Well, a few days ago I gave you a list of common, and sometimes, not so common, Qualified Medical Expenses that you may be able to deduct on Schedule A of your Form 1040. Thought you might like a list of some NONDEDUCTIBLE items. Enjoy! Or, I guess, sorry 🙁 Child care for a healthy […]
So, you have probably heard that you need quite a bit of medical expenses to have a deduction. Well…that’s true. But they do add up so keep track. You can deduct medical, dental and optical expenses that are considered Qualified Expenses if you are ITEMIZING your deductions rather than taking the standard deduction AND IF […]
Did you know that not everyone is required to file a federal tax return? Whether you are required to file is dependent upon various factors, some of which include: age, filing status and income. Are you claimed as a dependent of another person? If so, you may not need to file if you had gross income […]
Tempted to use off-campus housing instead of the dorms? Sure you can!!!! Although some colleges have rules regarding students staying on campus, many times it is allowable to stay off campus. You CAN deduct this cost as a qualified higher education expense when taking distributions from a Qualified Tuition Program, aka 529 plan. Among other […]
Obamacare…… You’ve heard of it, right? Well….everyone has to have health insurance or pay a penalty. So “they” came up with a Healthcare Marketplace you could shop on to buy health insurance. Depending on your individual circumstances you may have been entitled to a discount on that insurance premium, money may have been paid directly […]
Sigh……… They have done it again. Has the IRS ever heard of proofreading? Guess not based on their newest error. This one involves identity theft. So…if you have been the victim of identity theft then the IRS will require you to report a specially issued PIN number on your tax return the following year. Each […]
It’s a race to file. Whoever files a tax return first with any given social security number is the one that initially gets a refund and the filing of your real tax return gets held up for quite some time. Can’t happen to you? Hmmmm……don’t be so sure. Just last week the Regional Income Tax Agency, […]
Well, we humans aren’t the only ones that has noticed that gas prices have gone down. According to WKYC.com, average Ohio gas prices have fluctuated quite a bit over the last 72 months, ranging from $4.15 to $1.82 per gallon, with this being a very good time for buying gas. The IRS has noticed too of course. […]
