November 9, 2022
Home Health Costs Can Be Tax Deductible
If the aide performs other household chores like cooking and cleaning, you must apportion their wages. Only the part allocable to medical care is deductible as a medical expense.
November 8, 2022
Home Improvements May Qualify as Medical Expenses on Taxes
In certain limited situations, you may realize a tax break for a home improvement that is deemed to be medically necessary. If you qualify, a portion of the expense is deductible as a medical expense as...
November 1, 2022
Count LTCI Premiums for Medical Deduction
You can add the cost of premiums to the amount you need to surpass the deduction threshold for medical expenses. But the IRS strictly limits the amount you can write off for LTCI insurance each year.
October 31, 2022
How to Secure a Deduction for a Medical Dependent
The tax law also allows you to write off amounts paid for a dependent such as an elderly relative.
October 18, 2022
PALs May Not Be Your Friend – Rental Property Tax Tips
If you own investment real estate that you rent out to tenants—for example, an apartment building—it can be a steady source of annual income.
October 18, 2022
Working Out a 1031 Exchange of Real Estate
You can still avoid current capital gains tax when you exchange one real estate property for another, or as a result of an exchange involving multiple parties, as long as certain requirements are met.
October 12, 2022
Locking in the Tax Exclusion for QSBS
The tax break for QSBS has been kicking around for a bunch of years and has gone through several iterations.
October 12, 2022
A Muni Swap In Time Can “Save Nine” – Tax Tips
Unless you’ve been marooned on a desert island like Robinson Caruso, you’re probably well aware of the main tax benefits of municipal bonds—often called often called “munis” for short. But let’s briefly recap them anyway.
October 10, 2022
Five Tax-Wise Ways to Invest in Gold
Generally, shares of gold-based assets like gold mining stocks and mutual funds are taxed at a maximum tax rate of 20% (15% for certain moderate-income investors), just like with most other capital assets.
October 4, 2022
Deferred Payroll Taxes Are Coming Due Soon
Businesses have until December 31, 2022, to meet their obligations for federal payroll taxes deferred from as far back as 2020. If a business fails to comply, it may be hit with a hefty tax penalty.
September 21, 2022
The Tax Blotter – Sept. 22, 2022
The Tax Blotter is a round-up of recent taxation news.
Contributors
Amy Vetter
CPA, CITP, CGMA
Becky Livingston
Accounting & AI Marketing Consultant
Brian Tankersley
CPA, CITP, CGMA
Garrett Wagner
CPA, CITP, CEO and Founder of C3 Evolution Group
Jim Boomer
CPA, CITP, CEO
Ken Berry, JD
CPA Practice Advisor Tax Correspondent
Kristy Short, Ed.D.
Accounting Content Specialist
Mary Girsch-Bock
Contributing Writer
Randy Johnston
MCS, MCP
Roman Kepczyk
CPA, CITP, CGMA
