Tax Returns

 

The child tax credit first appeared on tax returns for 1998 as a $400 nonrefundable credit. Over the years, the credit amount has increased and part of it has become refundable (i.e., payable even if ...

Attorney’s fees you pay to help you right a wrong can be very costly. Whether the fees are charged hourly or a flat amount, you may or may not be able to deduct them. Here’s a roundup of the situa...

As the year is winding up, there’s still time to take actions that can pay off when you file your return. The clocking is ticking...1. Review your gains and losses.The final trading date on...

According to the U.S. Census Bureau, two thirds of American workers don’t put money into a retirement plan at work, either because they aren’t offered one or they choose not to contribute. The res...

In response to Hurricanes Harvey, Irma, and Maria, which impacted people in Texas, Louisiana, Florida, Georgia, Puerto Rico, and the U.S. Virgin Islands, the IRS has provided various types of tax reli...

Hurricanes Harvey and Irma have demonstrated how easily tax records can be lost. What can you do to protect them? And what if you lose valuable documentation?Document key informationOrganizati...

When it comes to taxes, things don’t ways move in one direction. You make a payment, only to receive something back. Or you have income now, only to find you must repay some or all of it. How do you...

The devastation to Houston and a large part of Texas and beyond because of Hurricane Harvey is historic. Homes and businesses have been lost, and it will take months or years for some areas to recover...

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...

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