Category Archives: Tax Bites

Itemized Deductions: What Can You Deduct?

Most taxpayers are very familiar with itemized deductions related to home ownership, medical expenses and charitable donations. But many are less familiar with miscellaneous itemized deductions. If, for example, you must belong to a trade or professional association to carry … Continue reading

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Tangible Property Regulations and Form 3115

The IRS recently issued final regulations, effective January 1, 2014, on the treatment of costs to acquire, produce or improve tangible property, to be applied to 2014 tax returns in determining if taxpayers can deduct costs immediately as repairs and … Continue reading

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Many Cost-of-Living Adjustments Rise Modestly for 2015

On Oct. 30, the IRS issued its cost-of-living adjustments for 2015. In a nutshell, with inflation remaining in check, many amounts increased only slightly, and some stayed at 2014 levels. As you implement 2014 year-end tax planning strategies, be sure … Continue reading

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Popular Tax Breaks Extended for 2014

On Dec. 16, the Senate passed the Tax Increase Prevention Act of 2014 (TIPA), which the House had passed on Dec. 3. President Obama has indicated that he will sign the bill as soon as it reaches his desk. TIPA is the latest “extender” package, a stopgap measure that retroactively extends through Dec. 31, 2014, certain tax relief provisions that expired at the end of 2013. It was drafted after the collapse of negotiations over a bill that would have made some of the provisions permanent, while extending others for two years. Continue reading

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Tax Breaks When Caring For a Parent

Vincent Mazzone, Senior Accountant Providing care for a parent, grandparent or other older relatives can be rewarding. But it can also be expensive. Fortunately, some federal tax breaks can help ease the financial strain. Claiming a parent as a dependent … Continue reading

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