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Generally, you can deduct on Schedule A (Form 1040) only the amount of your medical and dental expenses that is more than 7.5% of your AGI. Medical care expenses must be primarily to alleviate or prevent a physical or mental disability or illness. They don’t include expenses that are merely beneficial to general health, such …

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Routine maintenance that keeps your property in a normal efficient operating condition, but that doesn’t materially increase the value or substantially prolong the useful life of the property, is deductible in the year that it is incurred. See Form 4562 and its instructions for how to figure and claim the depreciation deduction. Penalties paid for …

IRS Requirements for Receipts Zacks Read More »

That’s why to word biweekly is so essential — it details a regular event that may not happen on the same periodic basis as many other kinds of events. We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included …

Number of Hours per Pay Period Payroll Tips & Advice Read More »