Some disabled veterans will hear from the Defense Dept. about tax relief. A law requires DOD to identify veterans who received disability severance pay after 1990 from which taxes were improperly withheld, and to notify them of their rights. IRS and DOD are sending out letters this month to nearly 130,000 eligible veterans. Those who […]
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Thinking of going on a diet? IRS won’t subsidize reduced-calorie food. The cost of meal replacements, diet foods, weight loss supplements and beverages doesn’t qualify as a medical expense, IRS says in Publication 502. These items are substitutes for food that people eat to satisfy nutritional needs. Nor can these expenses be reimbursed by health […]
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Note the changes to the child tax credit: The break doubles to $2,000 for each dependent under age 17, with up to $1,400 of the credit refundable to lower-income taxpayers. The income phaseout thresholds are much higher… adjusted gross incomes over $400,000 for couples and $200,000 for all other filers. In the past, kids with […]
Child Care Tax Deduction, child tax credit, deductions, dependent, dependent student, disabled adult child, Divorce, Income Tax Planning, Income Tax Preparation, IRS, IRS requirements, IRS tax savings, Northside Tax Service, qualifying children, refundable child tax credit, TallyTaxMan, Tax Credits, Tax DeductionsChanges to the SALT deduction caused chaos soon after the law was enacted. Many homeowners rushed out in Dec. 2017 to prepay their 2018 real property taxes, thinking they could deduct them on 2017 returns while the write-off was unlimited. Local governments revised computer systems to accept tax prepayments in 2017 for the 2018-19 year. […]
deductibles, deductions, Income Tax Preparation, IRS, IRS requirements, IRS tax savings, Northside Tax Service, TallyTaxMan, tax changes, Tax Credits, Tax DeductionsThe cost of a battery can qualify for the 30% residential solar energy credit, the Service says in a private ruling. Here, the taxpayer added the battery and related components to a previously installed residential solar energy system. In concluding that the battery is qualified solar electric property that is credit-eligible, IRS relied on the […]
Home Energy Credit, IRS tax savings, New Tax Laws, TallyTaxMan, Tax Court, Tax DeductionsLosses in poorly performing Roth IRAs aren’t deductible by account owners. That’s because the investments are owned by the Roth and not the holder of the account. So like gains, losses inside the Roth are ignored for tax purposes. You might be able to claim losses after cashing in all of your Roth IRAs. This […]
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