Now that the April 18 income tax filing deadline has passed, it may be tempting to set aside any thought of taxes until year end is approaching. But don’t succumb. For maximum tax savings, now is the time to start tax planning for 2016. More opportunities for tax...
Last December, President Obama signed the Protecting Americans from Tax Hikes Act (PATH act) of 2015 into law. The new law contains several tax benefits for individuals and for companies. What’s more, the PATH act was not a simple “extenders” act, continuing certain...
Today it’s becoming more and more common to work from home. But just because you have a home office space doesn’t mean you can deduct your home office expenses. Eligibility to deduct home office expenses If you are an employee, your use of your home office must be for...
Many valuable tax breaks expired December 31, 2014. For them to be available for 2015, Congress had to pass legislation extending them — which it now has done, with the Protecting Americans from Tax Hikes Act of 2015 (PATH Act), signed into law by the President on...
The year is quickly drawing to a close, but there’s still time to take steps to reduce your 2015 tax liability and save taxes — but you just must act by December 31: Pay your 2015 property tax bill that’s due in early 2016. Make your January 1 mortgage payment. Incur...
Donations to a qualified charity are generally fully deductible, and they may be the easiest deductible expense to time to your tax advantage. After all, you control exactly when and how much you give. But before you donate, it’s critical to make sure the charity...
Medical expenses that aren’t reimbursable by insurance or paid through a tax-advantaged account (such as a Health Savings Account or Flexible Spending Account) may be deductible — but generally only to the extent that they exceed 10% of your adjusted gross income....
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