First passed by Congress in 1997, child tax credits were intended to benefit children and to help keep them from falling into poverty. The eligibility to claim the credit is tied to the child and not to the parent. The child being claimed must be under the age of 17, a legal dependent of the [...]

If anyone knew how the IRS determined which individual tax returns for audit, we’d do everything we could to stay under the radar and not be selected for further review. The IRS audits less than one percent of all tax returns, which is good news, but there’s no way to guarantee you’ll be among the [...]

The first rule of paying off tax debt is to make sure you file your return on time, even if you can’t pay it your taxes immediately. Doing so, you’ll avoid the IRS’ “failure-to-file penalty” of 5 percent per month (to a maximum 25 percent) of your balance due. You’ll still face that penalty each [...]

Looking for a list of tax deductions? Here is a Baker’s Dozen of frequently overlooked types of tax deductions for you to use when you file Job-Hunting Expenses – Keep close track of your job-search expenses, mileage, tolls, parking – and anything else related to your job search. If you’re looking for a position in [...]

If you file your own taxes, you know that the IRS uses your Social Security number as your Tax ID. But if you use a professional tax preparation service, make sure your tax data and financials include your Social Security number, as well as your spouse’s if you file a joint form. […]

There’s a sophisticated telephone tax scams currently being perpetrated, which tries to trick and intimidate people into paying bogus tax bills. Tax Help MD recently saved Debbie and Bob Wiley of New Hampshire a substantial amount, while helping them avoid the scam. Tax Help MD also reported the scammers to the New Hampshire Attorney General’s [...]

You may have recently received an email with the following Subject: “Warning for all TaxPayers”. I know I did just last week. The message was short and scary. “The IRS is planning to Seize the Assets of 1000s of Americans who owe Back Taxes. If you owe back taxes, Click Here for help immediately.” [...]

Recently we posted on our Facebook page about National Bike to Work Day and the tax break available for biking to work through the Bicycle Commuter Benefit Act. Many of you that follow us on Facebook, and even some of you that don’t, may be wondering how exactly these bicyclists tax benefits can be obtained. [...]

If you’ve ever needed to get a loan, I’m sure you can imagine how nice it would be to get it with zero percent interest. I’m sure, too, that you know that this kind of offer is rare. Even student loans, which traditionally offer lower interest rates than standard loans, are far from being interest-free. [...]

You’ve met the partner of your dreams and now you’re flipping through bridal magazines preparing for the big day. You’ll need a white dress, a venue for the ceremony and the reception, to pick a bridesmaid and best man… and you can’t forget about the honeymoon! But are wedding expenses tax deductible? […]