by Jill Maturino | Jul 24, 2012
Tenancy by the entirety is a type of joint tenancy of property that provides extra protections for married persons. If a husband and wife own real property, Maryland law presumes a tenancy by the entirety unless the deed states otherwise. However, creation of the... by Jill Maturino | Jul 16, 2012
A taxpayer who paid interest on a student loan may be able to claim a tax deduction up to $2,500. The deduction is phased out for individuals filing single tax returns with income of $65,000, and for couples filing joint tax returns with income of $130,000. However,... by Jill Maturino | Jul 16, 2012
A person who cashed Series EE or I U.S. Savings bonds issued after 1989 may be able to exclude all or part of the interest on the bonds from their income. To take the exclusion on qualified Savings Bonds, one must: 1) have paid “qualified” higher education expenses... by Jill Maturino | Jul 16, 2012
A taxpayer who incurs qualified higher education expenses for themselves, a spouse or dependent child may be able to claim the Hope Scholarship Credit or the Lifetime Learning Credit. The Hope Scholarship Credit is up to $1,500 (plus cost-of-living adjustments) per... by Jill Maturino | Jul 16, 2012
The earned income tax credit is a refund that can be claimed by certain low-income individuals who have earned income from employment. If married filing jointly, earned income and adjusted gross income must be under $33,030 with one “qualifying” child (as defined by...
