Tax Benefits for People With Disabilities

Article Highlights: Able Accounts Disabled Spouse or Dependent Care Credit Medical Deductions Home Modifications Special Schooling Nursing Services The code includes a number of benefits for individuals with disabilities, but you can’t take advantage of these benefits unless you know about them and understand how they might benefit you and your special circumstances. Many of […]

Should You Itemize Your Deductions for Taxes?

Article Highlights: Who Qualifies for the Standard Deduction Who Is Not Allowed to Use the Standard Deduction Income Limitations for Itemized Deductions Phase-out of Itemized Deductions Looking ahead to the filing season for this year’s tax returns, a frequent question is whether you should keep track of tax-deductible expenditures or simply settle for the standard […]

Maximize Your Medical Deductions

Article Highlights The medical deduction AGI floor has increased to 10%, up from 7.5%. For taxpayers age 65 or older and their joint-filing spouses, the AGI floor remains at 7.5% until 2017. For all taxpayers subject to the alternative minimum tax (AMT), the AGI floor is 10%. Beginning this tax year, the only medical expenses […]

Eldercare Can Be a Medical Deduction

With people living longer, many individuals find themselves becoming the care provider for elderly parents, spouses and others who can no longer live independently. When this happens, questions always come up regarding the tax ramifications associated with the cost of nursing homes or in-home care. Generally, the entire cost of nursing homes, homes for the […]

Will Your Deductions Be Cut to Solve Deficit Woes?

The Joint Select Committee on Deficit Reduction (JSC) is set to convene soon with the goal of reducing the deficit by $1.5 trillion. How will they come up with that amount? Some sources think they may consider fundamental tax changes that include cutbacks to itemized deductions for individuals. Although both parties purport to be against […]