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The medical expense deduction gets a temporary boost under the new tax law. Taxpayers can claim medical expenses as an itemized deduction to the extent the costs exceed a limit. For decades, that limit was 7.5% of adjusted gross income (AGI). Then, in recent years, the limit was raised to 10% of AGI. However, the Tax Cuts and Jobs Act rolls back that limit to 7.5% for both 2017 and 2018, allowing more people to qualify for this tax break, if they continue to itemize deductions. Check with…

The medical expense deduction gets a temporary boost under the new tax law. Taxpayers can claim medical expenses as an itemized deduction to the extent the costs exceed a limit. For decades, that limit was 7.5% of adjusted gross income (AGI). Then, in recent years, the limit was raised to 10% of AGI. However, the Tax Cuts and Jobs Act rolls back that limit to 7.5% for both 2017 and 2018, allowing more people to qualify for this tax break, if they continue to itemize deductions. Check with…

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What you need to know about naming a beneficiary for your 401k. " Be sure to consult with a tax advisor before naming a trust as a beneficiary to ensure that the trust meets the stringent IRS requirements for qualifying as a designated beneficiary." Beneficiary designation is important if there is debt. Estates will likely pay debt before inheritance. Beneficiaries of life insurance and 401k may not be responsible for debt.

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International Tax Advisor with extensive experience in providing advice on technical and operational tax, …

International Tax Advisor with extensive experience in providing advice on technical and operational tax, …

18 reasons you need a tax advisor all year long and can save you a lot of money! It's TOTALLY worth it!

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Consult with your tax advisor and see if any maintenance on your home is tax deductible while it's being rented!

Landlord & Rental Property Tax Deductions

Landlords who rent out homes are entitled to significant rental property tax deductions. Learn about landlord tax deductions and rental home depreciation.

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