Category Archives: personal finance

Five Important Tips on Gambling Income and Losses

Posted on June 6, 2013 by FCA Admin

Issue Number:    IRS Summertime Tax Tip 2012-24 Inside This Issue Whether you roll the dice, bet on the ponies, play cards or enjoy slot machines, you should know that as a casual gambler, your gambling winnings are fully taxable and must … Continue reading →

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Who Should File a 2012 Tax Return?

Posted on January 8, 2013 by FCA Admin

Issue Number:    IRS TAX TIP 2013-01 Inside This Issue If you received income during 2012, you may need to file a tax return in 2013. The amount of your income, your filing status, your age and the type of income you … Continue reading →

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Ten Tax Tips for Individuals Selling Their Home

Posted on November 22, 2012 by FCA Admin

Issue Number:    IRS Summertime Tax Tip 2012-14 Inside This Issue The Internal Revenue Service has some important information for those who have sold or are about to sell their home. If you have a gain from the sale of your main … Continue reading →

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More Flexible Offer-in-Compromise Terms Help Taxpayers Make a Fresh Start

Posted on August 4, 2012 by FCA Admin

Issue Number:    IRS Summertime Tax Tip 2012-02 Inside This Issue The IRS has expanded its “Fresh Start” initiative by offering more flexible terms to its Offer-in-Compromise Program. These newest rules enable some financially distressed taxpayers to clear up their tax problems … Continue reading →

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Keep the Child and Dependent Care Tax Credit in Mind for Summer Planning

Posted on July 15, 2012 by FCA Admin

Issue Number:    IRS Summertime Tax Tip 2012-01 Inside This Issue During the summer many parents may be planning the time between school years for their children while they work or look for work. The IRS wants to remind taxpayers that are … Continue reading →

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Education Tax Credits Help Pay Higher Education Costs

Posted on March 3, 2012 by FCA Admin

Issue Number:    IRS Tax Tip 2012-37 Inside This Issue Two federal tax credits may help you offset the costs of higher education for yourself or your dependents.  These are the American Opportunity Credit and the Lifetime Learning Credit. To qualify for … Continue reading →

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The Child Tax Credit: 11 Key Points

Posted on February 15, 2012 by FCA Admin

Issue Number:    IRS Tax Tip 2012-29 Inside This Issue The Child Tax Credit is available to eligible taxpayers with qualifying children under age 17. The IRS would like you to know these eleven facts about the child tax credit. 1. Amount With … Continue reading →

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The Saver’s Credit and You

Posted on December 31, 2011 by FCA Admin

Low to moderate income individuals still have a chance to take advantage of the savers credit for 2011. The savers credit is a great motivator for saving for retirement. Those who can claim the credit must meet the flowing criteria: … Continue reading →

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Selling Your Home? Here’s what the IRS wants you to know.

Posted on August 21, 2011 by FCA Admin

If you are in the process of selling your home, it’s very important that you know the tax implications involved:  If you have owned and used your home as your primary residence for two years out of the five years … Continue reading →

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Students: Make the most of your summer job.

Posted on July 16, 2011 by FCA Admin

This summer, many students will be taking on summer jobs.  However, many are unaware of the tax consequences involved with employment.  Additionally, many students fail to establish a savings goal.  For example: 1. Form W-4, Employee’s Withholding Allowance Certificate must … Continue reading →

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