Categories for Tax Preparation

Tax Considerations When Aging Parents Move In

March 31, 2021

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

Medical Expenses You Didn’t Know You Could Deduct

March 13, 2021

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

How Will COVID-19 Affect Your Taxes?

February 27, 2021

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

Filing Taxes with a Newborn Baby

January 28, 2021

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

Tax Tips for Empty Nesters

January 14, 2021

One of the most surprising things about raising children and helping them move out independently is just how many tax deductions and credits you’ll lose access to. Once they’re independent, you’ll miss out on the child care credit, earned income credit, personal exemptions and the college tuition credit. Parenting might be its own reward, but the higher tax liability—often right when you’ve paid off your home, student loans and other debts—can be a blow. Here are some of our best tax tips for empty nesters in Union City, NJ: Think about replacing your old appliances: The federal and state government... View Article

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