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If such care is medically necessary, as prescribed and certified by a licensed health care provider, then it can be treated as a deductible medical expense if you itemize deductions. For 2016, only ou...
Yes. Those age 70-1/2 and older can transfer up to $100,000 annually directly from an IRA to a public charity. The distribution is not taxed, although no charitable contribution deduction can be taken...
Yes. If your income is too high to allow you to benefit from the credit, you can let your child use it. To do this, you must forego the dependency exemption you would otherwise have claimed for her....
Dependents must file a tax return and pay taxes if income exceeds set limits. For 2016, a single dependent under age 65 who is not blind must file a return if any of the following applies: Unearne...
Some marketers are touting a "consumer rebate" in order to get individuals to subscribe to certain newsletters or buy other materials. The so-called rebate is nothing more than a tax deduction for sta...
Lump-sum benefits are treated the same as monthly benefits. Thus, if your income is low enough, no benefits are includible in gross income. Otherwise, the benefits may be includible in gross income to...
Unfortunately, no. Of course, you are free to make donations to whomever you choose, but the tax law limits deductible contributions to those made to 501(3)(c) organizations. Explore the organizatio...
Probably not. These likely are considered nondeductible personal expenses for you. Legal fees are usually deductible only if they are related to: The collection of taxable income, such as legal fe...
An employee who receives sick pay is taxed on it. It is treated the same as other taxable compensation, which means it is taxable for income tax purposes and subject to FICA. Employers who give sic...
The Home Affordable Foreclosure Alternative (HAFA) program encourages lenders (banks) and borrowers (homeowners) to work together to avoid foreclosure. Under the programs, borrowers under water (ownin...
If such care is medically necessary, as prescribed and certified by a licensed health care provider, then it can be treated as a deductible medical expense if you itemize deductions. For 2016, only ou...
Yes. Those age 70-1/2 and older can transfer up to $100,000 annually directly from an IRA to a public charity. The distribution is not taxed, although no charitable contribution deduction can be taken...
Yes. If your income is too high to allow you to benefit from the credit, you can let your child use it. To do this, you must forego the dependency exemption you would otherwise have claimed for her....
Dependents must file a tax return and pay taxes if income exceeds set limits. For 2016, a single dependent under age 65 who is not blind must file a return if any of the following applies: Unearne...
Some marketers are touting a "consumer rebate" in order to get individuals to subscribe to certain newsletters or buy other materials. The so-called rebate is nothing more than a tax deduction for sta...
Lump-sum benefits are treated the same as monthly benefits. Thus, if your income is low enough, no benefits are includible in gross income. Otherwise, the benefits may be includible in gross income to...
Unfortunately, no. Of course, you are free to make donations to whomever you choose, but the tax law limits deductible contributions to those made to 501(3)(c) organizations. Explore the organizatio...
Probably not. These likely are considered nondeductible personal expenses for you. Legal fees are usually deductible only if they are related to: The collection of taxable income, such as legal fe...
An employee who receives sick pay is taxed on it. It is treated the same as other taxable compensation, which means it is taxable for income tax purposes and subject to FICA. Employers who give sic...
The Home Affordable Foreclosure Alternative (HAFA) program encourages lenders (banks) and borrowers (homeowners) to work together to avoid foreclosure. Under the programs, borrowers under water (ownin...
