Having health insurance is important. In many cases, you end up paying less when you go for a doctor’s visit than you would if you didn’t have it. Your co-pay (aka the portion of the charges you cover) might be only $50 instead of hundreds …
The medical expense deduction didn’t escape the Tax Cuts and Jobs Act. Read on to understand the adjustments made to that common tax deduction.
The medical expense deduction “floor” changed for 2018
After Pr…
No doubt about it, winning the lottery dramatically changes a person’s life. A financial windfall of that magnitude quickly grants you a level of financial freedom you probably have trouble imagining.
But becoming a Meg…
Hurricanes, earthquakes, mudslides, tornadoes, floods, forest fires, and other natural disasters wreak havoc on a large scale. Homes and possessions might be damaged or lost. It’s a tragedy when people are injured or killed.
At such times, genero…
The new 20 percent deduction for pass-through businesses sounds almost too good to be true. That brand new section of the tax code is called the qualified business income deduction. It allows qualifying owners of sole proprietorships, S corporations, a…
With tax season coming soon, you may wonder how you can reduce your taxable income. One smart place to start looking is your 401(k) plan.
The 401(k) plan was passed by Congress in 1986 to help employees save money for retirem…
One of the most stressful parts about being a business owner is figuring out how to financially separate your real life and your professional life. As a full-time writer and speaker, I initially struggled to figure out how to draw down a salary and rei…
If you typically deduct unreimbursed job expenses as an employee, get prepared for a change this tax season. All unreimbursed job expenses for traditional employees are no longer tax deductible. Here’s a breakdown of how that tax reform chan…
In December of 2017, we witnessed the most significant changes to the tax code in a generation get signed into law. If you’re confused about how the changes will affect you, you’re not alone.
Fortunately for most …
If you have to travel as part of being self-employed, you know traveling costs can add up fast. Fortunately, there are a few tax breaks available to offset those expenses.
Follow this quick guide to learn how to lower your ta…
