by DhallaCPA | Dec 19, 2019 | Tax Tips
If you’re adopting a child, or you adopted one this year, there may be significant tax benefits available to offset the expenses. For 2019, adoptive parents may be able to claim a nonrefundable credit against their federal tax. The credit is up to $14,080...
by DhallaCPA | Dec 17, 2019 | Tax Tips
If you’re starting to fret about your 2019 income tax bill, there’s good news! You may still have time to reduce your liability. Three strategies are available that may help you cut your taxes before year-end. Accelerate deductions/defer income Certain tax deductions...
by DhallaCPA | Dec 6, 2019 | Tax Tips
As we all know, medical services and prescription drugs are expensive. You may be able to deduct some of your expenses on your tax return. However, the rules make it difficult for many people to qualify. With proper planning, you may be able to time discretionary...
by DhallaCPA | Dec 6, 2019 | Tax Tips
For tax purposes, December 31 means more than New Year’s Eve celebrations. It affects the filing status box that will be checked on your tax return for the year. When you file your return, you do so with one of five filing statuses, which depend in part on whether...
by DhallaCPA | Dec 3, 2019 | Tax Tips
You can reduce taxes and save for retirement by contributing to a tax-advantaged retirement plan. If your employer offers a 401(k) or Roth 401(k) plan, contributing to it is a tax-wise way to build a nest egg. If you’re not already contributing the maximum allowed,...
