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Education Tax Credits: Two Benefits to Help You Pay for College

 

Did you pay for college in 2014? If you did it can mean tax savings on your federal tax return. There are two education credits that can help you with the cost of higher education. The credits may reduce the amount of tax you owe on your tax return. Here are some important facts you should know about education tax credits.

American Opportunity Tax Credit:

Berardi Immigration Law’s First Quarter Border Activity

Berardi Immigration Law’s First Quarter Border Activity

 

Berardi Immigration Law has had a busy first quarter at the U.S.-Canadian border. Since early January, we have appeared on behalf of at least 40 clients on 18 separate days at the Peace Bridge. Some of these appearances were entered on behalf of other attorneys, but most represent clients whose cases our office fully drafted and prepared. A sample of some of our interesting cases include:

Claiming a Tax Deduction for Medical and Dental Expenses

 

Your medical expenses may save you money at tax time, but a few key rules apply. Here are some tax tips to help you determine if you can claim a tax deduction:

Ten Facts That You Should Know about Capital Gains and Losses

 

When you sell a capital asset the sale results in a capital gain or loss. A capital asset includes most property you own for personal use or own as an investment. Here are 10 facts that you should know about capital gains and losses:

1. Capital Assets.  Capital assets include property such as your home or car, as well as investment property, such as stocks and bonds.

2. Gains and Losses.  A capital gain or loss is the difference between your basis and the amount you get when you sell an asset. Your basis is usually what you paid for the asset.

Social Security Benefits and Your Taxes

 

If you receive Social Security benefits, you may have to pay federal income tax on part of your benefits. These IRS tips will help you determine whether or not you need to pay taxes on your benefits. They also explain the best way to file your tax return.

Form SSA-1099.  If you received Social Security in 2014, you should receive a Form SSA-1099, Social Security Benefit Statement, showing the amount of your benefits.

Only Social Security.  If Social Security was your only income in 2014, your benefits may not be taxable. You also may not need to file a federal income tax return. If you get income from other sources you may have to pay taxes on some of your benefits.

How Do I Obtain an ITIN?

How Do I Obtain an ITIN?

 

In our previous blog, we analyzed the difference between a FEIN (Federal Employer Identification Number) and an ITIN (Individual Taxpayer Identification Number). To review, an ITIN is issued by the IRS to individuals who are required to have a U.S. taxpayer identification number but do not have or are not eligible to receive a Social Security number. An ITIN is a nine-digit tax processing number that always begins with the number nine. 

Taxable or Not – What You Need to Know about Income

 

All income is taxable unless the law excludes it. Here are some basic rules you should know to help you file an accurate tax return:

  • Taxed income.  Taxable income includes money you earn, like wages and tips. It also includes bartering, an exchange of property or services. The fair market value of property or services received is taxable.

Some types of income are not taxable except under certain conditions, including: