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Unclaimed property refers to accounts in financial institutions and companies that have had no activity generated or contact with the owner for a period of one year or longer (depending upon state law). Common forms of unclaimed property include savings or checking accounts, stocks, uncashed dividends or payroll checks, refunds, traveler’s checks, trust distributions, unredeemed money orders or gift certificates (in some states), insurance payments or refunds and life insurance policies, annuities, certificates of deposit, customer overpayments, utility security deposits, mineral royalty payments, and contents of safe deposit boxes. Financial institutions and companies will turn these funds over ...

Many parents who work or are looking for work must arrange for care of their children during school vacations. If you are one of those, and your children requiring care are under 13 years of age, you may qualify for a tax credit that can reduce your federal income taxes. Here are some facts you need to know about the tax credit available for child care expenses. The Child and Dependent Care Credit is available for expenses incurred during the lazy, hazy days of summer and throughout the rest of the year. You must claim the qualifying child for whom you ...

We have previously cautioned you not to be duped by Internet and mail scams dreamed up by some pretty enterprising thieves. Most of those revolve around the Internet and e-mails, trying to steal your identity or have you pay tax liabilities that don’t exist. The latest schemes revolve around phone calls from individuals claiming to be IRS or State agents who demand immediate payment for fabricated tax liabilities. Don’t get caught up in these scams. Always remember, the first contact you will receive from the IRS or state is letter, never a phone call or e-mail. ...

The following are some tax planning moves that can be implemented before the end of the year.   Defer Income to Next Year – If possible, defer income to next year. You’ll defer the tax on the income for one year and depending on your tax situation next year, you may end up paying less tax on that income next year. Accelerate Expenses to this Year – Pay as much business and tax deductible personal expenses as you can such as charitable contributions before the end of the year to reduce your taxable income. That includes paying us ...

Generally, teenagers and young adults do not consider the long-term benefits of retirement savings. Their priorities for their earnings are more for today than that distant and rarely considered retirement. Yet contributions to a retirement plan early in life can enjoy years of growth and provide a substantial nest egg at retirement. Due to its long-term benefits of tax-free accumulation, a nondeductible Roth IRA may be the best option. During most individuals’ early working years, their income is usually at its lowest, allowing them to qualify for a Roth IRA at a time where the need for a tax ...