by briesterer | Dec 16, 2019 | Tax & Accounting
It’s not uncommon for adult children to help support their aging parents. If you’re in this position, you might qualify for the adult-dependent exemption. It allows eligible taxpayers to deduct up to $4,050 for each adult dependent claimed on their 2016 tax return....
by briesterer | Dec 16, 2019 | Tax & Accounting
Each year, millions of taxpayers claim an income tax refund. To be sure, receiving a payment from the IRS for a few thousand dollars can be a pleasant influx of cash. But it means you were essentially giving the government an interest-free loan for close to a year, ...
by briesterer | Dec 16, 2019 | Tax & Accounting
The Section 199 deduction is intended to encourage domestic manufacturing. In fact, it’s often referred to as the “manufacturers’ deduction.” But this potentially valuable tax break can be used by many other types of businesses besides manufacturing companies. Sec....
by briesterer | Dec 16, 2019 | Financial Planning
If you haven’t already maxed out your 2018 IRA contribution limit, consider making one of these three types of contributions by the April deadline: Deductible traditional. With traditional IRAs, account growth is tax-deferred and distributions are subject to income...
by briesterer | Dec 16, 2019 | Tax & Accounting
Americans who are 65 and older qualify for basic Medicare insurance, and they may need to pay additional premiums to get the level of coverage they desire. The premiums can be expensive, especially if you’re married and both you and your spouse are paying them. But...
