Claiming a Tax Deduction for Medical and Dental Expenses Your medical expenses may save you money at tax time, but a few key rules apply. Here are some tax tips to help you determine if you can claim a tax deduction: You must itemize. You can only claim your medical expenses that you paid [...]
Obtaining and Claiming a Health Coverage Exemption The Affordable Care Act requires you and each member of your family to have minimum essential coverage, qualify for an insurance coverage exemption, or make an individual shared responsibility payment when you file your federal income tax return. If you meet certain criteria, you may be exempt [...]
How to Get a Copy of Your Prior Year Tax Information There are many reasons you may need a copy of your tax return information from a prior year. You may need it when applying for a student loan, home mortgage or for a VISA. If you don’t have your copy, the IRS can [...]
Tax Savers for Parents Children may help reduce the amount of taxes owed for the year. If you’re a parent, here are several tax benefits you should look for when you file your federal tax return: Dependents. In most cases, you can claim your child as a dependent. You can deduct $3,950 for each [...]
Since 1975, the Earned Income Tax Credit has helped workers with low and moderate incomes get a tax break each year. Four out of five eligible workers claim EITC, but the IRS wants everyone who is eligible to claim this credit. Here are some things you should know about this valuable credit: • Review your [...]
It’s always a good idea to prepare early to file your federal income tax return. Certain provisions of the Affordable Care Act – also known as the Health Care Law – will probably affect your federal income tax return when you file this year. Here are five things you should know about the health [...]
Most people file their taxes because they have to, but even if it is not required, there are scenarios where you still should file. You may be eligible for a refund and not know it. This post has a few tips and rules that can help you determine whether or not you should file [...]
The Internal Revenue Service issued the 2015 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2015, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 57.5 cents per [...]
There is a new publication that will help you learn about how the Affordable Care Act affects your taxes. IRS Publication 5187, Health Care Law: What’s New for Individuals and Families is now available on IRS.gov/aca. While the health care law has several parts, this publication breaks down what’s new for the 2014 federal [...]
If you have a health insurance policy with a high deductible, you may be eligible to contribute to a health savings account. An HSA provides a triple tax break: Contributions are tax-deductible (or pretax if made through your employer), the money grows tax-deferred, and you can use it tax-free for medical expenses. You can [...]
