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Tag Archives for: "deductions"
 Want to turn a hobby into a business? Watch out for the tax rules
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By Gary Timpe
In Taxes
Posted April 26, 2022

Want to turn a hobby into a business? Watch out for the tax rules

Like many people, you may have dreamed of turning a hobby into a regular business. You won’t have any tax headaches if your new business is profitable. But what if the new enterprise consistently [...]

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 You can only claim a casualty loss tax deduction in certain situations
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By Gary Timpe
In Taxes
Posted September 2, 2021

You can only claim a casualty loss tax deduction in certain situations

In recent weeks, some Americans have been victimized by hurricanes, severe storms, flooding, wildfires and other disasters. No matter where you live, unexpected disasters may cause damage to your [...]

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 5 possible tax aspects of a parent moving into a nursing home
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By Gary Timpe
In Taxes
Posted August 4, 2021

5 possible tax aspects of a parent moving into a nursing home

If you have a parent entering a nursing home, you may not be thinking about taxes. But there are a number of possible tax implications. Here are five. 1. Long-term medical care The costs of [...]

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 Can taxpayers who manage their own investment portfolios deduct related expenses? It depends
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By Gary Timpe
In Taxes
Posted July 14, 2021

Can taxpayers who manage their own investment portfolios deduct related expenses? It depends

Do you have significant investment-related expenses, including the cost of subscriptions to financial services, home office expenses and clerical costs? Under current tax law, these expenses [...]

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 Seniors may be able to write off Medicare premiums on their tax returns
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By Gary Timpe
In Taxes
Posted June 24, 2021

Seniors may be able to write off Medicare premiums on their tax returns

Are you age 65 and older and have basic Medicare insurance? You may need to pay additional premiums to get the level of coverage you want. The premiums can be expensive, especially if you’re [...]

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 Did you make donations in 2020? There’s still time to get substantiation
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By Gary Timpe
In Taxes
Posted February 16, 2021

Did you make donations in 2020? There’s still time to get substantiation

If you’re like many Americans, letters from your favorite charities may be appearing in your mailbox acknowledging your 2020 donations. But what happens if you haven’t received such a letter — [...]

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 2021 individual taxes: Answers to your questions about limits
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By Gary Timpe
In Taxes
Posted February 11, 2021

2021 individual taxes: Answers to your questions about limits

Many people are more concerned about their 2020 tax bills right now than they are about their 2021 tax situations. That’s understandable because your 2020 individual tax return is due to be filed [...]

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 The power of a tax credit for buy an electric vehicle
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By Gary Timpe
In Taxes
Posted February 4, 2021

The power of a tax credit for buy an electric vehicle

Although electric vehicles (or EVs) are a small percentage of the cars on the road today, they’re increasing in popularity all the time. And if you buy one, you may be eligible for a federal tax [...]

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 Steer clear of the wash sale rule if you’re selling stock by year end
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By Gary Timpe
In Taxes
Posted December 1, 2020

Steer clear of the wash sale rule if you’re selling stock by year end

Are you thinking about selling stock shares at a loss to offset gains that you’ve realized during 2020? If so, it’s important not to run afoul of the “wash sale” rule. IRS may disallow the loss [...]

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 Taking distributions from a traditional IRA
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By Gary Timpe
In Taxes
Posted November 18, 2020

Taking distributions from a traditional IRA

Although planning is needed to help build the biggest possible nest egg in your traditional IRA (including a SEP-IRA and SIMPLE-IRA), it’s even more critical that you plan for withdrawals from [...]

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