The Tax Professionals Blog
Deducting Social Security Legal Fees
Occasionally individuals will incur legal fees to collect Social Security benefits. Legal expenses, including legal fees and court costs, are deductible when incurred in the production or collection of taxable income....
Read MoreAre Homeowner Association Dues Deductible?
In general, there is no Schedule A deduction for homeowner association (HOA) dues. Whether any part of HOA dues can be a deductible expense depends on how the residence is...
Read MoreRetired Public Safety Officer Insurance Exclusion
Eligible retired public safety officers (PSOs) may elect to exclude governmental retirement plan distributions that don't exceed their health or long-term care premiums, if the distributions are paid directly to insurers....
Read MorePreserving Capital Loss Carryovers
The question frequently arises whether or not an individual must file a return, even if not otherwise required to file, in order to preserve a capital loss carryover.
Read MoreDon’t Overlook Medical Dependents
Medical expenses paid for dependents may be deducted by a taxpayer. To claim these expenses, the person must have been a dependent (qualified child or qualifying relative) either at the...
Read MoreHow to handle multiple 401(k) accounts during t...
It is not uncommon for individuals to have multiple employers, each with a 401(k) plan. This can possibly create a situation where the employee makes an excess elective deferred compensation...
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