Money Saving Tax Tips

First, estimate your 2019 tax tab by adding up your taxable income streams, then subtracting the tax breaks you know you will use. This exercise should help you determine whether you’ll take the standard deduction this year or itemize. The standard deduction for 2019 is $12,200 for single taxpayers and $24,400 for those married filing... Continue reading→

If you’re considering retiring early, you’ll forego not only the headaches of working but also the additional money earned that could have made your retirement even more comfortable. Make sure that you’re truly ready before you leave. Key Takeaways Being debt-free, with a healthy retirement account that will support your extra years not working is critical... Continue reading→

With President Trump’s new tax law, the child tax credit was raised from $1,000 to $2,000 per child for 2018 and 2019. Having qualified dependent children may also allow you to claim other significant tax credits, including the earned income credit (EIC). Together, the tax savings can be significant for many American families. However, at... Continue reading→

It’s well past April 15th, so unless you applied for an extension, the stress and frustration of filing your federal tax return should be a distant memory by now. But what if you suddenly realize there’s a mistake on your return or new development that affects the amount of tax you should have paid? What... Continue reading→

The tax law defines medical expenses as the costs for diagnosis, cure, mitigation, treatment or prevention of disease and for treatments affecting any part or function of the body. Obviously, this definition covers the costs for health insurance premiums (if they aren’t deducted in pre-tax dollars from your paycheck), doctors, hospital stays, diagnostic testing, prescription... Continue reading→

Filing your federal income tax return can be a stressful and complicated task. So we’ve put together this handy guide to set you on the right path and to prevent you from running around like a chicken with its head cut off when April rolls around.  This guide is intended to be only a handy... Continue reading→

The new tax law has put a whole new spin on year-end tax planning, though it hasn’t eliminated the need to do it all together.  “The tricks we had in our back pocket have been taken away in the name of simplification,” said Nathan Smith, a director in the national tax office of CBIZ MHM... Continue reading→

Many tax filers claim perfectly deductible and legitimate expenses only to have them disallowed because they can’t substantiate them. Here’s how to make sure you have the right proof to get all your deductions… Out-of-pocket expenses Out-of-pocket cash expenses in connection with a business or charitable organization activity do not need receipts if individual expenses... Continue reading→

Natural disasters can strike anywhere and the financial cost to individual households and businesses can be staggering. Insurance may help defray some of the costs associated with restoring and replacing damaged and destroyed property. In some cases, the IRS may institute special programs and provisions designed to bring added relief to victims living in affected... Continue reading→