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Year End Tax Tips!

Here are a few things to consider before the tax year ends: If you qualify to have a Health Savings Account you need to OPEN it by the end of the tax year. Even those over 65 years of age will get to deduct only those qualified expenses over 10% of adjusted gross income in […]

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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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Deductible Job Search Expenses

Are you looking for a new job?  If so, some of your job search expenses may be deductible.  Following are some of the requirements for these expenses to be deductible: Your expenses must be for a job search in your current line of work.  You cannot deduct expenses if the job search is for a new […]

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Health Insurance-Better have it or else

Heard of Obamacare?  How about the penalty for not having Health Insurance all year?  Well, this year that penalty went up. It’s the greater of $325 per adult ($162.50 per child) or 2% of the household income that is over the tax filing requirement.  Maximum of $975 per family……YOWZA!!!!!     You can check out HealthCare.gov for […]

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