by Christina Minton | Nov 6, 2023 | Deductions
Your best audit defense The IRS is being very public about increasing the review of tax returns. The best defense for you is to be prepared before it happens. Here are some suggestions: The one-two punch To prove your deduction, most auditors look for two key...
by Christina Minton | May 29, 2023 | Deductions
If Benjamin Franklin were alive today, his famous quote Nothing is certain, except death and taxes might include a third item — paying medical expenses. Fortunately a health savings account (HSA) is a great way to cut your spending on medical expenses. A major tax...
by Christina Minton | May 8, 2023 | Deductions
As a busy working parent, you may be concerned about what activities are available for your kids this summer. There may be a solution that’s also a tax break: summer camp! Using the Child and Dependent Care Credit, you can be reimbursed for part of the cost of...
by Christina Minton | Dec 19, 2022 | Deductions
Tax ramifications can be good or BAD! There are few things as frustrating as not being paid what is owed to you. If it becomes clear the debt is not going to be paid, you might be able to recoup some of the lost money via a tax deduction. The IRS has two...
by Christina Minton | Nov 7, 2022 | Deductions
If you own a business, you know that you may accelerate the expensing of qualified capital purchases. This can be done within two special provisions in the tax code: Section 179 The annual amount of qualified assets that may be expensed (instead of depreciated) was...
by Christina Minton | Aug 8, 2022 | Deductions
Summer is coming to a close and the back-to-school advertising blitz is underway. Hidden in some of those school expenses are tax deductions you can take advantage of. Here are some ways you can save: Watch for tax deductions on the supply list. Schools often send a...
