Tag: deductions
Medical Deduction
Feb 10, 2021
Vermont taxpayers who claim the medical deduction on federal Schedule A (Form 1040) may also claim a medical deduction on their Vermont income tax returns.
Reminders as The Tax Deadline Looms
Apr 10, 2018
The tax deadline to file individual tax returns and extensions for 2017 is quickly approaching... Thanks to the federal government's Emancipation Day holiday taxpayers have until April 17th to file!
Following…
Taxpayers who usually itemize deductions should check their withholding to avoid tax surprises
Jun 11, 2018
Important information from the IRS for taxpayers who have typically itemized their deductions.
Tax Tip: Maximize Certain Above the Line Deductions
Dec 21, 2018
Under both prior law and the New Tax Law, so-called “above-the-line” deductions reduce both your “adjusted gross income” (AGI) and your modified adjusted gross income (MAGI), while “itemized” deductions…
2020 Tax Planning Tip: Time your income and deductions
Oct 15, 2020
You may be able to defer some tax until next year by postponing the receipt of some income and paying some of next year’s deductible expenses this year. The benefit of deferring tax is that you gain another…
2020 Year-End Tax Planning
Oct 15, 2020
There is still time to potentially reduce your 2020 federal income taxes, but you’ll need to act soon!
Several tax minimization strategies are presented here – many of which need to be completed by December…
Paycheck Protection Program Update: 12/22/2020
Dec 24, 2020
Paycheck Protection Program Update: 12/22/2020
What Can I Do NOW to Put Myself in the Best Possible Position for 2021?
Mar 19, 2021
If you like to plan for the future and think ahead, there are certain actions that you can begin taking right now to prepare for your 2021 tax return.