Do you pay premiums for Medicare health insurance? If so, you may be able to combine them with other qualifying health care expenses and claim them as an itemized deduction for medical expenses on your individual tax return. This includes amounts for “Medigap” insurance and Medicare Advantage plans, which cover some costs that Medicare Parts [...]
In any season, scam artists are on the lookout for ways to steal financial data and money from vulnerable people. Such fraudulent activities often target older adults. Whether you’re in this age bracket or worry about senior parents and other relatives, here are seven ways to help prevent elder financial abuse and fraud: Keep both [...]
Married couples may not be able to save as much as they need for retirement when one spouse doesn’t work outside the home – perhaps so that spouse can take care of children or elderly parents. In general, an IRA contribution is allowed only if a taxpayer earns compensation. However, there’s an exception involving a [...]
Despite the COVID-19 pandemic, government officials are seeing a large increase in the number of new businesses being launched. The latest data available from the U.S. Census Bureau shows that for the period of June 2020 through June 2021, business applications were up 18.6%. The Bureau measures this by the number of businesses applying for [...]
Do you have significant investment-related expenses, including payment for financial service subscriptions, home office maintenance and clerical support? Under current tax law – specifically the 2017 Tax Cuts and Jobs Act – these expenses aren’t deductible through 2025 if they’re considered investment expenses to produce income. But they are deductible if they’re considered trade or [...]
Creating Items and Jobs in QuickBooks, Part 1 Does your company do projects or jobs for customers? Let QuickBooks keep all related data in one place. Before QuickBooks came along, tracking jobs or projects for your business probably involved file folders and paper invoices and bank statements and lots of sticky notes. You hoped that [...]