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July 22, 2018 10:57 pm

Even though you are under age 59½, you won’t be penalized for an IRA distribution used to pay medical expenses in excess of 7.5% of adjusted gross income in 2017 or 2018. The AGI threshold is set t...

July 22, 2018 10:55 pm

You have three years from the due date of the tax return to file for a refund. So you must file a 2015 return no later than April 15, 2019, to claim the refund. You can find prior year tax forms from ...

July 22, 2018 10:46 pm

To catch up on missed depreciation, you must make a change in accounting method. However, this is an automatic change; you don’t need IRS approval but do have to follow procedures. Details on how to...

July 22, 2018 10:43 pm

State estimated taxes are deducted as itemized deductions for the year in which they are paid. For example, 2017 state estimated income taxes paid on April 18, 2017, June 15, 2017, and September 15, 2...

July 22, 2018 10:40 pm

Employee contributions to 401(k) plans are done on an annual basis. There is no period after the end of the year to complete contributions. So unlike IRA contributions that can be made up to the filin...

June 18, 2018 10:54 pm

Legal fees paid in connection with certain whistleblower awards are deductible from gross income; no itemizing is required. One such deductible award is a “Section b” award (which is a mandatory a...

June 18, 2018 10:52 pm

Federal income taxes withheld from a retirement plan distribution, which are listed in box 4 of Form 1099-R, are claimed as a credit on your return against the taxes you owe; they’re reported as tax...

June 18, 2018 10:50 pm

The Tax Cuts and Jobs Act ended the penalty for not having minimum essential health coverage starting in 2019 (not for 2018). However, an individual without coverage in 2018 may be able to escape the ...

May 30, 2018 11:42 pm

The commission paid to the gallery is a selling expense that reduces the sales proceeds reported for the transaction. Thus, the commission effectively reduces the amount of gain (or increases the amou...

May 30, 2018 11:40 pm

Not for self-employed individuals. For example, an independent contractor filing Schedule C can claim a home office deduction in 2018. However, employees who work from home cannot claim a home office ...

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