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As America’s population ages, many taxpayers are making home modifications to help prevent falls or accommodate age-related infirmities. While home improvements generally are not tax-deductible, a medical expense deduction for medically necessary home modifications may be claimed for costs that exceed any resulting increase in the home’s value. To benefit, the taxpayer must itemize deductions …
When it comes to running a successful small business, every dollar counts, yet every year, many owners miss out on valuable small business tax deductions. Don’t miss the chance to strengthen your cash flow and reinvest in growth. In 2025, smarter tax planning isn’t optional. It’s a financial strategy that can give your business a …
When tax season rolls around every year, many pet owners wonder if they can get a pet tax deduction for their furry companions. After all, “pet parents” consider their fur babies to be as much a part of the family as actual children. Pet expenses are big business in the United States. Charlotte NBC affiliate …
Individuals are always looking for a tax deduction that can reduce their tax liability. But what is the actual tax benefit derived from a tax deduction? There is no straightforward answer. Some deductions are “above the line” while others must be itemized. Some tax deductions must exceed a threshold amount before being deductible. Then there …
Considering if your small business is able to qualify for a home office deduction? If you are a business owner and use part of your home for business, you may qualify for the office-in-home tax deduction. This deduction reduces both income and self-employment taxes. While the term “home office” is used to describe when a …
Curious about how the interest paid on borrowed money? For example, if you borrow money will the interest you pay be deductible for income tax purposes? The deductibility of loaned money is complicated. And unfortunately, not all the interest an individual pays is tax-deductible. The rules for deducting interest vary, and depend on what the …
“Do I get a tax deduction working from home”? It’s the biggest question we hear from almost everyone these days. Especially as many individuals have been forced to work from home due to the COVID pandemic. So do you qualify for a special tax deduction for using your home as a workplace? Let’s break it …
Claiming tax deductions without itemizing on your tax return? It’s now a reality. Most taxpayers think they have to itemize their deductions to claim them on their tax return. However, that is not entirely true. You can claim certain deductions while still using the standard deduction. Here is a list of tax deductions you can …
We now have a charitable contributions deduction in 2021! As a means to stimulate charitable contributions during the COVID crisis, Congress made two notable changes for 2020. One that allows taxpayers that don’t itemize their deductions an above-the-line deduction for cash contributions of up to $300. And another for those itemizing their deductions to increase …
Taxpayers frequently ask what benefit is derived from a tax deduction. Unfortunately, there is no straightforward answer. The reason the benefit cannot be determined simply is because some deductions are above-the-line, others must be itemized, some must exceed a threshold amount before being deductible, and certain ones are not deductible for alternative minimum tax purposes, …
On December 20, 2019, President Trump signed into law the Appropriations Act of 2020, which included a number of tax law changes. These included retroactively extending certain tax provisions that expired after 2017 or were about to expire, a number of retirement and IRA plan modifications, and other changes that will impact a large portion …
On December 20, 2019, President Trump signed into law the Appropriations Act of 2020, which included a number of tax law changes. Among them include the retroactive extension of certain tax provisions that expired after 2017 or were about to expire, several retirement and IRA plan modifications, and other changes that will, as a whole, …
While Americans may argue about any number of hot-button political topics, there’s no disagreement on one issue: the country’s population is aging…fast. According to the Social Security Administration, 10,000 baby boomers a day are reaching the age of 65. Many individuals, for either themselves or an older family member, are senior-proofing their homes – adding …
