Tag: deduction

It’s hard to believe that we only have a couple months left in 2016, and tax-filing season will begin soon. In this post we’re going to look at 5 big categories of tax credits and deductions you should consider when filing your 2016 tax return next April. One point to…

This article provides a summary of changes and updates to IRS Federal tax rates and brackets. These adjust annually in line with inflation, under the tax code, to provide for mandatory cost of living adjustments (COLA). You can see the latest updates by year below. 2026 Tax Brackets (for 2027…

The following are 8 signs that you may owe the  Alternative Minimum Tax (AMT), or the rich-mans tax, this year. You or your household fall into the high income category (generally $250,000 or more), which means that a good part or all of your AMT exemption is phased-out. You have…

The IRS allows all taxpayers to deduct the total qualified unreimbursed medical care expenses for the year that exceeds 7.5% of their adjusted gross income (AGI), found on line 11 of Tax Form 1040. [Prior year updates] You are only allowed to deduct your medical/dental expenses if the total paid…

[Updated for 2013-2014 tax filing season] Thanks to the so called fiscal cliff deal reached last year there were a number of impacts to taxes in 2013 which you need to be aware of when filing your 2014 taxes. Changes were in the form of updated federal tax rates, new…

I've written a fair bit on tax-advantaged individual retirement plans, but still keep getting lots of questions on this topic. This is likely due to two main factors. One, thanks to the complexities of our tax code, it is not always easy to find current and applicable IRA information. Secondly,…

Selecting your tax filing status is one of the first key steps in filing your federal tax return. Choosing the right status is extremely important because it can affect your filing requirements, standard deduction and eligibility for certain tax credits/deductions. In certain situations picking an incorrect filing status can make…

Teachers and other personnel at K-12 schools can take a tax deduction for classroom supplies that they buy out of their own pockets, whether they itemize or not. This deduction amount is adjusted on a semi-regular basis, with the latest amounts shown below. It has been raised for the 2023…

Here are the latest Health Savings Account (HSA) limits released by the IRS. Consistent with recent years, the inflation-adjusted contribution limits for individuals and families are continuing to increase. Latest HSA Contribution and Out-of-Pocket limits You can see the latest limits in the table below, including minimum deductible and maximum…

I receive a lot of questions on Individual retirement accounts (IRA) based on related posts I have written on this topic. One question that seems to come up often, is how to actually open an IRA account and where is the best place to do so. An IRA  is your personal savings…

I have posted updates to a number of articles covering the spectrum of government stimulus funded tax credits and deductions. Here is a summary of the updates with a link to the detailed articles for more detailed information, qualification criteria and latest status. If you haven’t already, join 6000 plus…

The recently introduced American Jobs and Closing Tax Loopholes Act (Bill: HR 4213) includes important tax cuts to put more money back into the pockets of American families and workers. This new bill extends critical tax cuts through the end of 2010 so families and workers can receive the full…

Under the Inflation Reduction Act (IRA), a $7,500 EV Tax Credit Extension was funded. This would be available for single filers making less than $150K a year, or $300K for joint filers. There is a cap on the price of eligible vehicles at $55,000 for eligible new cars and $80,000…