Are you able to benefit from an ABLE account?

a Better Life Experience Act" (also called the ABLE Act). This law provides for tax-exempt accounts that can help you or a family member with disabilities pay for qualified expenses related to the disability. These "ABLE accounts" are exempt from income tax although contributions to an account are not deductible on your federal income tax return. ABLE accounts are generally not means tested and some can provide limited bankruptcy protection.

The Foreign Bank and Financial Report (FBAR) is a reporting requirement that is getting lots of attention from the IRS. Here is what you need to know.

 Tips for the Month - April

1. Taking the standard tax deduction is convenient, but always compare it to itemized deductions and use the option with the best tax results.

2. The federal standard deduction for 2014 is $6,200 if single, $12,400 if married and joint filing, or $9,100 for head of household.

3. To substantiate a charitable contribution, you must get a written acknowledgement from the charity for all contributions of $250 or more.

Summertime is often a time for moving. The kids are out of school and new opportunities await. Don’t forget that your move might be tax deductible. Here are some hints to ensure you do not forget this valuable tax deduction.

To have moving expenses qualify as a tax deduction your move must be closely related to your new job.

Use your income tax refund wisely

To many people, an income tax refund might be one of the largest single cash receipts for the entire year. Avoid the temptation to spend your refund on consumption items.

There are several places you can invest the refund to enhance your long-term financial goals. You can pay off current debt, invest in the stock market, make home

improvements, or invest in a pension plan for retirement.