Home Sales: How To Determine Your “Basis”
When you sell your home, you’ll pay tax (or avoid it) based on the “basis” of the property. Here’s how to determine yours.
Can You Qualify For A Medical Expense Tax Deduction?
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.
Some Deductions May Be Smaller When You File Your Tax Return!
Lower tax rates might help reduce your 2018 tax bill, but new limits on many deductions could offset the benefits of lower rates. For example, five itemized deductions have shrunk or disappeared.
3 Big TCJA Changes Affecting Your 2018 Individual Tax Return
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.
Two Major Tax Law Changes for Individuals in 2019
Changes to the medical expense deduction and the tax treatment of alimony go into effect in 2019. Find out the details.
Does Prepaying Property Tax Makes Sense Anymore?
You may be getting ready to prepay your property taxes like you’ve done every year to boost your itemized deductions. But this year, review your situation first to be sure this strategy will provide a tax benefit. The TCJA made two changes that affect it.
Advantages of ‘Catching Up’ on your IRA Contributions
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.
Important Deadlines for the Remainder of 2018
April 17 isn’t the only important tax-related deadline for individuals this year. To avoid interest and penalties, or simply to make the most of tax-saving opportunities, be sure you’re aware of these key dates for the rest of 2018.
TCJA & Medical Expense Deductions
The new tax law makes it easier to claim the medical expense deduction on your 2017 tax return. It provides planning opportunities for 2018, too.
Personal Exemptions, Standard Deductions, & Tax Credits
It’s the total impact of the TCJA’s reduced tax rates and other changes that will determine whether your tax liability drops for 2018. Changes to the personal exemption, standard deduction and child credit are just the tip of the iceberg.