One of the topics we get the most questions on is the Affordable Care Act (Obamacare). Despite it's name, the act, which requires taxpayers to purchase health insurance or pay a penalty, has caused health costs to rise significantly.
A common concern at tax time is whether all possible deductions are taken to reduce taxable income. In a previous blog post we talked about having higher-than average deductions and higher-than-average charitable contributions. Some people worry that taking too many deductions is a red flag, begging for an IRS audit.
Should you reduce the deductions you claim to reduce audit concerns? NO! If you have legitimate deductions, claim them!
I'm sure we are all painfully aware that tax season is officially here! For most people, that means hours digging through files and waiting for things in the mail. Then you hope you got everything and hope your software or accountant checks for everything else. Oftentimes you leave the appointment wondering, did I ask the right questions? Well, wonder no more!
Next Step Blog
Our blog is intended as a tool to keep people informed about relevant tax and accounting issues. If you have a question or an idea for a post, let us know!