Author Archives: Carol

From Carol McAtee’s CPA firm in St. Petersburg, FL- Tim, who owns his own business, decided he wanted to take a two-week trip around the US. So he did–and was able to legally deduct every dime that he spent on … Continue reading →

From Carol McAtee’s CPA firm in St. Petersburg, FL- Canceled debt is normally taxable to you, but there are exceptions. One of those exceptions is available to homeowners whose mortgage debt is partly or entirely forgiven during tax years 2007 … Continue reading →

From Carol McAtee’s CPA firm in St. Petersburg, FL- Spring is a great time to clean out that growing mountain of financial papers and tax documents that clutters your home and office. Here’s what you need to keep and what … Continue reading →

From Carol McAtee’s CPA firm in St. Petersburg, FL-It’s April already. Are your taxes done? If not, here’s some last-minute tax advice for you: Don’t Procrastinate Anymore – Resist the temptation to put off your taxes until the very last … Continue reading →

From Carol McAtee’s CPA firm in St. Petersburg, FL- 8. Student Loan Interest: You may be able to deduct interest you pay on a qualified student loan. The deduction is claimed as an adjustment to income so you do not … Continue reading →

From Carol McAtee’s CPA firm in St. Petersburg, FL- 7. Higher Education Credits: Education tax credits can help offset the costs of education. The American Opportunity and the Lifetime Learning Credit are education credits that reduce your federal income tax … Continue reading →

From Carol McAtee’s CPA firm in St. Petersburg, FL- 6. Coverdell Education Savings Account: This savings account is used to pay qualified expenses at an eligible educational institution. Contributions are not deductible; however, qualified distributions generally are tax-free. If you … Continue reading →

From Carol McAtee’s CPA firm in St. Petersburg, FL- 5. Adoption Credit: You may be able to take a tax credit for qualifying expenses paid to adopt a child. If you have questions about dependents or other tax related issues, … Continue reading →

From Carol McAtee’s CPA firm in St. Petersburg, FL- 4. Earned Income Tax Credit (EITC): The EITC is a benefit for certain people who work and have earned income from wages, self-employment, or farming. EITC reduces the amount of tax … Continue reading →

From Carol McAtee’s CPA firm in St. Petersburg, FL- 3. Child and Dependent Care Credit: You may be able to claim this credit if you pay someone to care for your child under age 13 so that you can work … Continue reading →