Deductions

Open Enrollment for Healthcare

Enrollment for healthcare for the 2018 year is between November 1 and December 15, 2017.  Go to HealthCare.gov to enroll or to specify if you want to Keep or Change your plan if you are already enrolled. You may be eligible for a Premium Tax Credit which means you don’t have to pay your entire […]

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Year-End Tax Tips

Now that 2017 is coming to an end, here are some things to consider: If you qualify to have a Health Savings Account you need to OPEN it by the end of the tax year. Make charitable contributions and have the necessary proof. If you bunch your itemized deductions every other year: Make sure you […]

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Divorce & Taxes

Here are some key issues that may affect you if dealing with divorce or separation: Alimony received must be included as taxable income Alimony paid is a deduction for the person paying it Child support is not a taxable event Let the IRS know about your address change on Form 8822 Report any name change When […]

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Start Saving Those College Receipts!

Now that school is back in session for the fall, it is a good time think about possible education credits.  It is important to compile receipts for qualified education expenses in order to potentially qualify for education credits. There are two education credits available: the American Opportunity Tax Credit (AOTC) and the Lifetime Learning Credit (LLC). These credits may […]

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Tax Relief for Hurricane Victims

The IRS is offering some help to victims of Hurricanes Harvey and Irma. Read more about it here: Harvey Irma   Reconstructing records after a disaster: to recreate inventories business owners can get copies of invoices from supplies get copies of prior year tax returns: sales tax, payroll returns, business licenses, federal, state and city […]

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What’s a W-4?

New job?  Did they hand you a Form W-4 to fill out? Confused? Well you aren’t alone. This form seems to confuse a lot of people. What you are doing is telling your employer how much to withhold from your paychecks. The higher the number of allowances, the less they withhold and the less you […]

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Last Minute Ideas!

Did you file yet?   Here’s a few ideas for saving on your income tax: Consider if you have dependents that you can claim that you haven’t thought of.  Perhaps your parents are dependents?  Are you supporting them?  Kids in college are also normally still dependents. The IRS has an interview tool you can complete […]

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Deducting clothing on your tax return

The answer is almost always NO unfortunately. If the clothing is required to be worn by your employer, your employer won’t reimburse you and the clothing is not something you COULD wear outside of work, then maybe. Suits are a  no no….even if you don’t want to wear them outside work….you COULD….so not deductible. Jean, […]

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Moving Expenses – Are They Deductible?

Moving expenses may be deductible if you moved due to a change in your job or business location.  In order to deduct moving expenses, three requirements must be met: The time of the move must closely relate to the start of work.  Generally, you may consider moving expenses within one year of the date you […]

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Employee Business Expenses

Did you have expenses on behalf of your job that were not reimbursed by your employer? If so, some may be deductible on your tax return if you itemize your deductions.  In order for these to be deductible, they must be qualified expenses.  Only amounts not reimbursed by your employer may be deducted. Some examples […]

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