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 […]
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
April 21, 2016
Tips for Gift Taxes

Tips for Gift Taxes – Financially Simple

Tips for Gift Taxes If you gave someone money or property, you may owe taxes on the gift. Here are some tips to help you determine if your gift is taxable: Tips for Gift Taxes Non-taxable Gifts. While the default assumption is that gifts are taxable, the following are nontaxable gifts: Gifts that do not exceed the annual exclusion for the calendar year ($14,000 in 2016) Tuition or medical expenses you paid directly to a medical or educational institution for someone Gifts to your spouse Gifts to a political organization for qualified uses Gifts to qualifying charities Annual Exclusion. For 2016, the annual exclusion is $14,000. Gifts under that amount are not subject to the gift tax even if they don’t fall into one of the categories above. If you give a gift to someone else, the gift tax usually does not apply until the value of the gift exceeds […]