Those over age 70 ½ are generally required to receive payments from their individual retirement accounts and workplace retirement plans by the end of the tax year. There is a special rule that allows those who reached 70 ½ in 2016 to wait until April 1, 2017 to receive them. There is a hefty penalty […]
The answer is almost always NO unfortunately. If the clothing is required to be worn by your employer, your employer won’t reimburse you and the clothing is not something you COULD wear outside of work, then maybe. Suits are a no no….even if you don’t want to wear them outside work….you COULD….so not deductible. Jean, […]
Good news! If you missed the 12/15 deadline to sign up for medical coverage to begin on 1/1/17 then you are in luck. Healthcare.gov announced that they have extended the deadline to sign up until 12/19/16 11:59 PM PST. Why is this good news? Well, there are penalties for not having medical coverage. Depending on […]
There are lots of ways you can deduct mileage. To do so though, you need to be able to substantiate that deduction. How do you do it? A mileage log for each vehicle including the Date, Destination, Business Purpose, Starting & Stopping Odometer Readings and Miles for that trip. Also keep track of business vs. […]
Here are a few things to consider before the tax year ends: If you qualify to have a Health Savings Account you need to OPEN it by the end of the tax year. Even those over 65 years of age will get to deduct only those qualified expenses over 10% of adjusted gross income in […]
Are you a member of the U.S. military? If so, first of all, thank you for your service. Secondly, you may be entitled to tax breaks. Following are some examples: Possible postponement of the tax filing deadline for those serving in in combat zones. If you qualify, you are entitled to an automatic extension. Some […]
