Medical expenses can be costly — and they're not always covered by insurance. But there may be a silver lining: You may be able to claim an itemized deduction for the amounts you pay for medical, dental and vision care, if you incur enough costs to exceed the applicable threshold for the tax year. Here are the details about this deduction.
In the News
Thursday, October 10, 2019
Recordkeeping for reimbursing business travel expenses can be cumbersome. Instead of reimbursing employees for the actual costs they incur for out-of-town lodging, meals and incidentals, some employers opt to pay fixed travel per diems. These amounts are based on IRS-approved rates that vary from locality to locality. Here's what you'll need to know to determine if this simplified approach is right for your business.
Thursday, October 10, 2019
The stock market has experienced plenty of ups and downs this year. So some investors are poised to take big gains for 2019, while others are currently showing losses and many have both.
Thursday, September 26, 2019
Over the years, Congress has established some nice tax breaks for transportation-related employee fringe benefits to encourage taxpayers to be more ecology-minded when commuting to work.
Thursday, September 26, 2019
Job applicants look at more than just wages when evaluating potential employers. They consider the whole compensation package, including fringe benefits and perks. These add-ons enable employers to cast a wider net in the job market, helping them attract and retain top-quality workers.
Thursday, September 26, 2019
Reducing your current-year adjusted gross income (AGI) is usually a tax-smart idea. Here are ten ways to reduce your AGI (and modified AGI) over the short and long run.
Thursday, September 12, 2019
Giving to charity may provide you with a warm feeling as well as a nice tax break. But you must itemize deductions on your tax return, which fewer taxpayers will do under the Tax Cuts and Jobs Act. And, like most tax breaks, charitable deductions come with a number of other rules you must follow to actually claim write-offs. Here are the details.
Thursday, September 12, 2019
Virtual currency has gone mainstream. AT&T recently announced that its customers can use Bitcoin to pay their phone bills. Other big companies that accept Bitcoin include Microsoft, Expedia and Overstock. Competitors likely will follow suit. However, using virtual currency has tax implications that may surprise you. Here are answers to some FAQs on this subject.
Thursday, September 12, 2019
You may be thinking about refinancing this year to take advantage of falling interest rates. Or you may have refinanced your home mortgage last year and have yet to file your 2018 return (because you filed an extension). Either way, there are important federal income tax implications. Here's what you need to know.
Thursday, August 29, 2019
At the slots or online, remember to keep records.
