Tax Benefits for People with Disabilities

Tax Benefits for People with Disabilities

Individuals with disabilities as well as parents of disabled children are eligible for a number of income tax benefits. This article explains some of these tax breaks. ABLE Accounts – A federal law allows states to offer specially designed,…
Receiving Tips Can Be Taxing

Receiving Tips Can Be Taxing

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Anyone who collects tips must include those tips in their taxable income. This requirement is not limited to waiters and waitresses; it applies to anyone who collects tips, including taxicab, Uber, Lyft, and similar drivers; beauticians; porters;…
How to File Taxes After Saying “I Do”

How to File Taxes After Saying “I Do”

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A taxpayer’s filing status for the year is based upon his or her marital status at the close of the tax year. Thus, if you get married on the last day of the tax year, you are treated as married for the entire year. The options for married…
Learn what factors determine whether a household worker qualifies as an employee or an independent contractor.

Household Help: Employee or Contractor?

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Taxpayers often will hire an individual or firm to provide services at the taxpayer’s home. Because the IRS requires employers to withhold taxes for employees and issue them W-2s at the end of the year, the big question is whether or not that…
How Does Combining a Vacation with a Foreign Business Trip Affect the Tax Deduction for Travel Expenses of a Self-Employed Individual?

How Does Combining a Vacation with a Foreign Business Trip Affect the Tax Deduction for Travel Expenses of a Self-Employed Individual?

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Note: effective for years 2018 through 2025, the Tax Cuts and Jobs Act of 2017 suspended the deduction of miscellaneous itemized expenses that must be reduced by 2% of the taxpayer’s adjusted gross income. Employee business expenses, including…
Donor Advised Funds Provide Tax Benefits

Donor Advised Funds Provide Tax Benefits

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If you would like to make a substantial tax-deductible charitable donation this year, but have the ability to spread the actual distribution of funds to specific charities over a number of years, a donor-advised fund (DAF) may fill that need.…
Eldercare Can Be a Medical Deduction

Eldercare Can Be a Medical Deduction

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Because people are living longer now than ever before, many individuals are serving as care providers for loved ones (such as parents or spouses) who cannot live independently. Such individuals often have questions regarding the tax ramifications…
Why Tax Basis Is So Important

Why Tax Basis Is So Important

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For tax purposes, the term “basis” refers to the original monetary value that is used to measure a gain or loss. For instance, if you purchase shares of a stock for $1,000, your basis in that stock is $1,000; if you then sell those shares…
The Tax Benefits of Going Green

The Tax Benefits of Going Green

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Congress uses tax deductions and tax credits to influence taxpayers’ actions. For instance, it seeks to stimulate taxpayers to reduce their energy consumption and moving away from the use of fossil fuels. In this article, we explore the benefits…
Are You Missing a W-2?

Are You Missing a W-2?

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Have you received all of your W-2s? These documents are essential for completing individual income tax returns, as they include the taxable amount of your wages and the amount withheld for federal and (if applicable) state income tax, along…