When Medical Expenses Are — And Aren’t — Tax Deductible
If you had significant medical expenses last year, you may be wondering what you can deduct on your 2025 income tax return. Income-based thresholds and other rules can make [...]
Changes to Charitable Donation Deductions Are On the Horizon
Beginning in 2026, individuals who itemize deductions and donate to charity will face a new limit on their charitable deductions. And in some cases, they’ll face two new limits. But [...]
The ABCs of 529 Plans and ABLE Accounts under the OBBBA
Section 529 plans are most commonly used as a tax-favored way to save and pay for college expenses. You might be reluctant to open a 529 account for your [...]
Federal Tax News for Individuals
Investing in a home brings tax benefits Purchasing a home is the most significant investment most people will make. Owning your home comes with valuable tax advantages that can [...]
Can I Itemize Deductions On My Tax Return?
You may wonder if you can claim itemized deductions on your tax return. Perhaps you made charitable contributions and were told in the past they couldn’t be claimed because [...]
Ready, Set, Fire: 8 Tax Deductions You Might Not Know About
Years ago, many taxpayers itemized deductions instead of claiming the standard deduction. But fewer taxpayers are itemizing today due to a bevy of changes in the Tax Cuts and Jobs [...]
To Itemize or Not to Itemize?
With the tax year winding down, it's time to evaluate your personal tax situation. Will you claim the standard deduction or itemize deductions on your 2024 tax return? The [...]
You Don’t Have to be in Business to Deduct Certain Vehicle Expenses
When you think about tax deductions for vehicle-related expenses, business driving may come to mind. However, businesses aren’t the only taxpayers that can deduct driving expenses on their returns. [...]
You May Be Entitled to Tax Breaks If Caring For An Elderly Relative
There are many rewards for taking care of an elderly relative. They may include feeling needed, making a difference in the person’s life and allowing the person to receive [...]
Dos and Don’ts for Business Expense Deductions
As tax season heats up, companies of all kinds and sizes will be on the hunt for ways to reduce their tax bills. One of the most common ways is [...]
Can You Claim Your Parent as a Dependent?
If you pay over half the cost of supporting a parent, your parent is considered your dependent for federal income tax purposes. This treatment potentially entitles you to some significant tax [...]
Pocket a Tax Break for Making Energy-Efficient Home Improvements
An estimated 190 million Americans have recently been under heat advisory alerts, according to the National Weather Service. That may have spurred you to think about making your home [...]
Computer software costs: How does your business deduct them?
These days, most businesses buy or lease computer software to use in their operations. Or perhaps your business develops computer software to use in your products or services or [...]
How to Maximize the QBI Deduction Amid the Pandemic
Since the qualified business income (QBI) deduction first become available in 2018, things have changed dramatically, mainly due to the various effects of the COVID-19 pandemic. Possible tax rate increases, and [...]
Defer Tax With a Like-Kind Exchange
Do you want to sell commercial or investment real estate that has appreciated significantly? One way to defer a tax bill on the gain is with a Section 1031 “like-kind” [...]