“Hello, Mr. Brown? This is Maria Santos from the IRS,” barked the authoritative voice on the phone. “It’s important that I speak with you about your 2018 income tax return right now. I need some personal information from you.&rd…
As a business owner, you likely pay for your own health insurance. And there’s a good chance you’ve seen the cost of your insurance premiums go up dramatically in recent years.
One way to offset those higher premi…
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…
An employer-sponsored health care plan covers the majority of adults in the U.S. who work full time for a company. Getting health insurance through an employer remains the easiest way to get coverage for yourself and your family.
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More than 62 million Social Security beneficiaries will receive a cost-of-living adjustment (COLA) of 2.8% starting with the December 2018 benefits, which are payable in January 2019. This COLA adjustment is higher than the 2% increase last year (Soci…
If you conduct an activity without a profit motive you can prove, then the hobby loss rule applies. Under the Tax Cuts and Jobs Act, you have to report all of your income (nothing has been changed here), but can’t deduct any of your expenses. This is …
Following the widespread losses of investments with Bernard Madoff, the IRS issued a safe harbor (Rev. Proc. 2009-20) to enable investors to take losses even though some recovery was possible. One couple tried to use this safe harbor for their investm…
If you use your vehicle for business driving, you have a choice in how to handle your expenses. You can deduct your actual costs, including an allowance for depreciation (up to certain dollar limits) if you own the vehicle or your lease payments if yo…
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 Mega Millions or Powerball ja…
