If you recently got married, plan to get married, or know someone who is taking the matrimonial plunge, here are some important tax tips every new bride and groom should know.
13401 Hits
DiSabatino CPA Blog
A blog by Michael DiSabatino CPA with topics on Tax Savings, Business, Management and more...
Mike's weekly post usually concentrated on tax saving strategies.
Apr
13
Apr
06
When the Health Care Reform Act was signed into law it included a number of tax provisions that go into place over the next few years. One of the biggest changes will impact taxpayers who have medical expenses that can be itemized on their tax return.
Old Law
In order to reduce your taxes by itemizing medical related expenses your qualified medical expenses need to exceed 7.5% of your Adjusted Gross Income (AGI). To the extent your expenses exceed this limit you may reduce your taxable income dollar for dollar. Medical expenses are fairly diverse and include doctor, dentist, chiropractor, prescription drugs, and hospital stays.
13705 Hits
Mar
31
Are you Eligible?
Since 1975, the Earned Income Tax Credit (EITC) has provided a tax break to millions of Americans each year. The credit was originally established to give low and medium income taxpayers a break on their Social Security taxes while providing an incentive to work. The EITC is often the subject of missed opportunity as the IRS estimates as many as 20% of taxpayers that qualify for the credit do not include it on their tax return. Here are some things to consider:
Q. Do I have to have children to qualify? Do I have to be married?
A. No. One of the most common errors is thinking the EITC is only for married couples with children. Both single and married taxpayers can qualify for the EITC. Even taxpayers without children may qualify for the credit if they meet certain age and residency requirements. You may NOT, however, file your tax return as "married filing separate" and still receive the credit.
14479 Hits
Mar
27
Common Tax Blunders
Taxpayers may benefit from plenty of qualifying credits and deductions when filling out tax returns – as long as they operate within the rules. But for those trying to bend the facts to make things more favorable, they may open the door to tax evasion charges, fines and possible time in prison.
It is true that honest mistakes do happen and it can be challenging to keep up with changing tax laws. Just keep in mind that the IRS can be reasonable when issuing tax oversight penalties, but expect intentional attempts to skip paying taxes to be dealt with much more severely.
15260 Hits
Mar
23
What to do if your e-filed tax return is rejected by the IRS
With nearly 70% of individual tax returns now being filed electronically, many of us take the filing method as a matter of course. And in most instances it is. However, when an e-filed tax return is rejected filing can become more complicated and more important.
15483 Hits