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- So You Want To Deduct Your Work Clothes; Better Read This
- A frequent question that arises is: Can I deduct the cost of my work clothing on my tax return? The answer to that question is “maybe.” The IRS provides the following guidelines for when expenses for work clothes are deductible:
- Thinking of Converting Your Home to a Rental? Better Read this First
- If you are considering converting your home to a rental, there are a number of tax issues you need to consider before making a final decision.
- Taking Advantage of Back-Door Roth IRAs
- If you are a high-income taxpayer and would like to contribute to a Roth IRA but cannot because of income limitations, there is a work-around that will allow you to fund a Roth IRA.
- Seniors Beware, Affordable Care Act Will Be Cutting Your Medical Deductions
- When an individual itemizes deductions, one of those deductions is the cost of medical and dental expenses, including health insurance premiums. However, the medical expense deduction has been historically limited to the amount that exceeds 7.5% of a taxpayer's adjusted gross income (AGI).
- Cutting the IRS Out of Your Gifts
- If you are financially well off, you may want to gift money or property to family members or others you care about. If that is the case, there are some gift tax issues you should be aware of. Oh yes, the government even taxes gifts if they are large enough, so it is best to know the rules; otherwise you may end up making a gift of taxes to the IRS.
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