Everyone wants to reduce their taxes and their taxable income, especially retirees and those who are living on a fixed income. They want to lower their tax liability more than anyone...
Posted by Patrick O'Hara, EA on 02/01/2016
For people that relocated to start a new job, they can deduct moving expenses. This deduction is available for people in the military. Rules for Military Qualification Military...
Posted by Elliot Kravitz, ATP on 01/30/2021
Over the last 70 years, child support payments have been deductible by the payer and taxed as income for the recipient (note that significant rule changes occurred in 1984). The previous...
Posted by Elliot Kravitz, ATP on 08/02/2019
As long as you repay such a loan fully, there is no need for income taxes on a personal loan. However, the forgiveness of any part of the loan or paying the loan for a lesser amount...
Posted by Karen Munoz, EA on 06/06/2021
If you have hired a gardener, nanny, cleaner, or other types of worker for household work, the law requires you to pay state and federal payroll taxes. This article sheds light on...
Posted by Stevenson Tax and Accounting, Inc. on 03/01/2021
The medical expense deduction is large enough to cover pregnancy tests, braille books, and smoking cessation programs. However, it doesn't cover everything you pay to stay healthy....
Posted by Carmen Garcia on 11/09/2020
Medical expenses can be deducted from your federal tax return as much as they exceed 10% of your annual gross income. Most people are aware of the common medical expenses you...
Posted by Flynn Financial Group Inc on 10/27/2020
Nonprofits envelop a wide range of entities. Many may relate not-for-profits with 501(c)(3) philanthropies, for example, the Salvation Army. However, there are various kinds of nonprofits...
Posted by Advanced Accounting & Tax Planning on 05/29/2019
An ESOP (employee stock ownership) Plan is a benefit plan for an employee that offers benefits to companies, business owner and their employees.How The ESOPs WorkCompanies create an...
Posted by Debi G Hill, CPA on 03/08/2019
