Income Archives - Page 11 of 21 - FREE Yourself from IRS Problems

Shamsey Oloko July 22, 2016 Deductions, Expenses Deductions, Health Expenses, Income, Medical Expenses, Qualified Disability Expenses, Taxable Income 0

Taxes And Medical Expenses

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,…

Shamsey Oloko July 20, 2016 Employment Taxes, Income, Income Tax, Independent Contractor 0

Misconceptions And Truths About W-2s, 1099s, and 1095s

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…

Shamsey Oloko July 4, 2016 Estate Tax, Gift Tax, Income, Income Tax 0

Using The Gift Tax Exclusion To Protect Your Estate

Most of us don’t have to worry about the federal estate tax or gift tax. In 2016, the lifetime gift and estate tax exemption is $5.45 million. Thus, any taxpayer while alive may give, and at death, devise, or bequeath, up…