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
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
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
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
We’re just weeks away from the end of 2020, which means it’s time for you to get prepared for filing your taxes in Union City, NJ before the April deadline. We strongly recommend working with a tax preparation professional, especially if your work situation has changed throughout this year. For example, many people have spent a significant amount of time working from home this year, which may mean the opportunity for some new deductions that you didn’t qualify for in the past. If you had any major life changes over the course of the year, this could also influence some... View Article
