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Deductible Medical Expenses
Medical expenses are the costs of diagnosis, cure, mitigation, treatment, or prevention of disease, and the costs for treatments affecting any part or function of the body. These expenses include payments for legal medical services rendered by physicians, surgeons, dentists, and other medical practitioners. They include the costs of equipment, supplies, and diagnostic devices needed…
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What to Do if You Get a Letter about the Premium Tax Credit
Some taxpayers will be receiving an IRS letter about the premium tax credit because they failed to properly reconcile the 1095-A information on their tax return; this letter is also known as a 12C letter. Be sure to read your letter carefully and respond timely. Here are answers to questions you may have about this…
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American Opportunity Tax Credit
American Opportunity Tax Credit is a credit for qualified education expenses paid for an eligible student for the first four years of higher education. You can get a maximum annual credit of $2,500 per eligible student. If the credit brings the amount of tax you owe to zero, you can have 40 percent of any…
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Dog and Pony Show in Washington
Republicans vs. IRS The House Ways and Means Committee passed four pieces of legislation yesterday, all relating to the Internal Revenue Service. H.R. 3724, Ensuring Integrity in the IRS Workforce Act of 2015, sponsored by Rep. Kristi Noem, R-S.D., would prohibit the IRS from rehiring employees who were fired for misconduct. H.R. 4890, IRS Bonuses…
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Lifetime Learning Credit
A credit for up to $2,000 per year to pay for qualified tuition and required enrollment fees at an eligible educational institution for you, your spouse or a dependent, if your modified adjusted gross income (MAGI) is $65,000 or less ($130,000 or less for married filing jointly). You cannot claim this credit for a student,…
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Individual Retirement Arrangements
An individual retirement arrangement (IRA) is a tax-favored personal savings arrangement, which allows you to set aside money for retirement. There are several different types of IRAs, including traditional IRAs and Roth IRAs. You can set up an IRA with a bank, insurance company, or other financial institution. Traditional IRAs You may be able to…
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Is Filing Taxes Stressful?
We can help take a lot of the stress out of filing taxes. This is something that you do one time per year, we do it 2,500 times per year. We know what to look for that will help you pay the least amount of tax possible, or get the largest refund possible. Take all of…
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Same-Sex Couples and Certain Domestic Partners
Individuals of the Same Sex Who Are Married Under State Law The following questions and answers provide information to individuals of the same sex who are lawfully married (same-sex spouses). These questions and answers reflect the holdings in Revenue Ruling 2013-17 in 2013-38 IRB 201. When are individuals of the same sex lawfully married for…
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Tax Return Preparer Credentials and Qualifications
Any tax professional with an IRS Preparer Tax Identification Number (PTIN) is authorized to prepare federal tax returns. However, tax professionals have differing levels of skills, education and expertise. An important difference in the types of practitioners is “representation rights.” UNLIMITED REPRESENTATION RIGHTS Enrolled agents, certified public accountants, and attorneys have unlimited representation rights before…
