For you to be able to deduct the expense, it must be a common, helpful, and appropriate expense for your field of work. An expense does not necessarily have to be “required” for it to be deductible. However, if your employer reimbursed you for the expense, it cannot be included in your deduction.
Category: Tax Tips
Frequently Asked Questions on Affordable Health Care Act
How does the Affordable Care Act affect the tax return?
The tax return (Form 1040) is where individuals covered by the ACA whose gross income exceeds the threshold for filing a tax return are required to report if they have full-year minimum essential health care coverage for every person (taxpayer, spouse and dependent(s)) listed on the tax return.
Credit for Elderly or Disabled
You might qualify for this credit if either of these applies:
You’re age 65 or older.
You’re under age 65 and both of these apply:
Home Ownership Tax Deductions
How much can you save?
The actual amount of money you save on your annual income tax bill depends on a variety of factors:
ARE YOU PAYING WIRELESS TAXES?
A typical American household with four wireless phones paying $100 per month for wireless voice service can expect to pay about $221 per year in wireless taxes, fees, and surcharges – down from $223 in 2016.
See Some Benefits Under the House Tax Cuts and Jobs Act
Currently, businesses are required to use accrual accounting if their gross receipts exceed $5 million, but the House Tax Cuts and Jobs Act would expand that to any business with gross receipts under $25 million.
The House Takes a Big Step Forward
A short time ago, the House of Representatives passed the Tax Cuts and Jobs Act by a vote of 227-205. This is a big step forward towards passing comprehensive tax reform.
2018 TOP TAX TIPS
The tax items for tax year 2018 of greatest interest to most taxpayers include the following dollar amounts:
The standard deduction for married filing jointly rises to $13,000 for tax year 2018, up $300 from the prior year.
InWorks Tax Services 