Informative Articles, Notices and Resources
Bradshaw, Gordon & Clinkscales, LLC
Blog
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When Can Seniors Deduct Medicare Premiums on Their Tax Returns?
When Can Seniors Deduct Medicare Premiums on Their Tax Returns? If you’re age 65 and older and have basic Medicare insurance, you may need to pay additional premiums to get the level of coverage you want. The premiums can be costly, especially for married couples with both spouses paying them. But there may be an…
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Reduce the Impact of the 3.8% Net Investment Income Tax
Reduce the Impact of the 3.8% Net Investment Income Tax High-income taxpayers face a regular income tax rate of 35% or 37%. And they may also have to pay a 3.8% net investment income tax (NIIT) that’s imposed in addition to regular income tax. Fortunately, there are some ways you may be able to reduce…
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Benefits of a Living Trust for Your Estate
Benefits of a Living Trust for Your Estate You may think you don’t need to make any estate planning moves because of the generous federal estate tax exemption of $12.92 million for 2023 (effectively $25.84 million if you’re married). However, if you have significant assets, you should consider establishing a living trust to avoid probate….
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Being a Gig Worker Comes With Tax Consequences
Being a Gig Worker Comes with Tax Consequences In recent years, many workers have become engaged in the “gig” economy. You may think of gig workers as those who deliver take-out restaurant meals, walk dogs and drive for ride-hailing services. But so-called gig work seems to be expanding. Today, some nurses have become gig workers…
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4 Tax Challenges You May Encounter if You’re Retiring Soon
4 Tax Challenges You May Encounter if You’re Retiring Soon Are you getting ready to retire? If so, you’ll soon experience changes in your lifestyle and income sources that may have numerous tax implications. Here’s a brief rundown of four tax and financial issues you may contend with when you retire: Taking required minimum distributions….
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Achieving The Right Balance of Working Capital
Achieving The Right Balance of Working Capital Working capital — the funds your company has tied up in accounts receivable, accounts payable and inventory — is a critical performance metric. During times of rising inflation and interest rates, managers search for ways to free up cash and eliminate waste. However, determining the optimal amount of…
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Questions You May Still Have After Filing Your Tax Return
Questions You May Still Have After Filing Your Tax Return If you’ve successfully filed your 2022 tax return with the IRS, you may think you’re done with taxes for another year. But some questions may still crop up about the return. Here are brief answers to three questions that we’re frequently asked at this time…
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Tax News for Investors and Users of Cryptocurrency
Tax News for Investors and Users of Cryptocurrency If you’re a crypto investor or user, you may have noticed something new on your tax return this year. And you may soon notice a new form reporting requirements for digital assets. Check the Box Beginning with tax year 2022, taxpayers must check a box on their…
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The IRS Clarifies What Counts as Qualified Medical Expenses
The IRS Clarifies What Counts as Qualified Medical Expenses If you itemize deductions on your tax return, you may wonder: What medical expenses can I include? The IRS recently issued some frequently asked questions addressing when certain costs are qualified medical expenses for federal income tax purposes. Basic Rules and IRS Clarifications You can claim…