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Did you pay expenses for attending college courses during 2014? You may be eligible for a federal income tax credit. The American Opportunity Credit can save you as much as $2,500 per student. The Lifetime Learning Credit offers up to $2,000. Call us for eligibility requirements, as well as information on other education tax breaks.

If your dependent children received income from wages, self-employment, or investments last year, they may need to file a 2014 income tax return. Generally, a return is required when wages are more than $6,200, self-employment earnings are $400 or more, or investment income (such as dividends, interest, and capital gains) is more than $1,000. If your child had both earned and investment income, other thresholds apply.

Keep your IRA rollovers tax-free
The rules on IRA rollovers have been tightened as of January 1, 2015. You still have 60 days from the time you withdraw money from your traditional or Roth IRA to redeposit it into the same type of account without penalty. However, a once-per-year rollover limit now applies. Trustee-to-trustee transfers are not affected. Give us a call if you’re thinking of transferring money between your IRAs.

Donations you made via cash, check, charge card, or payroll deduction to qualified charities by December 31, 2014, can be claimed as an itemized deduction on your 2014 return – as long as you have the right paperwork. Cash contributions under $250 require a cancelled check, credit card record, or receipt from the charity. For larger donations, special rules apply and you may need additional forms.

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