Generally, it is easier to just choose the standard deduction when filing your tax return, however it may not be the best method for saving you money. In some cases, opting to itemize your deductions can actually lower the amount of taxes you owe. The best option is to determine the amount you will save […]
Any costs that you incur relating to diagnosing curing treating or preventing illnesses or diseases are considered medical expenses. They can relate to any specialty of the body and can also include amounts paid for fee to doctors, dentists, surgeons, and other staff who provided medical care. In addition, medical expenses can also include the […]
If you’re married but file separately from your spouse, you’ll be required to use the same deduction method as the other party. This means if your spouse chooses to itemize, you too will have to itemize your deductions and you will not qualify for the standard deduction. You may need to claim a separate returned […]
Medical expenses can be quite costly, and take a lot of money out of your hands. Instead of deducting your hard earned cash from your wallet, consider taking a deduction of your unreimbursed medical expenses at tax time. Beginning January 1, 2013, you are able to deduct your total medical expenses paid for you, your […]
If you are disabled there is a variety of tax credits available. By using these credits and deductions you can lower the amount of taxes you may owe, sometimes this can even lead to a refund. The IRS defines as being disabled by the following two conditions: You are physically or mentally disabled that limits […]
If you wish to deduct the payment for any type of medical expense this year, you need to be aware of some new rules that apply to these types of deductions, as they can affect your return. If you are seeking medical or dental expenses deductions you should familiarize yourself with the following guidelines.
If you financially support your parents, the federal government wants to help. At tax time, there are a few different options for tax assistance that is available to those who provide parental support. The 2014 tax season brings a new dependency tax care credit, as well as the ability to claim a parent as a […]