Tax tips for individuals

tax laws for individuals NOTE:  The information provided is correct for the years provided.  Due to the major changes in tax law pursuant to the Tax Cuts and Jobs Act 2017, some of the tips may not be relevant after December 2017. Please contact us to discuss how changes in the new tax law may affect you.

What miscellaneous itemized deductions can reduce your taxes?  Is all income taxable?  How can you prepare for your tax appointment?  Have you heard about these odd medical deductions?  Do you know key ages that may affect your taxes?  For answers to these questions, please see our Tax Tips Winter 2017 Edition.

Withhold the right amount from your wages to avoid paying too little or too much.  Contributing to retirement, education and health plans can save on taxes.  Know how to protect yourself from  identity theft.  Using a tax professional can save time and money.  For answers to these questions, please see our Tax Tips Summer 2017 Edition.

Do you know how to avoid being a victim of identity theft and tax scams?  Are you eligible for the Child Tax Credit and the American Opportunity Tax Credit?  Did you know that certain credits will delay your refunds?  Will you pay your tax liability in cash?  For answers to these questions, please see our Tax Tips Winter 2016 Edition.

Section 529 plans are a popular way to save for college.  Make sure your health insurance plan qualifies as minimum essential coverage.  Exclude or deduct dependent day care expenses.  You may be eligible for the new myRA retirement savings plan.  For answers to these questions, please see our Tax Tips Summer 2016 Edition.

What documents will you need for your tax appointment?  Did you have medical expenses for unusual circumstances?  Are you thinking about early retirement?  Do you know the rollover rules converting a traditional IRA to a ROTH IRA? For answers to these questions, please see our Tax Tips Winter 2015 Edition.

ABLE accounts help families finance disability needs.  Check your Social Security benefits statement.   Health Savings Accounts provide tax advantages.  Scholarships and grants may be subject to tax.  IRS sends letters requesting identity verification.  For answers to these questions, please see our Tax Tips Summer 2015 Edition.

Call us at (603) 432-0310 for help in planning your individual and family tax strategy.

About Judy Murray, CPA