Category Archives: Tax Deductions

Taxpayers who usually itemize deductions should check their withholding to avoid tax surprises

The Internal Revenue Service encourages taxpayers who typically itemized their deductions on Schedule A of the Form 1040 to use the Withholding Calculator this year to perform a “paycheck checkup.” People who have itemized before may be affected by changes … Continue reading

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Tax Return Errors-Tips To Avoid Them

It goes without saying that it takes the IRS much longer to process tax returns that have mistakes. That also means that those who make mistakes who are due refunds will likely have to wait much longer to get them. … Continue reading

Posted in E-file, EITC, Government, IRS, Personal Finance, Tax Credits, Tax Deductions, Tax Tips, Taxes, YouTube | Tagged , , , , , , , , , , , , , , , , , , , ,

Five Things to Remember About Exemptions and Dependents for Tax Year 2017

The following article was published by the IRS. Most taxpayers can claim one personal exemption for themselves and, if married, one for their spouse. This helps reduce their taxable income on their 2017 tax return. They may also be able … Continue reading

Posted in Child & Dependent Care Credit, IRS, Personal Finance, Planning Strategies, Tax Credits, Tax Deductions, Tax Relief, Tax Tips, Taxes | Tagged , , , , , , , , , , , , , , , , ,

Standard Mileage Rates for 2018 Up from Rates for 2017

The following article was published by the IRS. The Internal Revenue Service today issued the 2018 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. … Continue reading

Posted in Accounting, IRS, Planning Strategies, Self-Employed, Small Business Association (SBA), Tax Deductions, Tax Relief, Tax Tips | Tagged , , , , , , , , , , , , , , ,

Make These Money Moves Before the Year Ends

The end of the year is often a time of reflection. It’s also a time for looking to the future and planning one’s course over the next year. One of the crucial areas to address during this time is the … Continue reading

Posted in Charitable Organizations, Credit, Holiday Tips, Personal Finance, Planning Strategies, Tax Credits, Tax Deductions, Tax Tips, Year End | Tagged , , , , , , , , , , , , , , , , , , ,

Divorce or Separation May Affect Taxes

The following article was published by the IRS. Taxpayers who are divorcing or recently divorced need to consider the impact divorce or separation may have on their taxes. Alimony payments paid under a divorce or separation instrument are deductible by … Continue reading

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