If you suffered damage to your home or personal property last year, you may be able to deduct these “casualty” losses on your 2017 federal income tax return.
With rising health care costs, claiming whatever tax breaks related to health care that you can is more important than ever. But there’s a threshold for deducting medical expenses that may be hard to meet.
Perhaps. It depends on several factors, such as your parent’s income and how much financial support you provided.
Individual taxpayers who itemize their deductions can deduct either state and local income taxes or state and local sales taxes. The ability to deduct state and local taxes — including income or sales taxes, as well as property taxes — had been on the tax reform chopping block, but it ultimately survived.
The IRS has just announced that it will begin accepting 2017 income tax returns on January 29. You may be more concerned about the April 17 filing deadline, or even the extended deadline of October 15 (if you file for an extension by April 17). After all, why go through the hassle of filing your return earlier than you have to? But it can be a good idea to file as close to January 29 as possible: Doing so helps protect you from tax identity theft.
Do you find yourself overwhelmed at the idea of managing your money? Are you only living for today while ignoring what your bank account will look like tomorrow? Do you doubt your ability to create a personal finance plan for yourself that will lead you to success?
You're not alone. Many millennials want to start doing more with their money but aren't sure where to start. You can take control of your financial situation and empower yourself with knowledge. Here are six steps you can start taking right now.
Why do you need a CPA?
Certified Public Accountants (CPAs) act as advisers to individuals, businesses, financial institutions, nonprofit organizations and government agencies on a wide range of financial matters. Today, many individuals and businesses turn to CPAs for help with tax preparation, personal financial planning, auditing services, and advice on developing effective accounting systems.