Category Archives: Tax

Noncash charitable contributions are a good deduction if taken correctly. Here are 3 Rules to keep in mind. Rule No. 1. The donation must be made to a qualified charity (no, your needy college kids do not count). Rule No. 2. No deduction is allowed for a charitable contribution of clothing or household items unless the clothing […]

If you pay tuition, fees, and other costs for attendance at an eligible educational institution for yourself, your spouse, or your dependent, you may be able to take advantage of one or more of the education tax benefits. You can claim more than one education benefit in a tax year as long as you do […]

Which records should you keep? You should keep information that you and the IRS need to determine your correct tax. Everyone should keep the following records. Copies of tax returns. Keep copies of your tax re- turns as part of your tax records. Your tax returns can help you prepare future returns and amended returns. […]

Don’t Panic! Here at Valentine CPA, we will provide you the best advice on what to do if, for whatever reason, you find you can’t pay your taxes. We are here to help. Below are some basic guidelines and methods to get your taxes paid while reducing any penalties and interest. We are happy to […]

Identity Theft and Your Taxes – Your identity and money can be stolen in a tax-related scam via email (“phishing”), fax, phone, or letters. Some recent examples of identity theft scams are: Refund scam – A bogus email, claiming to come from the IRS, tells you that you are eligible to receive a tax refund for […]