If you’re caring for an elderly relative, you may be entitled to some tax breaks. Here are four of them.
deductions
Your Weekly Read
Filing jointly or separately as a married couple: What’s the difference?
Is it better for a married couple to file a joint tax return or file separately? It depends. Here’s a look at the issue.
How to claim a medical expense tax deduction
Out-of-pocket medical expenses can cost you a bundle. Can you deduct these expenses on your tax return? The requirements and limits may make it difficult. Here are the rules.
What are the tax implications of winning money or valuable prizes?
There are tax implications if you hit a sizable jackpot in the lottery or while gambling. Here are the basic rules.
2021 individual income tax limits
Many people are more concerned about their 2020 tax bills right now than they are about their 2021 tax situations. That’s understandable because your 2020 individual tax return is due to be filed in less than three months (unless you file an extension). However, it’s...
What it takes to deduct medical expense on your tax return
As we all know, medical services and prescription drugs are expensive. You may be able to deduct some of your expenses on your tax return but the rules make it difficult for many people to qualify. However, with proper planning, you may be able to time discretionary...
Retiring to another state? Consider state and local taxes.
When you retire, you may consider moving to another state — say, for the weather or to be closer to your loved ones. Don’t forget to factor state and local taxes into the equation. Establishing residency for state tax purposes may be more complicated than it initially...
Casualty losses now only allowed for federally declared disasters
Unforeseen disasters happen all the time and they may cause damage to your home or personal property. Before the Tax Cuts and Jobs Act, eligible casualty loss victims could claim a deduction on their tax returns. But there are new restrictions that make these...
Big changes for individual income tax returns this year
When you file your 2018 income tax return, you’ll likely find that some big tax law changes affect you. Yes, individual income tax rates have decreased. But the Tax Cuts and Jobs Act (TCJA) has also made significant changes to personal exemptions, standard...
Factor in state and local taxes when deciding where to retire
Many Americans relocate to another state when they retire. If you’re thinking about such a move, state and local taxes should factor into your decision, because the total cost of state income taxes, local property taxes, sales taxes, and other taxes can be a major...
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