Itemized or Standard Deduction?

The IRS statistics show that most taxpayers use the standard deduction. However, you may be able to reduce your tax bill if you itemize on Schedule A. What expenses are deductible on Schedule A? I think most people are familiar with the typical itemized deductions, which requires a Schedule A to be filed. Home mortgage Read more about Itemized or Standard Deduction?[…]

Individual Tax Provisions in Obama’s 2015 Budget

President Obama released his FY 2015 budget proposals on March 4.  I’m not one to analyze the benefit or cost behind proposed tax law, or argue conservative or liberal viewpoints ( I am conservative), but I am interested in what may be on the horizon for tax law.  While I’m conservative, I’m not naïve enough Read more about Individual Tax Provisions in Obama’s 2015 Budget[…]

Filing Status: Head of Household and Single

Head of Household Tax rates for head of household filing status are not as good as married filing jointly but better than single. The standard deduction available for head of household in 2013 is $8,950 and in 2014 is $9,100. Of course, if you can itemize your deductions, you are entitled to the higher of Read more about Filing Status: Head of Household and Single[…]

Medical Expenses

Taxpayers who itemize their deductions are able to deduct certain medical expenses, to the extent they exceed 10% of their adjusted gross income.  Medical expenses are deductible if they are paid for the taxpayer, the taxpayer’s spouse or the taxpayer’s dependent.  In addition, medical expenses for children of divorced parents are deductible by either parent Read more about Medical Expenses[…]