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Taxable or Not Taxable? – Some of these items may surprise you.

Taxable or Not Taxable? – Some of these items may surprise you. Here are nine areas of income that are often questioned by taxpayers regarding their taxability. Some items are, others are not. Sometimes the taxable nature of an item depends on other things. Here is what you need to know. There are a number of areas in the tax code that cause confusion as to the taxability of money …Read More

Often Overlooked Medical Expense Deductions – Avoid taking the easy way

Because of the paperwork required and the Adjusted Gross Income threshold required prior to taking a medical expense deduction, many taxpayers do not keep track of their medical expenses. This approach could be costing you money. Here are some oft overlooked items. To take your medical expense deduction in 2012 your allowable expenses must exceed 7.5% of your Adjusted Gross Income (AGI). In 2013 and beyond, unless you are 65 …Read More

New Safe Harbor for Home Offices

Do you have a home office? Are you interested in saving time filing keeping track of your expenses? A new safe-harbor rule effective in 2013 might just make tracking your home office expenses a lot easier. Outlined here are the new rules. Beginning in 2013 there is a simplified way to take a home office expense for a portion of your home. This new ‘safe-harbor’ option greatly simplifies how to …Read More