Depending on your situation, you may be able to claim certain medical expenses as deductions on your tax return. However, you must itemize deductions, and having enough expenses to qualify can be challenging.
IRS Going Fully Electronic September 30, 2025
Paper checks for tax payments end September 30, 2025. All IRS transactions must be electronic – no exceptions. This security upgrade affects every taxpayer. Learn your payment options and prepare now to avoid compliance issues.
Closing your business is a significant milestone, and part of wrapping things up means taking care of a few tax responsibilities.
If your child is going to a summer day camp while you work, it may count as an expense toward the federal Child and Dependent Care Credit.
If you own a C corporation, you know there’s a tax advantage to taking money out as compensation rather than as dividends. The reason: A corporation can deduct the salaries and bonuses that it pays executives, but it can’t deduct dividend payments. Therefore, if funds are paid as dividends, they’re taxed twice, once to the corporation…
