Itemized Deductions from A to Z, Part 2: Deductions and Medical Expenses
For additional information regarding 2014 tax planning, you can download our 2014 Tax Planning Guide from the Resources tab on our website. When evaluating the tax benefit of medical expense payments, it is important to know that you must incur significant nondeductible medical expenses before the first dollar becomes deductible. For taxpayers under age…
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Itemized Deductions from A to Z, Part 1: The Basics
For additional information regarding 2014 tax planning, you can download our 2014 Tax Planning Guide from the Resources tab on our website. All qualifying taxpayers are allowed a standard deduction regardless of actual deductions. For those under 65 years of age, the basic standard deduction for 2014 is $12,400 if married and filing jointly…
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Itemized Deductions: From Common and Easy to Unusual and Tricky
For additional information regarding 2014 tax planning, you can download our 2014 Tax Planning Guide from the Resources tab on our website. For most taxpayers, questions about what is deductible far outnumber the questions about what is taxable. Why? Most income is reported to you and the IRS shortly after year-end on standard documents…
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