March 31, 2021 11:31 pm
Published by Writer
Millions of Americans have parents or adult children living with them, especially in the wake of the economic devastation wrought by the COVID-19 pandemic over the last year. For Americans taking care of their elderly parents, they generally do so without expectation of payment or reimbursement, making it a very significant financial responsibility. The good news is that there are some tax deductions available for people who take care of their elderly parents or other relatives in Union City, NJ. Here’s a quick overview of what you should know about taxes and the elderly. You may qualify for a personal... View Article
March 13, 2021 12:45 am
Published by Writer
If you had a lot of medical expenses in 2020, you might be able to offset some of your tax liability this season. Believe it or not, there are plenty of medical expenses you can deduct in Union City, NJ. If your taxes are particularly complicated, you’ll probably need to work with an accountant. However, this is worth it, especially if you find yourself buried in medical bills from the previous year. Medical expenses not covered by insurance may be eligible for a deduction. Here are some of the medical expenses that can lower your tax liability: Newborn-related expenses: Did... View Article
February 27, 2021 12:44 am
Published by Writer
As if 2020 weren’t enough on its own, there’s one last thing we have to deal with before we can say goodbye to it forever: our taxes. This year, thanks to the stimulus checks, small business loans and unemployment income, your taxes might be a lot more complicated than you’re used to. Here’s how COVID-19 might affect your taxes in Union City, NJ. Stimulus checks If you got a stimulus check from the government last year, you’re probably wondering if you have to pay taxes on it. Here’s the good news: it’s not considered taxable income. Instead, it’s considered an... View Article
February 11, 2021 5:44 am
Published by Writer
After a natural disaster occurs, your top priorities are going to be making repairs to your home and staying safe. Once you’ve gone through the process of getting your home repaired and filing all the necessary insurance claims, though, it’s important that you start considering the potential tax impacts. Specifically, you can get tax help for hurricanes, floods, wildfires and other types of disasters. Here are a few examples of some of the types of tax help for floods available to disaster victims in Union City, NJ. Obtaining deductions for lost or damaged property Perhaps the most important tax break... View Article
January 28, 2021 5:44 am
Published by Writer
Have you added a new baby to your family in the last year? If so, this will affect your taxes when you file this year. The IRS knows there are a lot of expenses that come with having or adopting a baby, and thus provides some extra tax breaks for parents in Union City, NJ who are filing taxes with a newborn baby. Here’s a look at some of the steps you should take before beginning your taxes this year to make sure you’re getting the most money back possible to account for your new baby: Get your child a... View Article
