“A lot of people are afraid that a home office deduction is inviting an audit,” said Mark Luscombe, principal federal tax analyst at Wolters Kluwer Tax & Accounting in Chicago. “My view on that is if you are entitled to the deduction you should claim it, as long as you follow the rules.”
Some retirees may be surprised to learn that a portion of their Social Security benefits could be subject to federal income taxes.
For your financial health and prosperity in the year ahead, there are a few critical dates to put on your calendar and steps to take for them:
En español | Last year’s major tax overhaul shook things up for freelancers, gig workers and sole proprietors, who now are starting to wonder about how the new law will affect their taxable income for 2018. For the most part, the tax law will help many freelancers — from bloggers to caterers to tutors. While deductions for real estate taxes […]
Fluctuations in pay make it tricky to set aside the correct amount for your yearly tax bills. When I filed my 2017 taxes last month, I was reminded what a scramble that process can be for freelancers like me. It’s not uncommon for self-employed workers to have to write big checks in April to cover […]
Job-hunting deductions apply only to job searching in your current occupation. If you’re switching careers, they’re verboten. If you’re job hunting, be obsessive about saving receipts. Depending on your situation, you might be able to itemize your expenses for a tax deduction using Form 1040 and Schedule A. The taxpayer can claim a deduction […]
Models of pre-retirement planning, Don and Reina Weiner bought an acre of land almost a decade ago in the Woodlands of Chapel Hill, a mixed-age community in North Carolina. The couple, living in Leesburg, Va., at the time, had visited several towns around the country in their hunt to find a place to live when […]
My hairdresser was a mess last week. As she washed, rinsed and snipped my locks, she talked nonstop about her taxes. She’s in her early 50s, with a child living at home, and in the middle of a nasty, complicated divorce. She told me that a whopping tax bill was the last thing she needed. […]