Check the “support” test to maintain dependent deductions

Keep your college student qualified as your dependent by meeting the “support” test.  Generally, your child cannot provide over one-half of his or her own support during the year.  Add up funds your child will have received from work, student loans, and other sources of income.  Do you need to increase your level of support […]

Summertime tax tip

If you itemize your deductions, you can deduct the mortgage interest and property taxes paid for your vacation home.  A boat or RV can qualify as a vacation home if it has sleeping quarters, cooking facilities, and a bathroom.  If a retreat also serves as rental property, you can control your tax deductions by changing […]