When preparing your taxes, we will focus on making sure you profit from every deduction and credit available so you get the biggest refund or lowest liability possible. We encourage you to shop around and compare!
Normally, if you purchase a piece of real estate to fix up and sell it at later date, the profit is taxed under the capital gains rules. There are even more favorable rules if the property qualifies as your principal residence. If you live in it more than two years during the five-year period preceding the sale, you can often exclude the gain from taxation altogether under special rules for homeowners.
As people prepare to file their taxes, there are things to consider. They will want to determine if they need to file and the best way to do so.
Grandparents who work and are also raising grandchildren might benefit from the earned income tax credit. The IRS encourages these… Read more Grandparents Caring for Grandchildren Should Check Their Eligibility for EITC
MEDICAL AND DENTAL EXPENSES
You can deduct most expenses relating to medical or dental diagnosis,
treatment or prevention as long as those expenses are in excess of
7.5 percent of your adjusted gross income (AGI).
If you itemize your deductions on Form 1040, Schedule A, you may be able to deduct expenses you paid for medical care – including dental – for yourself, your spouse, and your dependents.
How much can you save?
The actual amount of money you save on your annual income tax bill depends on a variety of factors:
Need help filing? Please, step into our office.
We know taxes. But we also know what your refund means to you. So no matter what your tax prep needs are, know this: When you file in an InWorks tax office, you have a trusted partner, along with the added education. Together we’re dedicated to getting you your absolute maximum refund guaranteed.
Tax reform is making progress, but there’s still a long way to go. AP/Alex Brandon
Income-tax brackets could change in 2018 if tax legislation is enacted under President Donald Trump.
The Senate’s bill proposes keeping seven tax brackets but changing the income ranges, while the House’s version of the bill would reduce the number of tax brackets to four.
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.