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Archive for January, 2020

Little Trick to Write Off Miscellaneous Expenses

When we include our tax deductions, we must always remember the Big Four: Mortgage interest, State income taxes, Real estate taxes and Charitable contributions. John and Edith, a couple starting a business, had this in mind and they were also aware that 2017 was the last year to be able to write off Miscellaneous Expenses on Schedule A. The Tax…read more →

Medical, Dental, and Health Deductions and Expenses

Did you know that you may be able to deduct expenses you pay for someone who is not claimed as a dependent? This week’s tip is about medical expenses and deductions that some people are unaware of. For instance, Dave provided over one-half of his mother’s support for the past year, so he can include the medical expenses he paid…read more →

E-Filing Advantages and Tax Return Headaches for Self-Filers

In an era of emails and e-tickets, e-file is the buzzword. Everything is joining the bandwagon of being electronically processed, to make it swifter, smoother and easier and this is true even for filing tax returns. All professional tax preparers are required to file the returns electronically (e-file), except for few options. You can even e-file your tax returns all…read more →

New Year’s Financial Resolutions

It’s a New Year, and for Dave and Julia, a married couple, the new year signifies the fresh start of financial responsibilities. Responsibilities that simply translate to financial commitments like an upgraded house to accommodate children, meet their demands of fancy toys and Disneyland vacations, start saving for their education and more importantly: Financial Freedom! Now is the time to…read more →

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