Month: June 2015

Archive for June 2015

Claiming an Elderly Parent as a Dependent

Are you taking care of an elderly parent or relative? According to the U.S. Census Bureau, there were 44.7 million people age 65 and older in the United States in 2013, more than 15 percent of the total population. Whether it’s driving to doctor appointments, paying for nursing home care or medical expenses, or handling…

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The Facts: Medical and Dental Expenses

If you, your spouse or dependents had significant medical or dental costs in 2015, you may be able to deduct those expenses when you file your tax return. Here are eight things you should know about medical and dental expenses and other benefits. 1. You must itemize. You can only claim medical expenses that you paid…

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Start Planning Now for Next Year's Taxes

You may be tempted to forget about your taxes once you’ve filed your tax return, but did you know that if you start your tax planning now, you may be able to avoid a tax surprise when you file next year? That’s right. Now is a good time to set up a system so you…

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Starting a Business? Five Things You Must Know

Starting a new business is an exciting, but busy time with so much to be done and so little time to do it in. If you expect to have employees, there are a variety of federal and state forms and applications that will need to be completed to get your business up and running. That’s…

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Filing an Amended Return After Receiving a Corrected Form 1095-A

If you enrolled in qualifying Marketplace health coverage, then you have probably filed a tax return based on a Form 1095-A that you received from the Marketplace. Your Marketplace may have subsequently told you that your original Form 1095-A contained an error and sent a corrected Form 1095-A. Comparing the forms can help you determine…

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Filing an Amended Tax Return

What should you do if you already filed your federal tax return and then discover a mistake? First of all, don’t worry. In most cases, all you have to do is file an amended tax return. But before you do that, here is what you should be aware of when filing an amended tax return.…

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