Tax Returns

 

Getting Ready for 2015

A new tax year is set to dawn shortly and recently released cost-of-living adjustments can help you plan for 2015. Due to low inflation, increases in the tax brackets and other tax items are minimal; ...

Year-End Tax Planning for Your Securities

This year has been a bumpy ride on Wall Street, with dramatic swings up and down. Now is a good time to review your retirement account and your personal portfolio. While changes you make in your retir...

Medicare and Taxes

Medicare is a government health program primarily for the 49 million Americans age 65 and older. Those covered by Medicare are deemed to have minimum essential health coverage as required by the Affor...

Long-Term Care Insurance from a Tax Perspective

Concerned about care if you should experience a chronic condition or just old age requiring assistance for your daily living activities? You should be, because the cost of long-term care—in your hom...

Amended Returns: Why, When, and How

Amended Returns: Why, When, and HowIf you’ve filed a federal income tax return that you know does not accurately reflect your income and deductions, what should you do now? It depends on the ye...

7 Deadly Tax Sins

Taxes are complicated, so it’s no wonder that everyone makes mistakes from time to time. But some actions go beyond incorrect arithmetic or thinking something is deductible when it’s not. Some act...

What’s Your Income, What’s Your Tax Rate, and Why Should You Know?

There’s no flat tax for individual taxpayers. Because of graduated income tax brackets, phase-outs of certain write-offs, and additional taxes that can apply, determining your tax rate isn’t easy....

Tax-Free Interest Isn’t Always Tax Free

Interest on municipal bonds is exempt from regular federal income tax. However, the interest may be taxable—directly or indirectly—under certain circumstances.State income taxesNot all sta...

Tax Rules of Yore: Tax Breaks You Can’t Use Now But …

The tax law is a moving target. If you look at any given moment, you’ll see rules that may disappear at a later glance. In the past several months, JKLasser.com has been asked about each of the foll...

Tax Relief for Disaster Victims and Those Who Help Them

Winter blizzards, spring tornadoes, summer hurricanes, fall wildfires—disasters can occur at any time, and despite precautions, you may suffer a financial disaster because of Mother Nature. Tax reli...

5 Things You Didn’t Know About Health Savings Accounts

Health care costs may not be increasing at the same pace as in prior years, but costs for most people have not gone down. One solution for finding more affordable health coverage, especially for those...

Does It Pay to Be Old?

That may be the conclusion you reach when you see the tax breaks limited to those of a certain age:Medical and dental expenses. While most taxpayers can itemize these costs only if the total excee...

Amended Returns: If and How

If you eagerly filed your 2013 income tax return but have more information or concerns now and need or want to amend it, determine whether to do so and how.Must you file an amended return? If you ...

Scholarships, Fellowships, and Other Education Assistance

Higher education pays off in greater lifetime earnings, says the U.S. Census Bureau (https://www.census.gov/prod/2002pubs/p23-210.pdf). But higher education isn’t cheap, and most students and their ...

Need More Time for Tax Actions?

Some tax deadlines are carved in stone, but others may be written in pencil and can be changed under the right circumstances. If you need more time to file your 2013 income tax return, all you have to...

Contributions to IRAs Versus Roth IRAs: Confused No More

There are two personal tax-advantaged ways to save for retirement: an IRA, which may be deductible or nondeductible (“traditional IRA”), and a Roth IRA, which is made with after-tax dollars. These...

25 Ways to Receive Tax-Free Income

Income that the tax law exempts is the best type to receive. This income becomes more valuable as your tax bracket increases. The following is a list of tax-free income that you may be entitled to. Be...

What Mileage Rates Apply in 2014?

Each year, the IRS sets standard mileage rates for various types of travel. The rates can be used to figure the cost of the driving rather than keeping track of your actual car expenses. However, you ...