In today’s world, where medical costs are soaring, understanding the intricacies of tax-deductible medical expenses is not just beneficial—it’s necessary for effective financial planning. This guide explores the ins and outs of deductible medical expenses, touching on critical aspects like the 7.5% of Adjusted Gross Income (AGI) limitation, and provides a detailed look at the various expenditures that qualify as eligible medical expenses.
Maximize Your Tax Savings By Keeping Home Improvement Records Before Selling Your Home
Many taxpayers don’t feel the need to keep home improvement records, thinking the potential gain when they sell their home will never exceed the amount of the tax code’s exclusion for home gains explained as follows.
The Fairness Act and Lump-Sum Social Security Payouts
This January, the Social Security Fairness Act (SSFA) was signed into law, repealing the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO). These repealed provisions had previously reduced Social Security benefits for some public-sector…