Nov 13, 2014 | Deductions, Individual Deductions, Individual Income Tax Returns
In July 2013, the threshold for qualified dental and medical expenses was raised to 10 percent of your adjusted gross income (AGI). This threshold remains at 7.5 percent until the end of 2016 if you are married and at least one spouse is 65 or over. Get Professional...
Nov 13, 2014 | Deductions, Individual Deductions, Individual Income Tax Returns
There are a variety of home-related expenses you can deduct, including home mortgage interest payments, mortgage points, and real estate taxes. Certain types of home improvements could also lower your tax obligation when you sell your home. Projects such as adding an...
Nov 13, 2014 | Deductions, Individual Deductions, Individual Income Tax Returns
You can deduct contributions to charities. The IRS has a list of charities that qualify and also has maximum amounts that can be deducted. As of 2014, the limit is 30 percent of your adjusted gross income (AGI) for private organization donations, while public...
Nov 11, 2014 | Deductions, Individual Deductions, Individual Income Tax Returns
Like the old adage says, two things are for sure and they are taxes and death. Unfortunately death does not excuse any final tax filing requirement for the deceased, and if neglected can further complicate the lives of surviving relatives. If a refund is due, a 1310...
Nov 11, 2014 | Arizona Income Taxes, Federal Income Taxes, Individual Income Tax Returns, Taxable Income
You can’t claim an exemption for your spouse as your dependent, but you can claim a personal exemption. To claim a personal exemption for your spouse, you must meet a host of requirements. For example, you must have been married on the last day of the tax year. For...
Nov 11, 2014 | Arizona Income Taxes, Federal Income Taxes, Individual Income Tax Returns
There are three personal income tax forms: 1040, 1040A, and 1040EZ. While the EZ form is the most straightforward, it may be worth using a longer form because there are more tax break opportunities. For the record, the 1040 is the most complex while the 1040A is the...
