Itemized vs. Standard Deduction
When we finish preparing a client’s tax return, sometimes he or she is confused about whether the medical expenses were deducted or if their charitable deductions applied. When preparing your tax return, you have a choice whether to itemize deductions or take the standard deduction. Before you choose, it’s a good idea to figure your deductions using both […]
Early Retirement Plan Withdrawals and Your Taxes
Taking money out early from your retirement plan may trigger an additional tax. Here are seven things from the IRS that you should know about early withdrawals from retirement plans: 1. An early withdrawal normally means taking money from your plan before you reach age 59½. 2. If you made a withdrawal from a plan last year, […]
