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Not all tax deductions require that you must itemlong term health care costsize to claim them, and that's a good thing because itemizing is time-consuming, often complicated and not always in everyone's best interests. According to the Tax Foundation, almost 70 percent of taxpayers claim the standard ..
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Itemizing isn't for the faint of heart. It involves a whole group of tax deductions you can list on Schedule A of Form 1040, and it requires some work to pull them together. You can claim either the standard deduction for your filing status, or you can itemize your qualifying individual deductions ..
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Medical expenses you've paid during the year—including many health insurance premiums—offer a bounty of possible deductions and breaks at tax time. You might be eligible for an itemized deduction for medical expenses if they meet certain qualifications, or a tax-free reimbursement from a flexible ..
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Laser eye surgery isn't covered by most medical insurance policies, but the Internal Revenue Service has some good news for you if you're thinking about having the procedure done. You can at least deduct the cost of the surgery on your tax return. According to IRS Publication 502 Medical ..
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Mortgage lenders sometimes cancel or forgive a person's debt. While this relieves the debtor of an immediate financial stress, it often triggers a tax liability. Under the tax law, canceled debt is considered income to the debtor and is included as part of the debtor's income. The lender reports ..
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The Retirement Savings Contribution Credit, called the Saver's Credit for short, is a federal tax credit designed to encourage low- and modest-income individuals to save for retirement. It's a portion of what you've saved during the year ranging from 10 to 50 percent. How much of your ..
Prepaneed a financial advisorring Standard or Itemized Deductions for Your 1040
Everyone is entitled to claim tax deductions to minimize what they’ll end up paying in taxes. Deductions and exemptions reduce taxable income before income tax is computed. The Internal Revenue Service gives you two options: You can take the standard deduction or you can itemize your deductions on line ..
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Medical expenses are one of those tax deductions that have always been a bit complicated to calculate, and the rules seem to change every few years. Most taxpayers could deduct medical expenses that exceeded 10 percent of their adjusted gross incomes from 2013 through 2016. Before that, these expenses ..