Caregivers can get help from three federal tax breaks: the medical expense deduction, the child and dependent care credit, and the "family" credit. Tip Category: Deductions If you’ve ever had to care for a sick, elderly or disabled person, you know it can be difficult financially as well as emotionally. A recent study found that …

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Tax ramifications can be good or BAD! Category: Deductions There are few things as frustrating as not being paid what is owed to you. If it becomes clear the debt is not going to be paid, you might be able to recoup some of the lost money via a tax deduction. The IRS has two …

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Section 179 and bonus depreciation let you take larger, short-term deductions for capital purchases. Does it make sense for your business to take advantage? Tip Category: Deductions If you own a business, you know that you may accelerate the expensing of qualified capital purchases. This can be done within two special provisions in the tax …

Continue reading Should You Expense or Depreciate Your Capital Asset?

Before school gets going this fall, check out these school expenses that might help you decrease your tax bill. Summer is coming to a close and the back-to-school advertising blitz is underway. Hidden in some of those school expenses are tax deductions you can take advantage of. Here are some ways you can save: Watch …

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It may be best to bundle several years of charitable deductions into one year to get the most tax savings. Your charitable contribution deductions are still a great tax savings tool, but they now require more planning. Now is a great time to look at this area as part of your tax planning exercise.BackgroundTypically, cash …

Continue reading Maximizing the Tax Benefit of Charitable Deductions

New tax rules are creating confusion New rules for deducting mortgage interest are causing confusion and adding additional documentation. It's more important than ever to understand the numbers on your tax forms. Home-related tax rules changing over the past few years have caught some taxpayers by surprise. When your mortgage company reports tax-related information to …

Continue reading Homeowner Alert! Review Your Tax Forms

A little mistake could cost you plenty At the end of the year you will be inundated with commercials to donate a vehicle to charity. While it is one of the biggest contributions a taxpayer can make, if not done carefully, the tax deduction of a donated vehicle could be a lot lower than you …

Continue reading Tips to Maximize the Value of a Car Donation

Hobby or business? You might be surprised by the tax savings in your future if you get this one right. You’ve loved dogs all your life so you decide to start a dog training business. Turning your hobby into a business can provide tax benefits if you do it right. But it can create a …

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The IRS released guidance on Thursday explaining when the temporary 100% deduction for restaurant meals is available and when the 50% limitation on the deduction for food and beverages continues to apply for Sec. 274 purposes (Notice 2021-25). Under Sec. 274(n)(1), a deduction for any expense for food or beverages is generally limited to 50% …

Continue reading IRS explains which meals qualify for temporary 100% expense deduction

The IRS said on Friday that amounts paid for personal protective equipment (PPE), including masks, hand sanitizer, and sanitizing wipes, for the primary purpose of preventing the spread of COVID-19 can be treated as amounts paid for medical care under Sec. 213(d) (Announcement 2021-7). As a result, amounts paid by an individual taxpayer for COVID-19 …

Continue reading Amounts paid for personal protective equipment qualify for medical deduction