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Professionals Column

Beware, tax scams come in all shapes

The IRS keeps track of tax scams. But you, the taxpayer, should also be aware of these schemes, which, other than being illegal, can lead to massive problems, including the imposition of significant …

There are tax benefits for child and dependent care

If you paid someone to care for your child, spouse or dependent (i.e., parent) this year, you may be able to claim the Child and Dependent Care Credit on your Federal income-tax return. Below are …

Self-employed? Here are some tax tips

If you are in business for yourself or carry on a trade or business as a sole proprietor or an independent contractor, you generally would consider yourself self-employed and you would file IRS …

The home-office deduction: What you should know

To take the deduction, the IRS requires the home office to be your principal place of business and it must be used exclusively and on a regular basis. According to the U.S. Small Business …

A taxpayer's bill of rights

Every taxpayer has a set of fundamental rights. You should be aware of these rights when you interact with the Internal Revenue Service. There are 10 broad categories:1. The right to be informed. …

Are you eligible for the saver’s tax credit?

Formerly called the Retirement Savings Contributions Credit, the Saver’s Credit gives a special tax break to low-to-moderate income workers who are saving for retirement.  Contributions to a …

This is how you deduct charitable deductions

Charitable contributions made to qualified organizations may help reduce your taxable income and lower your tax bill. The IRS has put together the following guidelines to help ensure your …

Some interest payments are tax-deductible

Interest is an amount you pay for the use of borrowed money. To deduct interest you paid on a debt on your tax return you must be legally liable for the debt and you must be able to itemize your tax …

Yes, you can deduct certain taxes

There are certain types of taxes that you can deduct on your tax return if you itemize on Form 1040, Schedule A. To be deductible on your tax return, a tax must be charged to you, and you must have …

Maximize medical expense deductions with these tips

If you itemize your deductions on Form 1040, Schedule A, you may be able to deduct expenses you paid in 2022 for medical and dental care for yourself, your spouse and your dependents. Here are some …

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