New Tax Law: New Deductions

One of the most significant changes in the new tax law is the doubling of the Standard Deduction.    If you file as a “Single” taxpayer, you can take a standard deduction of $12,000 in 2018, which is double what you could take on your 2017 tax return.  If you are “Married Filing Jointly”,  you can […]

How to Deduct Medical Costs as Business Expenses

It’s not easy to deduct medical costs on your tax return. In fact, unless your medical expenses are 10% os your Adjusted Gross Income, you can’t itemize them on your Form 1040. I explain one tax strategy Here, which many taxpayers can use to pay for out of pocket medical costs with pre-tax dollars. But […]