Using the Simplified Home Office Deduction
The Internal Revenue Service today reminded people with home-based businesses completing their 2015 federal income tax returns that they can use the simplified home office deduction when claiming a deduction for business use of a home. In tax year 2013, the most recent year for which figures are available, more than 3.4 million taxpayers claimed […]
Breaking Down the Higher Education Tax Credits
Money you paid for higher education in 2015 can mean tax savings in 2016. If you, your spouse, or your dependent took post-high school coursework last year, there may be a tax credit or deduction for you. Here are some facts from the IRS about key higher education tax credits. The American Opportunity Credit (AOTC) […]
Claiming a Tax Deduction for Medical Expenses
Your medical expenses may save you money at tax time, but a few key rules apply. Here are some tax tips to help you determine if you can deduct medical and dental expenses on your tax return: Itemize. You can only claim your medical expenses that you paid for in 2015 if you itemize deductions […]
What is the Additional Medicare Tax and Who Pays It?
On Nov. 26, 2013, the IRS issued final regulations implementing the Additional Medicare Tax (AMT) as added by the Affordable Care Act (ACA). Some taxpayers may be required to pay an Additional Medicare Tax if their income exceeds certain limits. Here are some things that you should know about this tax: Tax Rate. The Additional […]
