This is a guest post by Carol Topp, CPA.  Carol is the mother of two teenage daughters and she lives in Cincinnati, Ohio.  She discusses teenagers and taxes at http://TeensandTaxes.com.

Bonnie had been adding her son’s interest income to her tax return for many years.  That was a $1,000 mistake. She was overpaying Uncle Sam and never realized it.

It is easy to understand why Bonnie reported her son’s interest income as her own.  The statements from her son’s UTMA (Uniform Gift to Minors Act) account at the local bank had both her name and his name on the account.   Her name was even listed first as “Bonnie Smith, Custodian for Luke Smith”.  Read more... (477 words, 11 images, estimated 1:54 mins reading time)

• Year End Income Tax Guide (Part 1) Part of the hard truth we all have to accept includes death and taxes.  Even Mr. ToughMoneyLove can take only such much hard truth so I choose not to write about death.  That leaves taxes.  This being December, it's time to think about last minute tax strategies for 2008 and......
• Tax Documents You May Need Tax time is here. These are some documents you'll need to have for your taxes (found on About.com):Income Documents:W-2's - This shows taxable wages and any employer tax withholdings1099's - Reports various income other than wages, salaries, and tipsProof of jury duty payProof of alimony receivedSocial Security statement (1099-SSA)Dividend and......