Tax Planning

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Tax Tips: Reduce Taxes With Miscellaneous Deductions

  If you itemize your tax deductions on your tax return, you may be able to deduct certain miscellaneous expenses. Here’s what the IRS says: You can deduct most miscellaneous expenses only if they exceed two percent of your adjusted gross income. These include expenses such as:  Unreimbursed employee expenses.  Expenses related to […]
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Tax Tips: Watch Out for Tax Preparer Fraud

Most tax professionals are honest and will file accurate returns on a client’s behalf. However, some dishonest tax preparers will defraud their clients by skimming a portion of their refund or charging inflated fees for their services. Some will attract clients by promising refunds that are too high to be true. Be careful when hiring […]
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Commonly Overlooked Tax Deductions

  Don’t miss out on potential deductions at tax time. Here are a few that are commonly overlooked: * Transportation expenses for trips to medical facilities or doctors’ offices * Nursing home medical expenses * Crutches, orthopedic shoes, etc. * Hearing aids, eyeglasses, contact lenses * Equipment for disabled individuals * Nurses’ fees  
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Deduct Charity Travel Expenses

  If you travel while doing charity work, you may be able to deduct some of your travel costs. According to the IRS, here are five things you should know:   1. The charity must be an IRS-qualified tax-exempt organization. 2. You cannot deduct the value of your services, only unreimbursed travel expenses. 3. The deduction only qualifies […]
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An Adviser Can Improve Returns

When people find out I am a financial adviser, usually the first question I am asked is what I believe the next best investment is or how my performance has been in the past. Getting a good return on your investment is important, but there are more important reasons to hire a financial adviser. There […]
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Tax Mistakes To Be Avoided

The average taxpayer spends 23 hours on their tax return, and 80 percent of them will hire a professional or use tax software – even though 64 percent of them will not owe any taxes. Taxes are becoming more and more complicated, increasing the chances of making mistakes on a tax return. There are more […]
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Tax Breaks For Homeowners

With taxes due April 15, it’s important to do tax returns properly, especially if you do it yourself. Tax planning is a very important part of the financial planning process. If you understand credits and deductions, you can save potentially thousands of dollars. If you own a home, you could qualify for great tax breaks. […]
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Red Flags Could Get You Audited

This year taxpayers have until April 17 to file their 2011 tax returns because of Emancipation Day, a holiday observed in the District of Columbia that falls on April 16. The extra two days may help if you haven’t filed your taxes. Even if you have, it is important to take extra care in completing […]
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