Many people ask me every tax year about medical expense deductions. Below is an excerpt from the IRS explaining in more detail about claiming medical and dental expenses. Deducting Medical Expenses (Dental included) If you plan to claim a deduction for your medical expenses, there are some new rules this year that may affect your […]
Continue readingYear end can be a complicated time for many tax payers. We are usually scrambling around trying to figure out what tax moves we need in order to file our returns. This includes looking for receipts, trying to figure out (guess) if an expense counts as a deduction, wondering if we can claim our neighbors […]
Continue readingWhen starting a business, selecting the type of legal structure is one of the first decisions to be made. It is important to research each business type in order to choose the best option for your business. The different types of business structures are:
Continue readingTaxpayers have two credits available to help offset the costs of higher education, by reducing their income tax. These credits are the American Opportunity Credit and Lifetime Learning Credit, also referred to as education credits. The requirements for taking these credits depend on: • the taxpayer’s filing status and AGI or MAGI […]
Continue readingHIRE Act Under the Hiring Incentives to Restore Employment (HIRE) Act, enacted March 18, 2010, two new tax benefits are available to employers who hire certain previously unemployed workers (“qualified employees”). The first, referred to as the payroll tax exemption, provides employers with an exemption from the employer’s 6.2 percent share of social […]
Continue readingThere are two types of exemptions: Personal exemptions for taxpayer and spouse Dependency exemptions for dependents Each exemption reduces the income that is subject to tax by the exemption amount. In 2012, the exemption amount is $3,800. Taxpayers cannot claim an exemption for a person who can be claimed as a dependent on another […]
Continue reading[Editorial note: Below is a notice that came directly from the IRS.] Do you work from home? If so, you may be familiar with the home office deduction, available for taxpayers who use their home for business. Beginning this year, there is a new, simpler option to figure the business use of your home.
Continue readingPeople often ask me if they should itemize on their tax return. I try to explain the difference between taking the standard deduction that the government automatically gives you or utilizing deductions (itemized deductions) you may have accumulated throughout the year. Many deductions you have may not exceed the standard deduction but it is always […]
Continue readingThe Medicare Payroll Tax is Increasing for Certain Individuals According to information obtained from Paychex payroll services, with the the new tax year starting on or after January 1, 2013, the 2010 Health Care Bill requires higher-income taxpayers to pay a higher Medicare tax rate on wages, other compensation, and self-employment income over the below […]
Continue readingI have relocated my office to the Bexley area! Please consider me for your tax filing needs in 2013! Thanks! Suzanne Shively Boyer Bookkeeping, Inc. 2770 East Main Street Suite 21 Columbus, Ohio 43209 (614) 743-2120
Continue reading