July 4, 2017

Deducting Losses from a Disaster

The IRS wants taxpayers to know it stands ready to help in the event of a disaster. If a taxpayer suffers damage to their home or personal property, they may be able to deduct the loss they incur on their federal income tax return. If their area receives a federal disaster designation, they may be able to claim the loss sooner. Ordinarily, a deduction is available only if the loss is major and not covered by insurance or other reimbursements. Here are 10 tips taxpayers should know for deducting losses from a disaster: 1. Casualty loss. A taxpayer may be able to deduct a loss based on the damage done to their property during a disaster. A casualty is a sudden, unexpected or unusual event. This may include natural disasters like hurricanes, tornadoes, floods, and earthquakes. It can also include losses from fires, accidents, thefts or vandalism. 2. Normal wear and tear. A casualty loss does not include losses from normal wear and tear. It does not include progressive deterioration from age or termite damage. 3. Covered by insurance. If a taxpayer insured their property, they must file a timely claim for reimbursement of their loss. If they don’t, they […]
November 8, 2016
check your flexible spending accounts

Check Your Flexible Spending Accounts

The end of the year is less than two months away, and it’s time to check your flexible spending accounts or health savings accounts that you have contributed to throughout the year. Check with your benefits provider to learn about the specifics of your program. If you don’t have a grace period and have a balance left in your account, plan to make a trip to the dentist, drug store, doctor, or optometrist. Tip courtesy of IRS.gov
July 12, 2016
Tax Tip: Rules for Home Office Deductions

Tax Tips For Military Families – Financially Simple

Tax Tips For Military Families “Tax Tips For Military Families”, If you or someone in your family is a member of the armed forces, you may be eligible for some important tax benefits. According to the IRS, military families may benefit from: Filing deadline extensions if you served in a combat zone or meet other requirements. Combat pay exclusions. Some forms of combat pay are not subject to income taxes. Expense deductions for moving, transitioning to civilian life, and traveling as a reservist. Free tax help on military bases. For more information about filing taxes as a member of the armed forces, consult a tax professional in your area or refer to Publication 3, “Armed Forces’ Tax Guide.” Tip courtesy of IRS.gov[13] 13 http://www.irs.gov/uac/Newsroom/Special-Tax-Benefits-for-Members-of-the-Armed-Forces https://www.irs.gov/publications/p3/ar02.html#en_US_2015_publink1000176299
May 6, 2016
Tips for Gift Taxes

Get Ready for Next Years Taxes

Get Ready for Next Years Taxes Now that tax season is officially over for most people, you might be tempted to push it to the back of your mind. However, now is a good time to set up a system so you can keep your tax records safe and easy to find. Here’s how to make next year’s taxes easier: Speak to a professional about tax minimization strategies you can employ now Worried about next year’s tax burden? Adjust your withholding to avoid getting a big bill at tax time Take action when your life changes. Getting married or divorced, having a child, incorporating a business- these are all life changes that may affect your taxes. Speak to a professional about updating your tax information Keep all of your tax documents organized in once place. Add files, documents, and receipts as they arrive Find a tax specialist. If you’re not currently working with a tax professional, now is a good time to interview one Tip courtesy of IRS.gov