Very few people use the words fun and taxes together... and don't worry, I'm not one of them. I hope to make taxes easier to understand and less of a hassle. I am a CPA with a Master's in Accounting, and I'll do my best to help explain many of the tax options available today.
Does the IRS allow teeth whitening, breast reconstruction, and vision correction surgery as medical expense deductions? These are typically considered cosmetic or elective surgeries, but two of them are allowed as a medical expense.
There are certain types of income that should not be included on your tax return. In this article we discuss a few of the types of income that are excluded from your tax return and therefore result in tax savings.
There are several tax deductions available to us that we have no clue about. Hopefully, by learning some of the common missed tax deductions we are all able to save a little bit more.
We'll discuss the different tax filing statuses and the requirements and benefits associated with each status. By knowing all the tax statuses available, you may be able to reduce your tax liability.
By knowing the basic limitations behind itemizing expenses, the decision to take the standard deduction or itemize your expenses is made much easier. Also, by maximizing the deduction you are allowed to take, you can reduce your tax liability and save money.
The Working Families Relief Act of 2004 created a standard definition of a qualifying child to be used for tax purposes. The definition has 4 main requirements to consider.
The earned income credit is available to many taxpayers who have low to moderate income. This tax credit will effectively lower your taxable income and increase your potential for a tax refund.
The 'kiddie tax' has been changed to apply to all children under the age of 18. It previously only applied to children under the age of 14. Therefore, for children under 18, all unearned income greater than $1,700 will be taxes at the parent's top tax rate.
The Telephone Excise tax refund is applicable to almost everyone for 2006. Individuals and businesses have 2 options to select from in order to calculate the refund they are eligible for.
