Category Archives: Uncategorized

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 →

From Carol McAtee’s CPA firm in St. Petersburg, FL- 2. Child Tax Credit: You may be able to take this credit on your tax return for each of your children under age 17. If you do not benefit from the … Continue reading →

From Carol McAtee’s CPA firm in St. Petersburg, FL– Do you have kids? They may have an impact on your tax situation. Over the next few days we will be posting the top 8 things to consider if you have … Continue reading →

From Carol McAtee’s CPA firm in St. Petersburg, FL-Consumers should protect themselves against online identity theft and other scams that increase during–and after–the filing season. Such scams may appropriate the name, logo, or other appurtenances of the IRS or U.S. … Continue reading →

From Carol McAtee’s CPA firm in St. Petersburg, FL- 10. New Form for Reporting Foreign Financial Assets Taxpayers must report specified foreign financial assets on new Form 8938, if the aggregate value of those assets exceeds certain thresholds. This new … Continue reading →