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Making Your Medical Deductions Count |
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April 15th is almost here and if you are owing tax it
may pay to take a second look at that return to see if
you claimed all medical deductions you are entitled to.
Your diligence in keeping track of expenses will pay
off. Following are some of the commonly overlooked
medical deductions.
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Medicaid Estate Planning: Maximize Your Results |
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Some of the provisions of the 2005 Tax Reduction Act
address specific transfers by seniors under the new
Medicaid nursing home provisions. This will impose
punitive new restrictions on the ability of the elderly
to transfer assets before qualifying for Medicaid
coverage of nursing home care.
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Real Estate: Tips For Tax Season |
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Gain of up to $500,000 on the sale of a principal
residence by a couple (of any age) is exempt from tax.
For individuals, the exempt amount is $250,000. A
taxpayer can claim this exclusion once in any two-year
period, for any number of periods.
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IRS Circular 230 disclosure: To ensure
compliance with requirements imposed by the
IRS, we inform you that any U.S. federal tax
advice contained in this document is not
intended or written to be used, and cannot
be used, for the purpose of (i) avoiding
penalties under the Internal Revenue Code or
(ii) promoting, marketing or recommending to
another party any transaction or matter that
is contained in this document.
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Tax Forms & Publications
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The tax season has officially started! April 15th is
just around the corner, and it's time to start
collecting your tax information.
Here is a list of tax forms and publications that you
may find helpful. From this page, quickly view and print
any IRS tax form or publication. Saves a trip to the
post office.
Read On... |
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