Month: July 2013

Simplified Home Office Deduction

  Individual taxpayers, who can deduct home office expense, now have a simplified method to determine the deductible amount.  Rather than keep track of all household expense and allocate the expenses based on percentage of total square footage to home…

Making an IRA Contribution for a Child:

A child or teen working a summer job may be eligible to make an annual contribution to an IRA. To be eligible, the child must have earned income that could be from a full-time or part-time job, or other activity…

Check out Coverdell ESAs for college savings

You’re probably familiar with 529 college savings plans. Named for Section 529 of the Internal Revenue Code, they’re also known as qualified tuition programs, and they offer tax benefits when you save for college expenses. But are you aware of…

Don’t miss required minimum distributions

They’re coming your way — required minimum distributions, that is, if 2013 is the year you’ll reach age 70½ and you own certain retirement accounts, such as a traditional IRA. You may be familiar with RMDs, which are the minimum…