Taxpayers that itemize personal deductions instead of claiming the standard deduction may deduct qualifying medical expenses to the extent that such expenses exceed 10 percent of adjusted gross income (“AGI”). Taxpayers that are 65 years or older, or turned 65 during the tax year,…
There are many misconceptions about IRS tax forms, especially W-2s, 1099s, and of course the new 1095 forms introduced by the Affordable Care Act. This blog will attempt to clarify the misconceptions and truths about these forms but first, some…
If you have any type of financial difficulty, keep in mind that there’s a tax impact to events such as job loss or foreclosure. Such consequences may not necessarily be predominantly negative. For example, if your income decreased, you may be…
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At Thorgood Law Firm in New York, we are IRS attorneys dedicated to bringing legal counsel to taxpayers across the United States.
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