Credits/Deductions

 

Fall is the time of year to choose the employee benefits you want for the following year from the options provided to you by your employer. In making your choices for 2020, understand what these optio...

Employees cannot deduct most business-related expenses because they are miscellaneous itemized deductions subject to the 2%-of-adjusted gross income (AGI) floor and this write off has been suspended t...

Not every type of income you get is taxable on your Form 1040. The law allows you to receive various types of income without having to pay tax on them. For example, any type of income effectively beco...

We’ve all heard about the numerous tax changes created by enactment of the Tax Cuts and Jobs Act. Many are exciting and can help lower your tax bill. But that law did not make changes to many tried ...

Americans are very charitable. A report last year said (https://givingusa.org/giving-usa-2018-americans-gave-410-02-billion-to-charity-in-2017-crossing-the-400-billion-mark-for-the-first-time/) they g...

If you have filed your 2018 tax return, you can rest easy for a year. Or can you? Or should you? The period after filing your return is a great time to get a jump on your 2019 return and hopefully sim...

The qualified business income (QBI) deduction allows a subtraction from your taxable income up to 20% of what amounts to your business profits (there are some modifications to this) if you are an owne...

The Tax Season—the time in which to file your 2018 income tax return or ask for a filing extension and settle up on any taxes due—is underway. Some things are new this year, while others matters h...

You may be thinking of buying or leasing a new vehicle for 2019. Or you may drive your new or existing car or truck for business or other purposes. Here are 5 things to know about the tax rules that a...

As 2018 draws to a close, consider taking certain actions to favorably impact your tax bill for the year. Here are 10 things you can still do:1.    Review withholding and estimated taxesIf ...

The Tax Cuts and Jobs Act (TCJA) made numerous changes in tax law. Many of the changes will show up on your 2018 return, which won’t be filed until 2019. But don’t wait to take action now that can...

Volcanic eruptions in Hawaii, tornados in North Carolina and Alabama, severe flooding in Indiana, and Winter Storms Quinn and Skylar in the Northeast and Mid-Atlantic have disrupted the lives of milli...

According to the U.S. Census Bureau, the number of years spent in retirement is about 18, which assumes retirement at age 63 and a life expectancy from then to age 81. Will you have the money on hand ...

The temperature is up and many people take vacations during the summer. Taxes may be the last thing on your mind. Nonetheless, here are 5 tax breaks you may want to consider this summer.1.    ...

A study in 2017 (https://www.upwork.com/press/2017/10/17/freelancing-in-america-2017/) found that an estimated 57.3 million Americans now work in the gig economy, driving for Uber or Lyft, performing ...

The importance of an education is no secret. Statistically, lifetime earnings increase with the level of education. And with today’s changing technology the need for continued learning is high. From...

According to Morningstar (http://news.morningstar.com/articlenet/article.aspx?id=823957), 52.3% of those turning 65 will have a long-term care need during their lifetimes. The cost of this type of car...

You may be entitled to claim various deductions and credits, but unless you follow the rules you’ll lose out. Here are a number of recent cases that highlight what you should or shouldn’t do if yo...

The Tax Cuts and Jobs Act of 2017 made a number of significant changes to various write-offs that can be claimed without itemizing. Most of the changes in deductions from gross income affect 2018 retu...

The Tax Cuts and Jobs Act of 2017 made a number of significant changes to various itemized deductions. Most of these changes affect 2018 returns (and in many cases, returns through 2025), but a few as...

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