The extension deadline will be here before you know it! As you are preparing your taxes, here are a few things that taxpayers tend to overlook: Medical Expenses I would say the biggest deduction not included is medical expenses. It is almost impossible to itemize medical expenses on the federal tax return because of the income limitation on the Schedule A. However, if a taxpayer can itemize, Arizona allows these expenses to be 100 percent deductible. Included in these medical expenses … [Read more...] about Keeping Deductions in Mind
Thompson
Is It Possible the IRS Owes You Money?
Summer is almost over and our 2015 taxes, if the individual has not filed for an extension, have already been filed. Taxes are not even a thought… until you receive a letter from the Internal Revenue Service. Generally, this is the time of year when individuals begin to receive letters if their tax return is in question. The letters typically question items on your tax return from two-plus years ago. Unfortunately, the amount due is not just the tax owed, but also the penalties and interest that … [Read more...] about Is It Possible the IRS Owes You Money?
