Tax Tips Blog

Small businesses that pay at least half of the health insurance premiums for their employees may be eligible for a tax credit. The Small Business Health Care Tax Credit provides a federal tax credit of up to 50% of employer-paid health insurance premiums. As with all tax credits, however, there are rules and limitations. Qualifying […]

While there is a lot of pride involved in being a homeowner, there are also some added financial bonuses. Owning your home allows you to make multiple tax deductions, depending on your situation. Some are one-time deductions, while others are ongoing ones. Now you can look at being a homeowner as both an emotional and

Whenever someone asks me if they can deduct medical expenses, my standard answer is “Yes, but….” The “yes” part is easy: expenses for doctors, dentists, hospitals, prescription medications and so forth are tax deductible. And the “but” part? There’s a limit on how much can be deducted. We can only deduct the amount of medical

Creditors record canceled debts on a form 1099-C, which is then sent to the debtor and the IRS.  Most people are in for a surprise when they receive a 1099-C, not knowing that the canceled debt on this form must often be included as income on their tax return resulting in a big tax bill. 

Being your own boss, setting your own hours, enjoying the full fruits of your labor without interference —- that’s the self-employed dream! The self-employment tax is a great example of one of the trade-offs that comes with working for yourself.  If you get a regular paycheck from an employer, you will notice the deductions labeled

Picking the right installment agreement to pay off your federal tax debts A monthly payment plan is generally the easiest way to set up an arrangement to pay off any taxes owed to the Internal Revenue Service. There’s four different types of installment agreements offered by the IRS. The important thing is knowing which installment

An extension is your way of asking the Internal Revenue Service for additional time to file your tax return. The IRS will automatically grant you an additional six months to file your return. An extension basically extends the filing deadline for personal tax returns from April 15th to October 15th. Businesses can also request an

We recently learned that many of the 1095-A forms sent out to individuals who purchased health insurance through HealthCare.gov, the federal health insurance exchange are incorrect.  The problem is that the Centers for Medicare and Medicaid Services issued incorrect Forms 1095-A to 800,000 people in 37 states who enrolled in health insurance through HealthCare.gov.  The

Head of Household is one of five filing status options from which a person must chose when filing their taxes. A person can claim the Head of Household filing status on their tax return if the person passes three tests: Unmarried Test, Support Test, and Qualifying Person Test. A person filing for head of household

Individuals who pay for day care expenses for their children or disabled adult dependents may be eligible for a federal tax credit of up to 35% percent of the cost of day care. To qualify for the child and dependent care credit, you must have a dependent child age 12 or younger, or a dependent