Reach Into This Grab Bag of Deductions - How to Write Off Miscellaneous Expenses

As we near the end of tax filing season, you might be looking to increase the number of itemized deductions you can use to offset highly taxed ordinary income. What about the grab bag of expenses known as miscellaneous expenses? If you qualify, you might be able to deduct a portion of those expenses on your 2016 tax return.

Continue reading
556 Hits
0 Comments

Business Driving Deductions: A Fork in the Road – Compare Actual Expenses with Flat-Rate Method

Did you use your vehicle for business driving in 2016? Generally, you can deduct expenses on your tax return in one of two ways: the actual expense method or the IRS-approved standard mileage rate. Here is a brief comparison:

Continue reading
399 Hits
0 Comments

How to Bridge a Retirement Shortfall - Practical Ideas for Closing the Gap

People are living longer these days than they did five, 10 or 20 years ago. Of course, that is good news, but it also means that you may have to provide a bigger cushion in retirement than you had initially intended. What’s more, uncertainty over future Social Security benefits as baby boomers continue to swell the rolls adds to the concerns. As a result, you could face a personal shortfall, especially if you incur unforeseen expenses from a medical condition or some other situation.

Continue reading
445 Hits
0 Comments

Getting Personal About Personal Exemptions

Are you entitled to personal and dependency exemptions on your tax return? It might be the last year you can claim the exemption for someone—say, a child graduating from college—or exemptions may be eliminated altogether by tax reforms that could be coming in conjunction with proposed rate cuts. At the very least, however, the exemptions are still available on 2016 returns.

Continue reading
473 Hits
0 Comments

Do You Have to Pay the Net Investment Income Tax (NII) Tax?

As the deadline for filing 2016 tax returns approaches, some taxpayers are still struggling with the rules for the 3.8% tax on “net investment income” (NII). The tax law provision authorizing this special tax was included in the Affordable Care Act (ACA), the law known as Obamacare. Although the ACA may be repealed by the new Trump administration, it would not likely be retroactive to 2016.

Continue reading
502 Hits
0 Comments