Category: Tax Tips

IRS Ruling Clarifies Medical Expense Deductions for Fertility Treatments and Surrogacy IRS Allows Medical Deduction for IVF, Not for Surrogacy Costs: The IRS has permitted a medical expense deduction for certain costs tied to a married couple’s in vitro fertilization (IVF), such as medical screenings, fertility medications and treatments, and the retrieval of eggs and …

Learn does michigan tax social security retirement, federal rules, and how Michigan taxes other retirement income. Get clear tips now.

Quickly estimate late fees with the Michigan tax penalty calculator. Avoid surprises and learn key deadlines for state and city taxes.

Learn what to do if you get a 1099-C for an auto loan in Macomb & Oakland counties. Learn how they impact your credit.

  Tax season can be confusing at the best of times, especially when awaiting your Michigan state tax refund. Understanding how the refund process works and what to expect can help ease concerns and set realistic expectations. If you’re wondering where your Michigan tax refund is, how long it will take to receive it, and …

Retirement Withdrawals & Medicare In 2025, retirees often encounter two big surprises when it comes to Medicare: 1. Medicare Isn’t Free: While Medicare provides health coverage for those over 65, the costs vary based on income and coverage choices. 2. Premiums Can Fluctuate: Medicare Part B and Part D premiums are tied to your income …

IRS to Pensioners: Don’t Skip Your RMDs or Risk a Hefty Tax Bite The IRS has issued a no-nonsense reminder to pensioners: if you’re 73 or older, it’s time to take your Required Minimum Distributions (RMDs). Failure to do so could land you with a tax penalty that might make you wince—a hefty up-to-25% bite …

When it comes to tax planning, knowing the difference between tax credits and tax deductions can make a big difference in how much a business or individual pays in taxes. Both are designed to reduce your tax burden but they work differently. Tax credits give you a dollar for dollar reduction in the amount of …

CPA Nerds often get questions from educators wondering if they can deduct classroom expenses on their taxes. The good news is that eligible teachers and school employees can deduct certain out-of-pocket classroom costs, offering some relief on their tax returns. Here’s the latest tax law updates and what you need to know for 2024. Who …