With these Tax Preparation Tips, we will be able to maximize your refund.
Find out how you can get a higher refund here, when preparing your taxes.
Medical expenses take many forms. Some, like prescriptions, crutches, and other means of treatment are obvious medical needs. Other deductions, like wigs, might be hiding in plain sight.
Does my wig qualify as a tax write-off?
You can’t w…
Considering the Big Snip? There’s a Deduction for That.
While it may be a sensitive subject for some, a vasectomy is one of the most effective methods of preventing unintended pregnancy. About half a million men in America elect to undergo this simple …
Considering the Big Snip? There’s a Deduction for That.
While it may be a sensitive subject for some, a vasectomy is one of the most effective methods of preventing unintended pregnancy. About half a million men in America elect to undergo this simple …
Pets do more than warm our hearts; they’re road trip buddies, winter lap warmers, and sometimes — legitimate treatments for medical conditions. According to the IRS, if you have a service animal “primarily for medical care to alleviate a mental defect …
Executive Order 13765, issued in 2017, is aimed at minimizing the economic burden of the Affordable Care Act. However, the IRS has indicated that this doesn’t give the Service the authority to change the tax treatment of lump-sum Social Security benef…
The interest rates on overpayments and underpayments are unchanged from the fourth quarter of 2019 (Rev Rul. 2019-28). The rates are:
Noncorporate overpayments and underpayments: 5%
Corporate overpayments: 4% generally, but 2.5% for corporate overpaym…
The IRS has provided guidance on what disclosure is treated as “adequate” to avoid a 20% penalty for a substantial understatement of tax (Rev. Proc. 2019-42, updating Rev. Proc. 2019-9). Here’s the potential penalty and how to avoid it with respect to…
A domestic spending package, called the Further Consolidated Appropriations Act, 2020 (H.R. 1865) which was signed into law on December 20, 2019, makes $426 billion in tax cuts. Here is a brief overview of the key changes impacting individuals (the me…
Gamblers understand the concept of win some, lose some. But the IRS? It prefers exact numbers. Specifically, your tax return should reflect your total year’s gambling winnings – from the big blackjack score to the smaller fantasy football payout. That’…
If you earn income transporting strangers from Point A to Point B, chances are you’re already aware of the most common tax deductions for rideshare drivers: mileage on your car, filling your tank with gas, insurance, etc. But let’s talk about the side …
