Individual taxpayers may be able to claim medical expense deductions on their tax returns. However, the rules can be challenging, and it can be difficult to qualify. Here are five points to keep in mind: You must itemize to claim the deduction and have quite a few expenses. For 2021, the medical expense deduction can [...]
The IRS recently announced it intends to hire thousands of new employees as part of a tax-enforcement push. This could mean an uptick in audits sometime soon, likely focused on wealthier individuals and business owners. (Some tax returns are chosen randomly as well.) The best way to survive an IRS audit is to prepare for [...]
October 15 Personal federal income tax returns for 2020 that received an automatic extension must be filed today and any tax interest and penalties due must be paid. The Financial Crimes Enforcement Network (FinCEN) Report 114 “Report of Foreign Bank and Financial Account” (FBAR) must be filed by today, if not filed already, for offshore [...]
So many of the documents we all use in our personal lives these days are digital. However, there are still many that you should retain as hard copies. These include birth, marriage and death certificates; Social Security cards; tax returns; passports; and estate planning documents, such as deeds and wills. Be sure to safeguard these [...]
Electric vehicles (EVs) are increasing in popularity all the time – and more of them are qualifying for a federal tax credit. In fact, the IRS added several more eligible models over the summer. The tax code provides a credit to buyers of qualifying plug-in electric drive motor vehicles, including passenger vehicles and light trucks. [...]
Every business needs a website, but it’s not always easy to determine which costs of running one are deductible. Fortunately, established rules that generally apply to the deductibility of more long-standing business costs provide business owners with a basic idea of how to anticipate and handle the tax impact of a website. And the IRS [...]