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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 on your federal tax return. Income. Include all qualified medical costs that you paid for during the...
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 Medicare Tax rate is 0.9 percent. Income Subject to Tax. The tax...
Most states and cities get a good portion of their operating revenue from sales taxes tagged onto just about everything you buy. But on the federal level, Uncle Sam lets taxpayers use those taxes to help reduce their IRS bills. The sales tax deduction is particularly welcomed by taxpayers in states that do not collect income taxes but do levy state sales taxes, like our own great state of Texas....
Owning your own business can be rewarding, but as most entrepreneurs know, it also means a lot of work, much more than a traditional salary-based job working for someone else. With all the responsibilities, a well-meaning business owner is still at risk of making a regrettable tax mistake. Whether a business is incorporated and files returns as an entity, or is an LLC and the owner files a...
The new “extenders law” enacted late in 2015 retains several key tax provisions and makes them permanent with certain modifications. One of the most important ones to middle class families is the child tax credit. It can costs hundreds of thousands of dollars to raise a child these days, but at least the tax law provides several benefits to parents. One such tax break, the child tax credit,...
Small business owners face numerous everyday challenges, and they usually conquer them with their entrepreneurial strength. Unfortunately, keeping the books on their growing business is not a skill someone can simply persevere through and get it right. The potential consequences of messing up on the accounting functions can be serious when it comes to the success or failure of a business. Here...
A company is responsible for filing IRS Form 1095-B only if two conditions apply: It offers health coverage to its employees, and it is “self-insured.” This means that the company itself pays its employees’ medical bills, rather than an insurance company. A company that doesn’t meet both conditions won’t have to deal with Form 1095-B. Its employees might still receive a 1095-B, but from their...
Tax return identity theft is becoming increasing more common—the latest General Accounting Office (GAO) report says that IRS paid out over $5.8 billion in fraudulent returns in 2013. The IRS does have security measures in place to verify the accuracy of tax returns and the validity of Social Security numbers submitted, but that hasn’t stopped the bad guys from filing returns using other people’s...
Filing your taxes according to the Affordable Care Act (ACA) includes extra steps that didn’t exist prior to 2014 tax returns. Many people who had health insurance either through the Marketplace or their employer may have made small mistakes on 2014 taxes, causing the need to file an amended return. Below, we explain the premium tax credit and what you need to know to file your 2015 tax return....
The Internal Revenue Service has issued the 2016 standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2016, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 54 cents per mile for business miles driven, down from 57.5 cents for 2015 19 cents...
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