Monthly Archives: August 2016

The Most Overlooked Tax Deductions, Part 5

Many taxpayers overlook the long list of deductions that they may take when completing and filing their tax returns. The tax professionals at the Thorgood Law Firm can help ensure that all taxpayers take advantage of any and all deductions that may apply to them.  Here is the fifth part of our multi-part blog on the most overlooked tax deductions:

LEGAL INCOME & FEES AS DEDUCTIONS

Jury pay paid to employer

The Most Overlooked Tax Deductions, Part 4

The Most Overlooked Tax Deductions, Part 4Many taxpayers overlook the long list of deductions that they may take when completing and filing their tax returns. The IRS has estimated that millions of taxpayers overpay their taxes each year mainly because they fail to avail themselves of all of the possible deductions. The tax professionals at the Thorgood Law Firm can help ensure that all taxpayers take advantage of any and all deductions that may apply to them. Here is the fourth part of our multi-part blog on the most overlooked tax deductions:

HEALTH, CHILD CARE, AND CHARITY DEDUCTIONS

The Most Overlooked Tax Deductions, Part 3

Many taxpayers overlook the long list of deductions that they may take when completing and filing their tax returns. The IRS has estimated that millions of taxpayers overpay their taxes each year mainly because they fail to avail themselves of all of the possible deductions. The tax professionals at the Thorgood Law Firm can help ensure that all taxpayers take advantage of any and all deductions that may apply to them. Here is the third part of our multi-part blog on the most overlooked tax deductions:

PAYMENT OF TAXES AS DEDUCTIONS

Estate tax on income in respect of a decedent

Can You Write Off Your (Expensive) Work Clothes?

Most employers impose a dress code for the office. As a result, there are more than a few members of the American workforce who must purchase items including expensive suits, dresses, shirts, blouses, and shoes to observe an employer’s dress code. Many employees have wondered whether the cost of these clothes, often worn only for work, is deductible at tax time.

What You Need To Do If You Haven’t Been Filing FBARs

Taxpayers are required to file an FBAR (Report of Foreign Bank and Financial Accounts) if they had a financial interest in or signature authority over at least one financial account located outside of the United States; and the aggregate value of all of these foreign financial accounts exceeds $10,000 at any time during the calendar year for which the taxpayer is reporting.

The FBAR is a calendar year report and must be filed on or before June 30 (with no extensions granted) of the year following the calendar year being reported. But what do you do if you are required to file FBARs and you haven’t been filing them? An experienced tax professional like one of the many at the Thorgood Law Firm can help all taxpayers resolve their problems with delinquent FBARs.

What Can Voters Really Learn From Donald Trump’s Tax Returns (if they are ever released)

What will we really learn If Donald Trump ever releases his tax returns? While no technical, legal requirement compels him to do so, it is but a time-honored tradition among presidential candidates acting in the spirit of full disclosure. Trump has acted like it’s not a big deal and that little, if anything, will be revealed by any divulgence. If it’s not such a big deal, why doesn’t he simply disclose them like other candidates? What might he be concerned that voters will really learn from the release of his tax returns?

  1. Trump pays little or nothing in taxes

Tax Benefits For Education Part 4

This is the fourth part of our multi-part series of blogs on tax benefits for education. Any present or former student should utilize the knowledge, experience and expertise of the tax professionals at the Thorgood Law Firm to ensure that they take advantage all the credits and deductions that the law allows for students of higher education.

Tax credits, deductions and savings plans offer taxpayers ways to reduce their expenses for higher education.

  • A tax credit may reduce the amount of potential income tax.
  • A deduction reduces the amount of income that is subject to tax, thus reducing the amount of tax paid.

Tax Benefits For Education Part 3

This is the third part of our multi-part series of blogs on tax benefits for education. Any present or former student should utilize the knowledge, experience and expertise of the tax professionals at the Thorgood Law Firm to ensure that they take advantage of all the credits and deductions that the law allows for students of higher education.

Tax credits, deductions and savings plans offer taxpayers ways to reduce their expenses for higher education.

  • A tax credit may reduce the amount of potential income tax.
  • A deduction reduces the amount of income that is subject to tax, thus reducing the amount of tax paid.

Tax Benefits For Education Part 2

This is the second part of our multi-part blog on tax benefits for education. Any present or former (or future) student should utilize the knowledge, experience and expertise of the tax professionals at the Thorgood Law Firm to ensure that they take advantage all the credits and deductions that the law allows for students of higher education.

Tax credits, deductions and savings plans offer taxpayers ways to reduce their expenses for higher education.

  • A tax credit may reduce the amount of potential income tax.
  • A deduction reduces the amount of income that is subject to tax, thus reducing the amount of tax paid.

Tax Benefits For Education Part 1

This is the first part of our multi-part blog on tax benefits for education. Any present or former (or future) student should utilize the knowledge, experience and expertise of the tax professionals at the Thorgood Law Firm to ensure that they take full advantage all the credits and deductions that the law allows for students of higher education.

Tax credits, deductions and savings plans offer taxpayers ways to reduce their expenses for higher education.

  • A tax credit may reduce the amount of potential income tax.
  • A deduction reduces the amount of income that is subject to tax, thus reducing the amount of tax paid.

Testimonials

Categories