Category: Accounting / Tax + Guidance
What You Need to Understand About Extensions
There are lots of legitimate reasons why taxpayers need more time to file. One of the most common reasons is the situation where income does not come from a mere W-2. In addition to having self-employment income, you may own a business; it might be a pass through entity so you can’t start your returns […]
April 14, 2014 | Continue Reading
Home Mortgage Points- Fully Deductible THIS Year?
The term “points” is used to describe certain charges paid to obtain a home mortgage. Points are prepaid interest and may be deductible as home mortgage interest, if you itemize deductions on Form 1040, Schedule A. If you can deduct all of the interest on your mortgage, you may be able to deduct all of […]
April 9, 2014 | Continue Reading
Deducting Medical Expenses to Reduce Tax Liability
If you have a large number of medical expenses, you may be able to deduct many of these from your taxes. Many types of medical expenses are deductible, from long-term care to hospital stays to hearing aids. To claim the deduction, your medical expenses have to be more than 10 percent of your adjusted gross […]
April 4, 2014 | Continue Reading
Charitable Contributions
Charitable contributions are donations made to qualified charitable organizations. The contributions can be monetary, or physical property. Qualified charitable contributions are deductible as an itemized deduction. Qualified Organizations Qualified organizations can be public or private foundations. Organizations will be able to tell you whether they are considered a qualified organization for tax purposes. The limit […]
April 2, 2014 | Continue Reading
Simplified Option for Home Office Deduction
Beginning in tax year 2013 (returns filed in 2014), taxpayers may use a simplified option when figuring the deduction for business use of their home. Note: This simplified option does not change the criteria for who may claim a home office deduction. It merely simplifies the calculation and record keeping requirements of the allowable deduction. […]
March 27, 2014 | Continue Reading
10 Things to Know About Child and Dependent Care Credit
If you paid someone to care for your child, spouse, or dependent last year, you may be able to claim the Child and Dependent Care Credit on your federal income tax return. Below are 10 things the IRS wants you to know about claiming a credit for child and dependent care expenses. Preview The care […]
March 24, 2014 | Continue Reading
Married Filing Jointly or Separately? The Choice Is Yours
If you are married, you generally have a choice of filing your federal income tax return(s) as married filing jointly (MFJ) or as married filing separately (MFS). Because of a number of special rules, your combined tax will often be lower if you file married filing jointly than if you file married filing separately, but […]
March 19, 2014 | Continue Reading
Can you Claim your Parent As a Dependent?
If you are caring for your mother or father, you may be able to claim your parent as a dependent on your income taxes. This would allow you to get an exemption ($3,950 for tax year 2014) for him or her. There are five tests to determine whether you can claim a parent as a […]
March 14, 2014 | Continue Reading
How much can I contribute to my IRA in 2014?
The amount you can contribute to your traditional or Roth IRA remains $5,500 for 2014, $6,500 if you’re 50 or older. You can contribute to an IRA in addition to an employer-sponsored retirement plan like a 401(k). But if you (or your spouse) participate in an employer-sponsored plan, the amount of traditional IRA contributions you […]
March 11, 2014 | Continue Reading
How to Help Clients Avoid the Top 4 Household Employment Tax Mistakes
When families become employers, they take on many of the same responsibilities that business employers do – although many of the forms, deadlines and labor laws for household employers are unique.
October 2, 2013 | Continue Reading
