books, Clothes, Furnitures, Old Computers, Cell Phones.

You may give used items to Goodwill, The Salvation Army or other agencies in an effort to de-clutter your home or office. Or you may donate these things for yard sales benefiting charities, schools, etc.

To figure out the amount of donation, use "The lower of cost or fair market value". Make sure getting receipts from those organizations, as documents to supporting your tax deductions when filling tax return.

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