Month: October 2017

Can you deduct a medical home improvement?

Are you planning to make substantial home improvements in the coming year? Normally, you can’t deduct home improvement expenses on your personal tax return. However, you may be able to deduct the costs of medical improvements to your home. It…

Combat identity theft with a credit freeze

A credit freeze (also known as a security freeze) can be a great weapon against identity theft. It lets you restrict access to your credit report, tripping up con artists who try to open accounts in your name. Lenders won’t…

The ABCs of business education deductions

Now that the kids are back in school, you may have the itch to return to the classroom yourself, perhaps to brush up on certain skills in your field or expand your horizons. Can you deduct the cost of business…

Get more tax mileage from your business car

Now that 2018 models are in the showrooms, you may be shopping for a new car for your business. Be aware that you can use one of two methods, the actual expense method or the standard mileage rate, to deduct…

The rules of hardship withdrawals

Suppose you need to borrow money in a hurry and your only obvious option is a bank loan with sky-high interest — if you can even obtain one. Consider an unusual source: your 401(k) plan or IRA. These accounts are…