Dec 17, 2020 | Blog, Tax Bites
Medical and dental costs are expensive and it’s hard to get a tax deduction for them. But you may qualify by including every eligible expense allowed. Here’s what it takes to get a deduction and how you might be able to benefit by moving certain expenses into 2020.
Dec 11, 2020 | Blog, Tax Bites
Have you been contributing enough to your employer’s 401(k) plan or Roth 401(k)? Here are the contribution limits for this year and the recently announced limits for 2021.
May 19, 2020 | Blog, Tax Bites
Have you received an Economic Impact Payment only to find out it’s less than what you were expecting? Here are some of the reasons why.
May 28, 2019 | Blog, Tax Bites
An IRS audit may be nothing to lose sleep over. In many cases, the IRS closes an audit after receiving requested documentation. Here are the latest audit statistics, as well as some tips on how to survive an IRS examination.
Apr 9, 2019 | Blog, Tax Bites
If you’re covered by Medicare, you know it can be confusing. You may not know that, if you qualify, you can deduct the cost of premiums, along with other medical costs, on your tax return. But it can be tough to qualify.
Mar 19, 2019 | Blog, Tax Bites
Are you the parent of a child who is age 17 to 23? You may be eligible for a $500 dependent tax credit. Here are the qualifications.
Mar 5, 2019 | Blog, Tax Bites
Rather than keeping track of your actual vehicle-related expenses, you can use a standard mileage rate to compute related tax deductions. But when are individual taxpayers eligible to deduct vehicle-related expenses
Feb 12, 2019 | Blog, Tax Bites
There are three major changes that will impact many individual taxpayers, beginning when they file their 2018 income tax returns. And we’re not talking about tax rate cuts or reduced itemized deductions.
Nov 20, 2018 | Blog, Tax Bites
The income reduction from making catch-up contributions to your retirement plan might be especially beneficial in 2018 if you had significant itemized deductions in the past that now will be reduced or eliminated by the TCJA. Here’s what you need to know.
Oct 30, 2018 | Blog, Tax Bites
For certain charitably inclined taxpayers, donating appreciated stock to charity can be an excellent year-end tax planning strategy. This may be especially true if the stock is highly appreciated and you’d like to sell it but are worried about the tax liability.