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Sunday January 20, 2019
Personal Planner
A very popular option for a parent with children is called the "Give It Twice" trust. This is a trust funded when the...More |
Savvy Living
Can I deduct my Medicare premiums, deductibles and copayments on my income taxes? I had knee replacement surgery last year and spent quite a bit on medical care out-of-pocket and would like to know what I can write off.
The short answer is yes, you can deduct your Medicare costs, but only if you meet certain conditions established by the IRS. Here is how it works.
As a taxpayer, you are allowed to deduct many medical and dental expenses as well as your Medicare out-of-pocket costs. But you can only deduct those expenses that exceed 7.5% of your 2018 adjusted gross income (AGI), if you itemize your deductions. Next year (the 2019 tax season), the threshold will rise to 10%.
Here is an...More |
Washington News
In IR-2019-2, the IRS announced the availability of the Free File Program. Since the inception of the program, more than 53 million taxpayers have used tax preparation software provided by the Free File Alliance.
IRS Commissioner Chuck Rettig noted, "Free File is an important tool that allows taxpayers free access to electronic filing of their tax returns. The program has been a great partnership with the private sector, and we have taken steps to improve Free File this year. With these changes to the Free File program as well as the new tax law, this is a great year for people to consider using this option for preparing their taxes."
Free File is accessed on www.IRS.gov. The "Help Me"...More |
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